It’s been my second week in cryptocurrency trading. Although I managed to make a 0.5 percent profit on ZEC and XRP, the results are still less than satisfactory. That is mostly because XRP price has increased after I closed my deal - in more than seven times!
The profit I missed
On March 28, I decided to buy ZEC and XRP. Their prices, according to my system, were exactly at the peaks of their corrections, and that’s why I expected growth from this point. I bought XRP at 0.00000912 BTC and placed a sell stop order at 0.00000794. The ZEC coins were bought at 0.05408212 and the deal secured by a sell stop order at 0.0449.
I closed my deals a little earlier. The ZEC price, after a surge, hovered inside a flat - that is where I sold it. And when I got the profit on XRP too, I closed that deal too, feeling pleased.
But that feeling didn’t last long. It went away when I saw XRP price flew upward like a rocket in the sky.
Advice I decided to postpone
My colleagues from Cointelegraph pointed out to a significant difference in prices on the HitBTC exchange. Altcoins prices are higher there. The only thing that bothered me was the fact that due to a possible BU hard fork, the exchange has frozen all BTC withdrawals. I tried to make some profit conducting a minimally viable deal to refrain from risking my entire budget. I may have missed a large profit boost but I don’t think it’s reasonable to subject my entire deposit to dubious risk.
My system needs revision
Overall, I based the deals almost entirely on my trading system. The coins prices are weakly correlated. I’ve closed the deals almost at the benchmark levels. But it seems that the system needs revision,
so the XRP situation won’t happen again. Guys, maybe you have some ideas? Let me know what you think.
Live long and trade.
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Do not consider this project as investment advice. Remember to do your own due diligence before trading.