Thank God I decided to close this position earlier 😂 | BearishBanter on Binance Square

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Thank God I decided to close this position earlier 😂

BearishBanter

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I'm closing it early in profit.
The correction and the price movement wasn't as big as I wanted to.

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$HYPER careful when trading this coin in future mode, control your margin level carefully. Both long and short are dangerous

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A big loss in future trading is usually started by a small lack of discipline and a small betrayal of your own trading system that you have built for a long time. You keep on moving your stop loss away, and /or when the market moves further from your prediction: you keep on adding your position, hoping that it will help you close your position faster in profit. And you keep on doing it until you realise that you've ran out of margin. Finally, when the margin call reached you, you decided to deposit more margin instead of committing a stop loss. Then the market keeps moving further and further away from your prediction. From the very start, you have put that position hoping to get rich instantly with an uncalculated margin ratio and unclear exit plans. It grows from: "let's add more, maybe I can still make profit from this position", to "I just want my capital back, I don't care about the profit.", to "I can handle some loses, but I'll wait and see, maybe the market will shift tomorrow, I will reduce my loss." to "What happened? Why am I getting a margin call? I think I'm gonna deposit more money to secure my position." And the ending is really predictable, you get liquidated. Not only you've lost your previous profits, you have also lost your margin and the money you've added later on that event. I've learnt this lesson the hard way, and I don't want you to experience it yourself. Please love your money, calculate every trade and make some clear exit plans before you decide to put any position. And once the trading plan is set, NEVER EVER betray it by changing your plan along the way! Only then you can become a profitable trader 😉

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I'm closing it early in profit. The correction and the price movement wasn't as big as I wanted to.

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This is called accumulation breakout.

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The SL is on 117,000, The TP is on 107,000. I'll probably hold this trade for days (if the SL doesn't get hit before the day changes)

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