Day 3 Trading Update: Turning $5 into $100 Challenge
Today is Day 3 of my trading journey, and it has been a day of mixed outcomes. Here’s a detailed update on my trades and current strategy:
Trade Recap:
1. BERA Coin Trade:
Unfortunately, my stop-loss was triggered yesterday due to a price drop in BERA, and the trade ended. This was a learning experience in managing risk during market volatility.
2. DOGE Trade:
After the BERA trade, I purchased 20 DOGE coins for $5.20 and sold them at $5.33, securing a small profit of $0.13.
3. Raydium Trade:
I then invested $5.37 in Raydium (RAY), acquiring 1.1 RAY at an average price of $4.88 per coin. However, due to the recent price drop in Solana (since Raydium is built on the Solana blockchain), the price of RAY has also decreased.
Current Status:
- Asset Held: Raydium (RAY)
- Quantity Held: 1.1 RAY
- Entry Price: $4.88 per RAY
- Current Portfolio Value: $5.15
Trade Strategy:
Given the current market conditions, I have decided to hold my Raydium position for the next 3 days. Here’s why:
- Three days ago, RAY was trading at $5.70, indicating its potential for recovery.
- The recent price drop is primarily due to the decline in Solana’s price, which I believe is temporary.
- I am confident that RAY will rebound soon, and I aim to sell it when it reaches $5.30 or higher.
I have chosen not to set a stop-loss for this trade to avoid being prematurely stopped out due to short-term market fluctuations. Instead, I will monitor the market closely and remain patient.
Final Thoughts:
Trading is a journey filled with ups and downs, and today’s experience has reinforced the importance of patience and discipline. I am optimistic that Raydium will recover to $5.50 soon, Insha'Allah.
Let’s stay focused and continue working towards the goal of turning $5 into $100!
