【Binance ALPHA Short Selling Challenge】 (Day Seven)
—— Just short sell on Binance alpha contracts
—— Challenge to turn 5000U into 50000U (3x leverage for each isolated position)
Today's total amount: 5125u (Today -535u Total +125u)
Currently shorting eight tokens $PORT3 $DMC $NEWT $SPK $RESOLV $OL $B $BOB
Previously, I was shorting with a single coin position of 300u at 900U margin. After today, I will consider a single coin position of 1500U with 500U margin for short selling.
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Daily operation preparation and reflection:
1. Catastrophic huge loss! The largest loss came from bananas31, losing 420u in one trade, which led to my deep reflection. Firstly, I irrationally added margin to hold on; initially, I should have just accepted the loss of 300u, but I couldn't stand it and only stopped loss later. Secondly, I chose strong stocks outside the alpha range to short, but I should have chosen weaker varieties to short; the lower the price, the more I should short.
2. Profit has three dimensions: position, selection, and location (buy and sell points). For selection, I insist on shorting the targets on Binance alpha contracts, and then find varieties within that have no negative interest rates and are weak in trend; for location, I shouldn't always think about selling at the highest point; weak varieties will continue to fall; for position, I must fully commit; I shouldn't think about entering with a small position just because the price is low; either wait for a rebound to fully commit, or don't enter at all (this is my biggest mistake at this stage).
Only by doing all of these can I rely on winning rates for success. I firmly believe that Binance alpha varieties generally decline more than they rise.
