On Monday 5th of June the SEC decided to sue Binance, this has caused a lot of movement in the crypto markets, especially in shitcoins. I’ve been longing PEPE and got absolutely devasted, almost hitting liquidation and I just get selling off my position, till I lost about 5 thousand dollars. This was not a nice lose and has set me back quite a lot.
With the addition of my last weeks long of LINA where I lost another 4 thousand dollars, my account size has been cut quite dramatically. But as Biden says “We’re going to build back better”. That’s how I see it.
What clear to me is that my strategy of scalping is quite good and DCAing is not bad, but I need to have in place very ground rules for when to exit a losing trade, because honestly one trade can break your whole account or cut it significantly if you don’t pay attention or you get over ruled by your emotions.
I’m setting a HARD ground rule of getting out of a trade if I am in a loss of 1 thousand dollars and I won’t look back, just take it like a man.
All in all it’s okay and it’s a learning experience, I got finally knocked down after having the best month of my life trading in May. I’ve made 8.7 thousand dollars in that month. But in a few days I lost it all, haha, that’s trading when not having a stop loss I suppose.
Good luck to all of you trading and let’s take it slow now and build back better.
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