Another week, another update, hopefully the video is a little closer to the written update this time. Stats given cover closed trades for the 26th March - 1st April. Keep in mind that the monthly stats on my page is effectively a snapshot of the drawdown on open trades at that time, meaning it is not a true representation of my numbers as I could close the positions at very different prices to what is seen right now.
My total realized profit from the past week is -1.88%.
Profitable trades closed: 14 Unprofitable trades closed: 8 Most traded instrument: $BTC (4 trades)
Another week of ups and downs where our average trade profit grew to 3.12%, but overall still marred by an average -26.16% trade loss. With both crypto & tech stocks in a volatile state, I’m happy with having kept the overall realised loss to a minimum in the past 7 days and to start April with a little more focus on shorting the stock markets, and some additional funds available should we see signs of a recovery.
A few scalping trades this week for profits, and I continue to increase exposure to $BTC as a replacement for some of our closed trades in cryptos I’m a little more concerned about.
Ethereum is top of my concerns list right now, as the global regulatory crackdown on ICO’s continue, many of which are entirely collapsing and the growing pressure from EOS, $XLM , ADA and a few others I am concerned with how precariously $ETHEREUM has been sitting just above the 340 support. If this breaks there is a very real chance that Ethereum could fall to the 250 support. The good news is that we are now oversold on the daily RSI which suggests that we at the very least have a bounce back up towards 450 level before we fall any further. I closed a major red position in Ethereum which pulled down our stats for the week.
$LTC Similar to Ethereum, I closed a heavily red Litecoin trade as a result of my concerns for lack of support. Personally I paid little attention to the Litepay news around a month ago, but the more recent news of the demise of this service appears to have dramatically hurt the price. To me the chances for Litecoin to drop to 90 were to high for me to continue holding two positions. Again, this was a major contributor to our realised loss this week.
Stocks Generally I have begun reducing my long exposure to stocks, even taking some profits from $FSLR and $SEDG which have outperformed almost everything for the last few weeks. $SNAP Has served me very well so far this year, and this week was no different. Plenty of strong shorting opportunities, I finished the week with 2 shorts still open, but I’ll look to take this money off the table if the price gets closer to the 15 dollar mark. Still happy to trade this actively, but we may have to wait for another price jump before getting back in, which could take a week or so. $NVDA , $FSLR , $SEDG & $MSFT Trades were all part of my decision to reduce exposure to long positions in the stock markets. Since almost all of these were green it made sense to close them for a small profit before considering cutting back on exposure elsewhere. I kept the rest of my positions open in all 4 of these as I am broadly bullish on their performance over the next year or so.
Following the drop to the very bottom of our 9 month trading range on AMD I decided to accept some losses and reduce some exposure. The market has since fallen a little further and I reopened one short-term trade shortly before writing this post.
I also did a quick opportunistic trade on Square for just shy of 2% profit in as many hours, not bad for an unleveraged trade.
Finally, I closed my $SILVER position at the beginning of the week, nothing too exciting. I was holding Silver as a hedge but sometimes it’s good to take a profit and look for a stronger entry position.
So, what’s the plan? As mentioned, I took the decision to begin reducing exposure in a controlled way to the stock markets, and have switched to a more bearish stance. I opened several index shorts which are already proving valuable. I am heavily short on $FB and expect the stock to dive much lower, if not now then at earnings. Hopefully there will be some good opportunities to take out some more losing trades at favourable positions, although I am keen to “buy the dip” on some of the stocks that I am still heavily bullish in such as $MSFT $SEDG and SFSLR. I will also continue to hold my $OIL shorts collecting further refunds. For cryptos I believe the bottom is not far from where we are sitting currently. I am already invested as much as I am happy to be in this market, but may perform a couple more scalping trades. Although we are at/near the bottom of this drop I believe sideways movement is a very real possibility, so we could be sitting on the current losing positions for some time yet. Let me know what you think, and let’s continue the discussion in the comments, always interested to hear feedback and opinions.