Stats given cover closed trades for the 2nd April - 8th 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 -0.09%.
Profitable trades closed: 19
Unprofitable trades closed: 5
Most traded instrument: $SNAP (4 trades)
A calmer week in terms of stats as we navigate what is still a difficult market. The crypto & stock markets remain highly volatile, but we’ve ameliorated losses this week and are taking positive steps back towards the green for April.
I’ve traded on some of the volatility around the 7k level with some small gains, we’ve spent over a week in the same $300 range now which is a good sign that we could be consolidating, this is the tightest range we’ve been trading in for a 10 day period since November, right before the major bull-move that saw us hit 20k. I would ideally like to see this last a few weeks to calm everyone’s nerves and establish a strong floor. I’m not expecting many trading opportunities in crypto this week.
1 trade, a quick short for 1.6% profit. I set a safe TP on this trade expecting it to hit over-night, it hit about 5 minutes before I woke up, which is frustrating since the move went a lot further and we could have made more had I been actively watching it.
1 trade, this time less fortunate. I correctly called that we would see a drop down of around 7-8 % safely to 310 or so, in fact it went all the way to 285, but a couple of concerning candles on the 30m chart lead me to close out for a small loss just before it tanked as predicted. A very frustrating trade.
Last week I said I was enjoying trading Snapchat, this week it was my most traded instrument. I’ve benefited from some quick turnarounds and I’m looking to continue trading this for a while since I feel like I’m in a good rhythm and it’s nice to have some bear trades in the portfolio.
This stock continues to astonish me, somehow it has been resistant to the big market moves down. I said their fundamentals looked very strong heading into 2018, but even I did not expect this. I’ll be taking another look through their old earnings reports and some news before deciding if I increase my position to become one of my largest holdings. I’ll continue to actively trade it during the volatile markets too.
I’m happy to hold what we have until we are back above the $11 mark at the very least. AMD received an upgrade from HOLD to BUY by Stifel at the end of the week with a target of $13 which seems reasonable for the short term.
I’ve been broadly ignoring Tesla for most of the year, waiting for the ramp-up on the Model 3 to really kick in and solidify their place in the market. I have no plans to buy-back in yet, but happy to keep some exposure.
With calls for Zuckerberg to step down, different privacy policies for the US/EU and more firms being investigated both by Facebook and governments, I’m sticking with my gut and holding onto my short positions. I still feel Facebook is overvalued considering the drama surrounding it.
I closed my remaining WDC and GRMN trades at a loss in an effort to slim down my portfolio during this volatile period. My performance in both stocks has been disappointing over the past year, some time on the sidelines feels like a good play for now.
What’s the plan?
The markets are looking a little more rosy again and it seems on the surface like the trade war is having little effect, but I still have some concerns over the stability of the markets over the coming month or so. I’m taking a cautious approach and keeping my Index shorts running, but will hold off from closing any further positions in red for the time being.
The -0.09% profit this week felt quite reasonable given the losses incurred on escaping the GRMN and WDC positions and the mistake I made with Dash. It really does feel like the crypto market is in a consolidation period now, but again we must wait and watch for a while longer to confirm that this is the bottom. At -0.39% for April so far perhaps we can finally steer towards some profit at long last.
I’ve also started plugging in earnings dates to my calendar which should start towards the end of this month.
My stats article will be up within 24 hours of you reading this post over on my website (it’s too long for eToro and has pretty charts), so if you want to take a look at how my trading has done when compared with the traditional markets be sure to seek it out tomorrow.
Let me know what you think, really interested to know what other people think about $FB right now, but as always I’m happy to discuss anything in the comments.