BTC Trading Challenge - Day 92 (0.081416 BTC)

Disclaimer: I do not have a lengthy track record as a successful trader. This is a personal challenge and meant for entertainment purposes only. If you do decide to actively trade in cryptocurrency then never use more than 1/10 of your overall stack. You will make mistakes and you will get hurt. However, if you can learn a profitable strategy before getting completely rekt then the initial investment will be irrelevant.

I returned home early after busting out of both starting flights of Event #19 from the 49th annual WSOP. Usually I would stick around to play in the juicy cash games, but I wan't feeling it this year.

I was eating like shit, smoking too much weed, and drinking too much alcohol. To be honest I was feeling completely burnt out before the tournament even started. I learned a lot from the experience and have written about it below under the ‘Lifestyle’ section.

Open Positions

Stop loss set for 9 ETH because I have a separate position open that is not apart of this challenge

To read more about this position refer to Day 100 of the 4 hour chart DAILY UPDATE.

Watchtower

These are trade ideas and/or open positions that I am keeping my eye on. They may or may not pan out the way I see. These are just ideas, I am not recommending them to anyone else.

(1) BTC:USD | Bounce to $7,450 over next 6-24 hours | Breakdown of triangle to follow

(2) ETH:USD | Breaking down horizontal and triangle support at $543 | Next stop would be $300 - $350

(3) XAG:USD | Breaking out of constricted Bollinger Bands?

(4) WTI:USD | Trend support vs bearish TK Cross and potential cloud flip on Daily | Testing Kijun/Base line for support and dragonfly doji on the weekly

Lifestyle

Over the past few months I have been focusing on controlling my addictions and improving my overall well-being. The first steps were to starting eating healthy, exercising regularly and severely limiting my alcohol and weed consumption. The effects have been nothing less than astounding. I have never felt better in my life, physically or emotionally. I am also spending less money and being more productive throughout the day.

Last week was my time to step away from the daily grind to gain some perspective and compete against the best poker players in the world. I decided to have a cheat week so that I could really let loose and enjoy myself.

I left for Vegas on Thursday and started my cheat week on Monday. I got hammered on Monday, and Tuesday. Then I got really hammered on Wednesday when the barefoot golf tournament bled into sushi and saki bombs!

I felt like absolute shit when I woke up on Thursday and that feeling carried through my entire trip. I would get high in the morning/afternoon to get over my hangover. Then I would start drinking to get over the sluggish feeling that follows three massive bong hits. The next day I would wake up craving more weed.

It was a stark reminder of what my life used to be like less than 1 year ago. I didn't think it was a problem at all because I was prescribed enough Adderall to make it through the day. Anyone who has experienced drug addiction understands the flaw in that thought process.

I am reminded of a song from Matisyahu which says:

“if you’re trying to stay high then you’re bound to stay low.”

Today is Sober Sunday and that is the biggest reason why I wanted to come home early. If I was still in Las Vegas then I would probably already be high. Instead I am steadily working away in the comfort of my home office and embracing every moment of my sober day.

This is what it means to gain perspective.

Tweet of the Day

I think this is a very important hurdle to overcome and can only come with enough experience and preparation. The market could go to $1,000/BTC or even $0 and I accept that risk. If you resist the worst case scenario then you will panic when it inevitably happens.

If Bitcoin goes to $1,000 - $1,250 then I am going all in. If it goes to $0 then I will go back to the drawing board.

Homework

Article about: Options, futures and hedging is Coming Soon!

Just finished reading this article about options which was written by @ThinkingUSD.

Would highly recommend it to anyone who is interested in the topic. I learned about buying/selling volatility, calculating profit and implied volatility.

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After content like that, who wouldn't want more?

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Daily Commitment - BTC:USD 4 hour chart DAILY UPDATE (day 105)

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