So we nailed a perfect entry on the OMG trade, that is only half the battle. I see more people messing p their take profits tan they do their entries. Usually greed will want you to keep the position open and then it starts falling and falling and you panic sell leaving a lot of profits out there on the table. There are various strategies you can use and i will share with you my strategy here in OMG.
As Crypto is a 24 hour market, going to bed with trades open can be a nail biting experience which leaves you without sleep. That is another conversation all together.
This is how i am handling OMG.
I already know i want to play this swing to $5 and beyond, that doesn't mean i have to let str sit there while the price goes up and down, i can trade the entire swing.
So for this play, i entered at $3.25 and i had my targets set. Once it started to go i placed a stop on my entry to protect that price point.
As bed time approached i placed a take profit order on my first TP zone with 33% of my trade, i kept the balance as a stop on entry.
When i woke up i saw the 1st TP sells were executed and the trade kept moving. I then placed a second Take profit area on another 33% and the balance i move a stop loss up to lock in profit.
Once that 2nd target hit I'm still riding 33% of my original trade. With this i place a trailing stop with a margin of 7 cents.. Long enough to hopefully stay out of the way of a wick and close enough that it moves up as the price goes up. This will raise the stop loss until my orders hit leaving me 100% out of the trade.
What if it goes up you say and i think i got out too early? Well i don't chase, i wait for a consolidation and once that breaks my triangle i renter and do the same thing over and over until we reach the top...
Then we go short and make the money on the way back down as well.
I would love to hear your various exit strategies...
As Crypto is a 24 hour market, going to bed with trades open can be a nail biting experience which leaves you without sleep. That is another conversation all together.
This is how i am handling OMG.
I already know i want to play this swing to $5 and beyond, that doesn't mean i have to let str sit there while the price goes up and down, i can trade the entire swing.
So for this play, i entered at $3.25 and i had my targets set. Once it started to go i placed a stop on my entry to protect that price point.
As bed time approached i placed a take profit order on my first TP zone with 33% of my trade, i kept the balance as a stop on entry.
When i woke up i saw the 1st TP sells were executed and the trade kept moving. I then placed a second Take profit area on another 33% and the balance i move a stop loss up to lock in profit.
Once that 2nd target hit I'm still riding 33% of my original trade. With this i place a trailing stop with a margin of 7 cents.. Long enough to hopefully stay out of the way of a wick and close enough that it moves up as the price goes up. This will raise the stop loss until my orders hit leaving me 100% out of the trade.
What if it goes up you say and i think i got out too early? Well i don't chase, i wait for a consolidation and once that breaks my triangle i renter and do the same thing over and over until we reach the top...
Then we go short and make the money on the way back down as well.
I would love to hear your various exit strategies...