The Importance of OPM . . .
As a position trader I finally got a decent lick in . . . but with only about half of the position I had hoped to establish. Nevertheless, the first stage of a small trader becoming a large trader in real time was accomplished.
Today I am returning 16 bitcoin . . . to my Trezor . . . locking in 2 bitcoin . . . and leaving a trading balance of over 7 bitcoin. . . and selling 7 bitcoin for sayvving in the local economy.
I am now trading with other people’s bitcoin, rather than other people trading with an Ugly Old Goat’s bitcoin.
Again, as a position trader my goal is simply to break even in choppy markets until I catch a trend, and then ride it for all its worth. Essentially this is the same strategy as hodler, and trimming is the same strategy as sayvving. https://medium.com/@homeytel/i-am-sayvving-2782e754eaba
The expected news is out that some large trader shorts got blown away, hopefully none of my followers got caught. https://medium.com/@homeytel/swingers-getting-squeezed-by-position-traders-feel-the-love-30892341d21f
If you got caught, thank you for your support. Goats love eating rekts! https://medium.com/@homeytel/goats-love-eating-rkts-3e9c2e729fd7
We got a 9 on the daily Vay’s random number generator. But it was a long 9. If you sold it early you now have deep regrets. As a position trader I scaled in selling perp from 7831 to 8301 against my futures position while also taking profit on long Sep futures at 8351 and buying back at 8187. Again, once you have a position and feel the groove, it is time to trade against the box. I am now slightly short, short the perp against the long futures. Please note that I am never net short bitcoin, I am only short in my trading account.
The basis is now at at 40–50 premium, but does not reflect full carry. The short perp should start collecting premiums so the contango should continue to widen. Again, basis is not a timing indicator. In a bull market the premium of futures can be substantial. We convincingly took out the June highs which will now act as support.
Hope this helps.
UOG
