If I would have had a bigger buy position this move would have wiped out my account if it went further down.
Luckily this one ended to slightly below breakeven.
XARD: I won't advise you to stop trading Bitcoin because it sounds like you have a solid system that consistently delivers a healthy number of pips each day. However, I would suggest a more strategic approach to managing your earnings.
Consider this:
1. **Take Profits Regularly**: For every 300% gain in your account, withdraw one-third of the profits.
2. **Diversify**: Place the withdrawn profits into a different second broker account that does not trade any cryptocurrency. This diversification minimizes risk and builds a financial safety net.
3. **Emergency Fund**: Should your primary trading account suffer significant losses, you can transfer 10% from your second account back to the primary account as seed capital. This approach allows you to restart and continue the process. Also, if the losses were due to BUY trades where the market went down against you, then consider trading SELL trades only in the future.
4. **Long-Term Goal**: By consistently applying this strategy, you can build a robust second account and prepare for a comfortable retirement with far less stress. Plus you can trade the secondary account say... USDJPY, GOLD, DOW, NIKKEI, whatever floats your boat (just not crypto).
