I have been Margin Trading on Poloniex. The non-trending (sideways) market makes it hard to find time to publish trades- as my goals are based on a very short time frame.
Swing Trade- a day to a week Hold
- overall Uptrend
- correction phase broken- (downtrend line broken)
- falling wedge-
- Triangle Correction Complete ABCDE
- and BULL cross
- if missed the entry then wait for the consolidation and next movement as price action will IMPULSE- REACT- and then Continue
- Look for consolidation in the magenta range as there is a good amount of there.
Volume not there yet - hopefully soon ;)
Cut all losing margins quick-
My personal Day trade limits
-Max loss for me is 7.5%, so I exit margin at 3% loss with 2.5x.
Did I buy it right? Is the price lower than when I bought in?-
If so, then I bought it wrong.
Account Portfolio $100K
Margined at 2.5x
Margined Position is $250K
Max Loss 7.5% of $100K or $7500
Max Loss on margin then is $7500/$250000 = 3%
These are my personal boundaries I use:
1. For Day trading or Swing Trading = Max loss for my account balance on any one trade is 7.5% (Goal as low as possible). Low Risk, high reward setups are the goal.
2. For Long Term Draw Down Protection = Max loss of 21.5% is my goal set across 3 stop losses.
Stop Loss 1= 13% remove 1/3 position
Stop Loss 2= 20% remove 1/3 position
Stop Loss 3= 31% remove 1/3 position
Averaged out at 21.3%
hope this helps good luck!