A blood bath straight out from Monday as crypto tanked in the early morning. Approximately 1 million traders were wiped out with billions of losses. I managed to survive with a 3000 USD top up, incurring a 109.53 SGD admin fee (ouch).
I am lucky to survive. It is not by skill that I managed to stay in the game. What I did was simply risk control. I played small enough such that if the worst happens, I can survive without topping up funds. And if it gets worse than that, I will have sufficient funds in my bank to top up to my trading account, protecting my trades. Nobody knows what will happen in the next minute or next hour, for we are not market makers. We can only do appropriate risk control to ensure that we will not die that easily.
Do note that appropriate risk control also means you will not become a millionaire overnight. People who do that are gamblers, and gamblers and risk control do not go hand in hand. I repeat again: I am not skilled. I do not have first hand advance knowledge. What I did was simply risk control and I had some luck. And most of us are like that. Control your risk so you can stay in the game longer.
I have changed some USDT in preparation to enter the crypto spot market. Spot market trades will be on the longer term basis, and once bought I do not need to worry about being liquidated even if the price goes against my trades because I do not play on margin too. This is separate from my trading account where the trades are shorter.
This week I also experimented on a few different trading strategies, with mixed results. All in, I made a loss this week of 4.54 USD, on top of my 109.53 SGD admin fee. This is not a good week for me, but through my experimental trades I also learnt a few more things about myself, which I will take note of as I begin another week of trading tomorrow.
