Hi friends!
Today I managed to profit from the sharp drop in the price of XRP Ripple. I managed placed a Margin BUY Trade when the price dropped to 0.00017100 which seemed like the perfect opportunity to enter the trade.
After a few hours the price dropped below my entry price and that's when the panic started to kick in. Luckily I kept a cool head and kept my position. I decided to close my position when the price touched 0.00017550 which seemed like a reasonable exit point.
At the time of writing this post the price of XRP Ripple was trading at 0.00018000 which would have been a much better exit price. I guess its important to stay calm when trading crypto-currencies. Emotions can cost you!
This experience has thought me not to trade with emotions. Always keep a level head and never panic sell when the market decides to go the opposite direction. I know some of these might not apply to margin trading but it most definitely applies to exchanging crypto-currencies.
Good points in this article. I was about to post a similair post. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. I found this amazing platform: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Sorted by team, product, company, advisors, previous investors, etc. Check: https://www.coincheckup.com/coins/Ripple#analysis For the Ripple Analysis.
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Hi @kaitlynmoore01 Thanks for the support. I really like the platform you shared. I might make a video on in the near future. Take care :)
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I want to lean how to trade on margin i shall watch the vid, Thankyou foe the post!
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Hi @tbnfl4sun Thank you for your feedback. I will try and make more margin trade videos. I know how difficult margin trading can be. You can subscribe to my YouTube channel for updates.
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Thank you keep up the great work!
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Thanks for the comment @tbnfl4sun Appreciate your support :)
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