I get margin called on $341
What should I do? Cut losses, wait it out or close it at a higher price?
Podyx, some advice ...
When you enter a trade with or with leverage, only commit as much as you are prepared to lose. Write it off as soon as you hit the button. If this amount is more than you can stomach, the trade is too large for you and you will get tossed around like a rag doll emotionally if it goes against you, which is a terrible place to make decisions from. There is no such thing as a 'sure bet'. Sometimes you know you have got a bit carried away and this number is a bit larger than you would like (we all do that sometimes) and it hurts a bit when it goes bad, but as long as you are still in the game, it's just a knock. Regroup and don't try to make it back all at once ... if you are playing with profits, this should lead to a 'two steps forwards, one step back' result, which is the best that any trader can really hope for. Minimising those steps back is key, as is accepting that they are inevitable. Maybe its 5 small steps back and then a giant leap as you ride the winner for all its worth.
Asking other people what you should do, well you are totally putting your fate in their hands (if they give an answer). That's not a good long-term strategy. You need to be independent. Do your own analysis, assimilate other peoples opinions too (remembering that they are indeed only opinions, just like this is my opinion) and make a choice. But don't start second-guessing yourself after the fact. Have a plan, one that allows for your initial view to be 100% incorrect, and be OK with that. It's clear from your posts here and elsewhere that this is not what you are doing. It's also clear that you made a few good calls too and I hope you make more
If the platform you are using does not allow you to put a stop close enough to your entry point for your comfort, then either trade smaller or set alarms, watch it like a hawk, know where you will cut, AND DO IT. Moving stops away as they are approached is not IMO a good strategy. Others may disagree.
FWIW IMO statements like 'I dont think we will see xxx ever again', in BTC-land show a blindness to reality, especially when they are 5% away form the current price, and are a terrible thoughts to base decisions on (unless they are single digits
!). ANYTHING is possible here. Personally, I don't think the low is in yet, but I would never bet the house on it (as you know , I learnt that lesson the hard way!) Get those 'we will never' thoughts out of your head ... they are guesses. Who the fuck are you to know that?
My humble opinion is that a retest of the breakout ($370) before falling to lower lows is possible. Before of after $341 ... no idea
Good luck!
EDIT: Look at what masterluc has to say and learn from how uncommitted he is and how open his mind is to the multitude of possibilites
https://bitcointalk.org/index.php?topic=274613.new%3btopicseen#new