Topic: FOMO of bull market - page 5. (Read 735 times)
Always look at open interest and funding rates to know if you're bullish because of your personal analysis/intuition, or if you're generally bullish with everyone. The longs liquidated since the last 12 hours was like $310 million. Safe to assume that there was a good amount of euphoria.
So, I longed chainlink yesterday, with 10x leverage as market appeared so good. Now, there has been dump and my position got liquidated.
10x leverage is too risky and when you take that leverage, you are like a gambler than a trader.Quote
I usually go with 2-4x leverage, and that gives me safer liquidation price however this time I went with 10x leverage, as I thought bulls have arrived, and it's only up from here, and you see how wrong that turned out.
Take whatever lesson you want. For me, it's to stick with 2-4x leverage with which I tend to do good, don't allow greed to enter.
2x leverage is a safe one to use and 4x leverage is starting to be very risky. The bottom line is when a trader touches leverage trading, initially he will use low leverage like 2x but later he will come to a point of uncontrollable greediness so that he will use higher leverages like 4x or 10x or maybe 25x.Take whatever lesson you want. For me, it's to stick with 2-4x leverage with which I tend to do good, don't allow greed to enter.
You are an example of uncontrollable leverage taking because of the market volatility when a trader sees chance, takes higher risk, bad ending will come.
My advice always is, don't touch Leverage if you want to be safe.
So, I longed chainlink yesterday, with 10x leverage as market appeared so good. Now, there has been dump and my position got liquidated.
I usually go with 2-4x leverage, and that gives me safer liquidation price however this time I went with 10x leverage, as I thought bulls have arrived, and it's only up from here, and you see how wrong that turned out.
Take whatever lesson you want. For me, it's to stick with 2-4x leverage with which I tend to do good, don't allow greed to enter.
I usually go with 2-4x leverage, and that gives me safer liquidation price however this time I went with 10x leverage, as I thought bulls have arrived, and it's only up from here, and you see how wrong that turned out.
Take whatever lesson you want. For me, it's to stick with 2-4x leverage with which I tend to do good, don't allow greed to enter.
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