The trader, who saw 100.000 dollars in trading, which he started with 0.2 Bitcoin a short time ago, explained what kind of strategy he followed.
Speaking on the Coinist podcast of cryptocurrency analyst Luke Martin, the trader shared his thoughts on risk management. The trader, using the name SalsaTekilla, said:
“Let’s say I open a long position of 11.800 dollars and my target is 12.000 dollars; My stop level is also $11,700. In this case, my risk-reward ratio is two to one. The ratio changes as the market moves. Let’s say we’re at $11,900. In this case, I’m risking 200 to make $100. So, whenever I’m in a position, I always evaluate my positions.”
SalsaTekila is one of the most lucrative users of the cryptocurrency exchange Bybit. The trader, who started the transactions with 0.19 Bitcoin and increased his capital to 8.95, making a profit of 8.76 Bitcoin, said that he benefited from the price volatility in short time frames.
The longer you stay in a trade, the more factors come into play that will affect your trade. If you are in a trade that lasts for days, you spend a lot of time on the news that affects the market to change the conditions. So the more time you spend on a trade, the more risk you take.
The cryptocurrency trader also stated that he is constantly monitoring the market. Strategist, “I use different tools, I benefit from the news. I try to get a good newsletter,” he said.
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