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This has been a mixed week, with some small gains and losses on Bitcoin (BTC) longs and small earnings on alt trades which I will discuss in the coming weeks. I would like to take this opportunity to explain a few things about my trading style and approach in general, as it can be confusing for many.
First, I do not short Bitcoin. This is not because I have no desire to look for short positions, but because I am American and cannot legally trade on leverage exchanges that offer Bitcoin shorts. The only exchange where I can legally short is Kraken, which is notorious for huge wicks on candles that don’t exist on other exchanges. I will not trade anywhere that my risk management strategy cannot be properly executed – so long wicks that stop out traders who would otherwise be fine elsewhere are not acceptable for me.
That said, I only look for long entries, which is not an ideal situation, as it forces me to trade against the trend when I want to enter a position. I am comfortable with this because I have a proven and well-defined trading system. It allows me to take many small losses, compensated for by a couple of large gains a year.
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