AMA Trading Sharing Session with Bitget Top Elite Copy Trader Ben: Summary
On August 6, 2021. Bitget held an AMA Trading Sharing Session with one of our Top Elite Copy Trader at Bitget English Community TG. Here are the summary of the questions and answers !
Q1: Could you introduce yourself and share some of your trading experience with the Community?
A: I’ve been trading CFD and futures for the past 2 years, I trade commodities like oil for CFD and cryptocurrencies for futures markets. I’m an intraday trader where I make 7–10 contract trades daily on Bitget, and I like trading on volatile periods and close the trade after the price increases by a few % ( usually 2–5%, but when I usually use x10 leverage and the profits will become 20–50%)
Q2: For beginner traders, what are some of the things that they should learn first ？
A: Hmm few important points actually.
- Control your emotions, do not open any position on impulse/ hype.
2. Identify the current market trends before opening an position.
3. Identify key support and resistance point
4. Manage your risk, such as implementing stop-loss when needed.
5. Monitor news and sentiment of the market. Eg. Any major news that might swing the market.
Q3: What is the best product feature that you like about Bitget platform?
A: I like Bitget’s CopyTrade feature, it has an easily understandable and clean UI that allows the new traders to spectate other experienced traders positions and even profit from it. I do see there are many experienced copy Traders on Bitget with high ROIs for beginners to choose from , which is very interesting as I seldom came across a platform like this in the crypto industry.
Q4: Could you show us your biggest trading wins on Bitget？
A: Here is one of my best wins ! I got a 158.34% profit within 30mins by shorting BTC.
Q5: Any advice that you wish to give especially to the new traders in our community?
A: In a market like crypto where there is high volatility, do not go “ ALL IN “ for every position, always leave some capital and funds to cost average if the price dips. Remember to always book partial profit when the crypto rises and set stop loss. Do not be tempted to chase the highs and get too affected if the trades hit your stop loss.
A: Bitget contract trading is a tool for you to leverage your capital to make bigger potential gains in market movement. However, you’ll need to manage your risk to avoid a margin call that might cause panicked closure. Set a target(profit/loss) for each position and close them when it hits. Maintain your margin level. (Try to start with a lower margin level at the start)
A: Pure price action can be used to gauge your entry and exit point, however, In addition to that, I also do use indicators like MACD and I draw resistance/support points on my MACD 15mins / 30mins charts to measure my position.
What is MACD? MACD, short for moving average convergence/divergence, measures the revealed changes in the strength, direction, momentum, and duration of a trend in a crypto’s price.
As you can see in my pic below, I drew many lines on my MACD, green = support, red = resistance. This is to find my entry points for my trades and I usually will go long whenever the prices dip to near a MACD strong support point ( green lines ) and sell when the price touches a strong MACD resistance point ( red lines ). However, do note that you must still compare the MACD support and resistance with the current trend lines and key support/resistance lines on your chart. It will be best to compare different timeframes (5mins, 15mins, 30mins) Macd support before entering a position as well Also note the overall trend still is more important, if the uptrend is broken with multiple strong red candles, do not go long anymore ( vice versa with downtrend )
A: For my risk, normally I’ll set a stop loss near my key support and monitor the momentum of the market as I mostly do intraday trading. Sometimes, I will also exit the trade when I saw there are multiple bearish candles like this:
You can check out more about candlestick patterns here! Extremely important for trading !
A: I would recommend you to draw the trend lines and label the support and resistance point at key level. I will draw 2–3 resistance and support lines, and 3–4 resistance and support lines in MACD as I only use MCAD and don’t rely too much on many indicators as many indicators are not as effective and they are quite laggy. Remember to compare the charts of different timeframes too.
Q5: How do you control your emotions while trading? In my case when trade is going negative I keep hoping that it should come up but it doesn’t and losses get bigger and when it is in my favor then I close the position with small profits. So how do you deal with emotions?
A: Trading is not only about winning, there will be a loss at times, for me, I’ll end each day when I have 5 consecutive wins or losses. Closing at small profits is still a profitable trade, don’t let impulse get the hand on you and enter the market irrationally. Managing emotion for me, I relax and enjoy my hobby when I’m done with trading. A tip is to do a trading journal for yourself and reflect on each of your positions. Instead of letting it affect your emotion, think of it as a learning opportunity. Trading is not only about winning, there will be a loss at times, for me, I’ll end each day when I have 5 consecutive wins or losses. Closing at small profits is still a profitable trade, don’t let impulse get the hand on you and enter the market irrationally. Managing emotion for me, I relax and enjoy my hobby when I’m done with trading. A tip is to do a trading journal for yourself and reflect on each of your positions. Instead of letting it affect your emotion, think of it as a learning opportunity. 😆
1. Learn how to identify trends
2. Familiar yourself with the market trends
3. Learn from existing trading strategies out there
4. Start out with a lower capital to test your strategies
5. Gain confidence and improvise the working strategies.
Remember that it’s important to understand the fundamental of the market you’re trading in, for example, crypto market is very volatile in nature, the trend lines you drew might not last, you’ll need to constantly monitor the news and update your trading set up.
A: I just did my TA, I would go long as it is in a uptrend. However this is not an investment advice haha, remember to do your due diligence and research !
A: There’s pro and cons of each market, with forex being the least volatile and crypto being the most volatile. I prefer trading in the crypto market due to the high volatility as I’m doing intraday trade.
A: When drawing trend lines in a downtrend, you draw them above the price. When you draw trend lines in an uptrend, you draw them below the price. Let me show two examples :
Kindly check the above two pictures as example , for trend lines, always remember to connect it with minimum 2–3 points and don’t draw trends lines that are too steep.
That is the end of our summary :) Do note that Bitget is still recruiting copy traders worldwide, so we welcome all good and experienced traders to join us to get MASSIVE REWARDS!
For more information about the benefits of becoming Bitget’s copy trader, kindly check out this article: https://bitgetglobal.medium.com/bitget-is-officially-recruiting-copy-traders-worldwide-341e25af13b5
Thank you for your constant support!