Price: $0.19273 -3.6199%
Market Cap: 28.27B 1.1034%
Volume (24h): 4.05B 0.2%
Dominance: 1.1034%
Price: $0.19273 -3.6199%
Market Cap: 28.27B 1.1034%
Volume (24h): 4.05B 0.2%
Dominance: 1.1034% 1.1034%
  • Price: $0.19273 -3.6199%
  • Market Cap: 28.27B 1.1034%
  • Volume (24h): 4.05B 0.2%
  • Dominance: 1.1034% 1.1034%
  • Price: $0.19273 -3.6199%
Home > Information news > How this DOGE trader made from $10K to $100K in 48 hours

How this DOGE trader made from $10K to $100K in 48 hours

Release: 2024/03/04 06:17 Reading: 555

Original author:TheBitTimes

Original source:https://coinmarketcap.com/community/articles/65e4bbadd01f9c3da2d4f7e0

Dogecoin (DOGE) has made huge gains this week, following a generalized bull market and a memecoins surge. Grabbing this opportunity, a cryptocurrency trader increased his stack by 10 times trading DOGE. Here is how he did it.

In a calculated display of cryptocurrency trading acumen, the trader known as Credible Crypto transformed a $10,000 investment into $100,000 within a 48-hour timeframe, leveraging Dogecoin market movements.

This trader’s journey was thoroughly documented through a series of posts starting on February 29th. Further, Credible Crypto posted a video on March 3 detailing the whole operation and offering insight into sophisticated trading strategies and risk management practices within the volatile landscape of cryptocurrencies.

Picked for you

Bearish alert: What awaits Bitcoin below $61,000 support 31 mins ago
Robert F. Kennedy Jr. accuses Congress Members of ‘being paid’ to ban Bitcoin 2 hours ago
Buy signal for 2 recovering cryptocurrencies this week 4 hours ago
$100k Bitcoin in 2024? Expert advises on catalyst to watch ‘like a hawk’ 4 hours ago

Credible Crypto’s trading strategy from $10,000 to $100,000 in 48 hours

Beginning with an entry point of $0.121 for Dogecoin, Credible Crypto outlined his methodology and rationale behind the trade. One critical aspect of his approach was using “50x leverage,” which often leads to confusion regarding the potential for liquidation.

However, he clarified that effective risk management techniques allowed him to maintain a consistent risk level, underscoring that the nominal amount of leverage does not impact the actual risk as long as it is managed appropriately.

“When I entered this trade, I wanted to risk $10,000. Okay? So, again, regardless of what leverage I was using, based on my position size, $10,000 was being risk. ​ I was willing to lose $10,000 on this trade.”

– Credible Crypto

Notably, the initial strategy involved recognizing a potential breakout from a consolidation pattern in Dogecoin’s price action. With a $10,000 position on the line, the trade experienced its share of volatility, including a momentary paper loss of $7,000. It occurred during the dip inside the range – below the entry point and above the liquidation price at $0.1131.

Yet, through disciplined adherence to his predetermined stop-loss strategy, Credible Crypto preserved his position, avoiding premature exit from the market.

The DOGE trader embraced an opportunity to increase his position

Later, the DOGE trader decided to compound the position based on new information and technical analysis. Identifying a second entry point with a more favorable risk-reward profile allowed Credible Crypto to increase his exposure while effectively managing the overall risk.

Essentially, this move exemplified adjusting stop losses and position sizes in response to evolving market conditions. Thereby maximizing potential returns without escalating the initial risk exposure.

Ultimately, the decision to secure profits prematurely, rather than holding out for potentially higher gains, culminated in a significant payoff.

This experience highlights the trader’s success and serves as an educational narrative on the nuances of leverage, stop-loss strategies, and the psychological elements involved in trading.

In particular, this case underscores the importance of rigorous Analysis, risk management, and the adaptability to capitalize on market dynamics. Investors navigating the cryptocurrency market must be aware of its risks and have the proper experience to make correct decisions.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://thebittimes.com/how-this-doge-trader-made-from-10k-to-100k-in-48-hours-tbt81492.html

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.