DOGE - You Want It BIG Enough to Matter But NOT too Big It Hurts
Couple weeks ago gave the buy for DOGE about the same time that Bitcoin was trying to break out. The breakout has happened but right into resistance, so what to do now?
There were a couple long setups that formed prior to taking this trade via inside bullish pinbars on the weekly chart. I always start with the weekly because you can get a good idea of order flow from it.
With Bitcoin and others looking bullish I went ahead and told our group I was buying some DOGE. Not a huge amount, but an amount that would matter if it was a winner winner chicken dinner.
The key in position sizing is that you want a position that is large enough it makes a difference when it wins, but no so big you get crushed when it doesn't. Always measure your risk.
So I threw $1500 at DOGE which was enough that if DOGE was a 4-5 bagger, I made a nice little meaningful profit, however if it went to 8 cents, $750 was not going to kill me.
I bet as if I want to go out for a nice steak dinner at Bern's or Charlies, but not so big I can't buy McDonalds if I LOSE. I don't want to be for McDonalds to begin with.
Even though DOGE is hitting resistance, I am more interested in buying more, not getting out. Sure you can trim out a little and take a profit here. Nobody lost money selling at a profit to early. BUT I believe this is just the start of a broader move so I am looking at adding to positions not get out.
There are a few more coins I am looking at but we need to be patient. Anyways will post in my group if an when I take additional trades.
SIZE MATTERS!
There were a couple long setups that formed prior to taking this trade via inside bullish pinbars on the weekly chart. I always start with the weekly because you can get a good idea of order flow from it.
With Bitcoin and others looking bullish I went ahead and told our group I was buying some DOGE. Not a huge amount, but an amount that would matter if it was a winner winner chicken dinner.
The key in position sizing is that you want a position that is large enough it makes a difference when it wins, but no so big you get crushed when it doesn't. Always measure your risk.
So I threw $1500 at DOGE which was enough that if DOGE was a 4-5 bagger, I made a nice little meaningful profit, however if it went to 8 cents, $750 was not going to kill me.
I bet as if I want to go out for a nice steak dinner at Bern's or Charlies, but not so big I can't buy McDonalds if I LOSE. I don't want to be for McDonalds to begin with.
Even though DOGE is hitting resistance, I am more interested in buying more, not getting out. Sure you can trim out a little and take a profit here. Nobody lost money selling at a profit to early. BUT I believe this is just the start of a broader move so I am looking at adding to positions not get out.
There are a few more coins I am looking at but we need to be patient. Anyways will post in my group if an when I take additional trades.
SIZE MATTERS!
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