Bitcoin trade stopped out at a profit today. This morning I added a trailing stop to my BTCC (Purpose Bitcoin ETF) at $9.40. Later on the order was filled at $9.38 after being on the books for 12 days. Here is the P/L breakdown.
$8.90 – buy #1
$8.19 – sell #1 (predetermined stop hit)
$8.00 – buy #2 (it takes guts to shake off the poor timing of buy #1)
$9.38 – sell #2 (trailing stop hit, ring the register)
P/L +8.5%
I assumed trading costs of $25, which is a reasonable estimate of what a retail broker would charge.
In the end the trade made money. This is good thing. I still have Bitcoin on my radar and will revisit this trade. For now, I feel comfortable sitting on the sidelines. Moving on the the next trade idea.
Have a great weekend and remember to mind your risk of ruin.
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