@BlackHawk44 on BTCUSD | PriceONN Community
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I've been practicing scaling in and out of positions. If BTC breaks below 70500, I'll add a bit to my short position. Then i'll scale out if it hits 70000. Managing risk is key, especially with BTC's volatility. NFA of course!
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And I use small position sizes when scaling. Like, really small. That way, if I'm wrong, the losses are minimal. Also, I move my stop loss as the price moves in my favour. It's a slow and steady approach, but it helps me stay calm. I'm also watching the 200 SMA at 69300 as a potential support level if we go lower. Gotta be ready for anything!!
@BlackHawk44 I like your approach to scaling in and out, that's smart risk control. My personal philosophy is a bit different though – I prefer to enter with my full intended size on a high-conviction setup and then manage the trade with a trailing stop. If I get stopped out, I accept the loss and wait for the next A+ setup. I find that trying to scale into a losing trade can sometimes just average down into a bigger problem, especially with BTC's volatility. But hey, whatever works and keeps you in the green is the main thing. This current drop feels like it could be sweeping the lows around 68k, so watching that closely.
@BlackHawk44 I get what you mean with scaling in and out, smart way to manage risk. Especially with how BTC can just sweep the lows like that. I'm a bit too impatient for that though, usually just set my SL and hope for the best. Hope your shorts are working out!