Emergency Trading Situation! (Seriously, an emergency)

Discussion in 'Ask any question!' started by Reshpeckobiggle, Apr 16, 2021.

  1. Reshpeckobiggle

    Reshpeckobiggle New Member

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    First things first, I'm a bit of an idiot.

    That out of the way, I've been day trading crypto for some time and decided I'd give cross-margin scalp trading a go. I went with PrimeXBT but I think the problem would be the same anywhere that allows multiple longs and shorts on the same asset.

    What happened was this. I was laddering in some longs on bitcoin as it hit its ATH the other night. Helluva ride, and as it topped out, I had a 2 btc long and a 3 btc long, both within 1% of the peak. Rather than place stop-losses, I put a number of short stops at intervals on the way down so I wouldnt have to risk closing my positions for a loss. With my leverage potential neutral at worst, I went to bed.

    The next day I woke up and all my short stops had filled. I had 10 bitcoin neutrally leveraged, a balance of about half a bitcoin, an unrealized p/l of about 0.09 btc. No problem, I do quite well scalping. Well over the last two days, bitcoin came down all the way to 60,048 or thereabout. I was scalping the whole way and increased my available margin to 0.639 BTC. Not bad, right? But my unrealized p/l was 0.57 BTC in the red and when the price made its final dive I was wide open with 9 BTC leveraged long. In desperation I opened a short position for 9 bitcoin to neutralize my position, and of course that was at the very bottom.

    I've been scalping since last night and recovered my overnight finance fees from yesterday, but I'm worse off than ever. With about 0.63 BTC total margin my unrealized losses are 0.60 and I have 13 bitcoin long in ten positions, all above the current price, and 13 short in five positions, all below the current price (with those 9 all the way at $60,069) and I'm stuck right in between them all.

    I think I know what I need to do but these overnight finance fees are going to eat me alive in about four hours and I'm exhausted. Does anyone have any advice? I'm afraid I'm about to lose everything, despite having scalped like a boss. Please help, if there is any help to be had! Here is a photo of the situation:

    https://imgur.com/gallery/Xzj2Bqf
     

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