I’ve just changed my Bitfinex position on June 17, 2015 at 05:26PM EST.
Position Change is: Closed LTC/BTC Long at ~0.0115.
How did I do on my trade? I normally don’t know, because this is an automated post through IFTTT.com. This time however, I decided to write a little bit. I initiated a long at 0.0163–a vantage point from which this would appear to be a catastrophic loss. Oddly enough, it actually wasn’t. How? A mix of luck and good decision-making. My purchase price at entry ended up being ~0.009, as a result of a lot of well-placed stop orders. Over the past several months, as LTC/BTC declined farther than I had considered possible, my position was repeatedly made smaller. I continuously rebought 10-15% below my stop loss points, resulting in a very unprofitable call turning into a very profitable one. I’m closing the Long at this point to wait and see what happens after this sudden dramatic increase. I believe solidly in LTC in the long-term and do not want to be Short it at all, but I think it may have overshot itself in this instance, and as such I’m stepping out of my position. I may re-enter lower, or possibly higher, as the market changes.
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