Good day guys, I thought I'd take you through
now and just show you exactly how to raise
an order on the FCX platform for a couple
of different strategies that we run and use
here to tradercobb.com.
Now what I've got here I wanted to do it live,
I want to show it to you in an actual order
as opposed to just finding something rubbish.
What we've actually got here is I'll just
double cross here first to my trading recharges,
I've got a bullish candle in that cradle zone,
it's pulled back in looking quite nicely if
you look at the two day, we've also got it
in that cradle zone as well.
So if I was really be looking to raise an
order on this particular market here is exactly
what I do. First things first, as a member,
you've actually got in the members area, I'll
show you exactly where it is. Obviously all
your courses and whatnot through here, but
you can actually click here on the trade calculator
series for Matt. Now you need to watch it
in one part one, two, and three.
The part one will show you how to manage your
risk there for those of you that are already
members, for those of you that are not members,
let me bring it in here and and show it to
you. Let's look at, I'll just change the figure
I'll raise a trade based on a $50,000 account.
So what it does is it it already calculates
the risk for me and I can choose whether its
margin or exchange and with this being FTX,
it is a margin account. Now what I need to
do is I need to go over here and hold the
mouse cursor over this candle because my entry
and stop would be defined by that particular
candle given the particular trade that it
is and the strategy which is the crypto cradle.
So on coming into FTX for is you know, my
thing what don't I just take my levels from
here because I'm always going to take it from
the exchange which I'm trading for just in
case they are slightly off.
So the interest so the important levels here
is the high and the low of that candle. Now
with a high Bang 10,062.75 My entry is going
to be 10,063. So I've written that down a
piece of paper, always have a notebook with
you.
And the low there you can say well I'm just
looking up here in the key, the lowest 9641
so I'm going to go 9,640.5 now I've got my
entry and my stop loss I'm going to come across
here and I'm looking at the exact size of
the position 10,063 that's a long I got to
put in long there.
I'm not going to log the whole trade I'm just
doing the risk management side of it and the
stock was 964.5. So now it tells me that to
the position size needs to be 10,477 and my
quad sorry quantity is 1.0 for Bitcoin to
risk $500 on this particular trade.
So now that I had this information in place
1.04 now of course you know if you're trading
100,000 account, a million account or 10,000
account or 2000 account, you just need to
change the figure into here and it will obviously
communicate all that to you as well. It will
also tell you where to put your your entries
in sorry your first target's in an whatnot.
But for the purpose of this we'll keep it
nice and simple. So the type of order we need
to open is a stop limit. So you got all these
different options down here, the one we want
to work with is stop limit. Now the trigger
price is a price for entry. So 10,063. The
limit price that will buy up to that point,
so I'm just gonna go 10,065.
So it's a $2 mark there. Now the whoops, I
just rolled the scroll, don't roll the scroll
bar on your mouse, then of course, the amount
we said 1.04. Now that matches 10,467 very
close to what this is here. 10,477 pounds
off by $10. It's very, very fine.
So that is what I need to do there to raise.
Now I'm not going to click reduce only. I'll
tell you what to do with reduce only in just
a moment, not going to move this bar at all
because all it does is increase the size of
the position not interested in that. We want
to have it at 1.04 because we dictate how
we manage our trade 1.04.
Now what I'm going to do is this hit buy yes
place that. So double check the numbers hit
place that and what you'll see down here is
you'll you'll see very easily.
I've got a stop in here for Ethereum Perpetual.
I've been in for quite some time and you can
see my order in there for the Bitcoin cradle
order. Okay, now I've got to go and put my
stop loss in now what I'm gonna do is I'm
going to flip this, so I hit this little one
here. So now to buy BTC PERP now I click that
sell BTC PERP.
What it does, is it tells me that so I just
just reverses the amount 1.0 for Bitcoin.
Now, I'm looking to my left, because here's
what I've been using one of the members or
one of my mentors, sorry, apprentices has
put together this cheat sheet which will be
available for members as well.
It's very good because you know, there are
different platforms do have different names
for the order for some reason, I'm not quite
sure why would they do. Now you can see here,
very straightforward. Step three is to put
in your target. I'm actually going to put
my stop loss in first.
So my stop loss is going to be a stop market.
So just move this out of the way. And don't
do that. So not a stop limit, we're going
to go stop market right here and my stop loss
was 9,640.5.
Now I am going to keep retry on this because
it will just continue to put that order in
until I get fill, which is what I want. I
don't want to be sitting there without a position
without a stop loss. And I want to make it
reduce only.
So what that means is if the market was to
say, let's say go away to work now, for example,
and the market was to fall and break the law,
that level I wouldn't be filled in a short
position, it would in fact, cancel that order.
So I do need to monitor that a little bit
and then come back and cancel the other order
for the buy position. But if I hit sell here,
you'll see as well. There is now my stop order.
Okay, so you can see Bitcoin stop market 9640.5,
which is my stop loss.
Only on an entry at 10,063 up to 10,065. That
is how I put my entry and stopping I go with
stop first I put entry in second. Now when
it comes to actually taking your profit, well
that's what step three is just to, I've just
jumped ahead and put the stop in just simply
because I'm doing this a bit slower.
You can see here it's a take profit order
and it's just the reduce only. So the risk
on my trade right here. Actually, let me just
go down to the trade calculator here. You
can see here where are we?
$10,566 now that also equates for some the
cost of the trade as well. So $10,566 over
there in $10,566 that's fine with me, and
it's gonna be 0.52.
So that's half of my position scaling out
at one to one. So the Order Type is just it's
pretty straightforward. This one is just take
profit. So what I'm going to do here is put
in my take profit price 10,000 was it 566
it's again, a reduce only and I'm going to
put in .052. Okay, so I hit sell here, boom.
Yep. And you can see that the order has now
gone into here. So you can see now for Bitcoin
Perpetual, I've got my entry, which is my
stop limit at 10,065. My stop loss which is
at 9460.
Sorry 9640.5 and my first target there is
10,566. Now, of course, here's the flip side
of that. If I have a stop loss hit means if
I've been entered into the trade have been
taken out fine, don't have to do anything.
If I have my stop loss be breached first ie,
it breaks down through my stop loss price
before it puts me into the trade, well then
I just cancel all the rest of the orders.
Okay?
If I have this go and go wacked to first target
pretty quickly, the first thing I would do
is then go and amend my stop loss or come
down here to my stop market and then I would
simply go to this, I would change the size
so it will be 0.52, which will be the other
remaining half of the trade.
And then I click tick and it will amend that
order for me. Now, this particular cycle of
orders the the way that I've done it with
the stop market for our stop loss, with the
stop limit for the entry, and with the take
profit being the way it is, this is for a
long trade.
Now it's very straightforward, the same orders.
You just change the buy or sell side if you're
going short. But also what's important to
note is that it's very, very straightforward.
It just comes with repetition. Do I still
use this?
Absolutely, yes I do because it just means
that you don't make any mistakes. I've got
a checklist for everything so I don't you
know, I don't mess with it and I keep it very.
You know, I'm very serious about how I do
that.
The other thing I want to say is that is exactly
the same process of orders if you are to trade
a Bitcoin Breakout trade, okay, but whether
it be long or short, they are the same orders
as you can see on this little cheat sheet
here. This is for a Cradle and Bitcoin Breakout
strategy.
It is slightly different for the Booster,
and I'll do that one next time I get a booster
trade. So guys, that's how we use the risk
calculator. That's how we use the position
sizing.
That's also how we raise orders on FTX. So
enjoy the service and take a 10% discount
and I'll speak to you again very soon. Hope
this was helpful. Thanks, guys. Bye for now.
The TraderCobb crypto show talking business
in blockchain
