I Just opened a short position. What's going on team? It's Ricky with tech Solutions This short position is not going exactly according to plan right now, but I wanted to share it with you and share with you my plan and you guys can let me know down in the comment section what you think. Let me go ahead and start sharing my screen. This is Coin and Coin has been on an active rally.

Now let me explain. this is a super super risky trade. That being said, coin became super overbought. Coin has been going up du to the hype that has been present due to the Uh spot.

Uh Bitcoin ETF Some BS like that where it's like waiting for some form of approval, but rightfully so. Coin has been on a steady rise. Today during today's live trading session, we began to see coin become very overbought and began to show signs of a resistance. and I was just in the red.

So I have a $100,000 position shorting coin right now I opened it right now with about a break even right now, look look at that. we're red right now. Break Even is right around 18260 18270 If it continues to indicate signs of an uptrend and it breaks above my super Trend indicator I will close my short position respecting that coin is still bullish. but this became so overbought that it's up 6% on the day and that's not taking into consideration all the other gaps ups that we've had.

Coin: Although it has been on an active uptrend, it does have these dramatic sell-offs from from time to time and again. We did the math during today's live trading session and during these active sell-offs, it yields about a 3 to maybe 4% return. If it goes according to plan right, you can see this active selloff that was closer to 4.2% And this is why I'm sharing it with you right? Not every trade is going to go according to plan, but I wanted to share it with you ahead of time where if it does great and if it doesn't again, um, nothing wrong with that. I'll just have to manage and mitigate my risk right? There's never and this.

This is one thing that I want to remind you, especially as we go into 2024. There's no such thing as a perfect Trader There's no such thing as someone that avoids loss right or avoids red days. your not your job is not to avoid risk, your job is simply to manage it. I Get much more impressed by someone that manages their risk than someone that gets lucky and ends up in the green, right? We all know that you are always one bad trade away from giving back all of your profits if you don't know how to manage or mitigate your risk.

So right now my my take profit would be again I'm shorting coin. which means that I would be making money as it sells off. So my goal is is to make money down to the moving average about a 2.1% return. Now, if it begins to go up, my potential loss is less than 1% It's right around about 0.55% So to me that risk to reward ratio makes sense.

My potential for profit is much greater than my potential for loss. My loss is still there and I still have to manage it. but my, it's much smaller and I think that's why I would make sense of it now if this thing begins to actively sell off and go in my favor. I can begin to step on the gas a little bit more and add to my add more to my position if I choose it if I choose to see that to be fit.

but there's no reason to rush into this. This is a riskier trade. Especially, it's not a trade I'm going to hold for a number of days. It's a day trade meaning that I intend to close this position in the next few minutes or in the next few hours.

I have no intention of holding this position overnight and I want to make sure that I made that very open with you guys. Uh, with that being said, also, overall, NASDAQ Market uh, hit a resistance 52 we highs all-time highs 4 1171 and then a dramatic selloff. We began to see big Tech during today's live trading session slowing down so this selloff did not catch us by surprise. We talked about it during today's live trading session.

Again, this is why it's so important. Every morning we go live right at Market Open and it's so valuable for our beginner. Traders Because they get an inside look behind not just my perspective, but also all the other Lpp members that are sharing their perspectives during these live trading sessions. And how much more valuable would it be for you as someone that's just getting started to have access to these daily live trading sessions where you get to see my entries, my exits.

But most importantly, you get to hear my thought process behind every trade. I Take again! we're running our biggest sale right now! Second link in the description down below and would love to have you join us as soon as tomorrow for our live session. So what are you waiting for? Click that link, sign up and I'll see you tomorrow at Market Open! Other than that, appreciate your time like always. let's make sure that we end the year on a green note.

Take Care team.