In a show of optimism for ADA and an appetite for the kind of risk that can bring greater returns, CryptoJack put on a 7x leveraged long this week. The position is in place ahead of what he expects to be some price appreciation.
Why CryptoJack Chose ADA for a Leveraged Long
CryptoJack says he was prompted by earlier price action to go long on ADA with leverage. Having seen the asset make runs to 0.37 and 0.40 before, he believes that more upside is in store. He has a long on Bitcoin at 46,000 but made ADA his pick for this particular trade, a measure of his faith in its near-term prospects.
Leverage, Risk, and Trade Management
The 7x leverage is a double-edged sword, magnifying both the risks and any prospective gains. “If ADA goes your way you stand to make more,” is how he puts it, though the potential for sizeable losses is correspondingly higher. A stop-loss has been set at a point he deems vital to the security of the position. Then again, he will not discount the chance of ADA falling back to 0.46; one has to be cognizant of market volatility. Should the market turn, the stop-loss is there to contain the damage.
Trading Platform and Community Reactions
He has been open about the trade with his followers, confirming the long on a crypto platform. It is a move that has got the trading community talking about risk and reward, something newer traders might not appreciate. There are those in his audience following the trade with interest in these volatile times. In the end, with any leveraged position the threat of total capital loss is a reality. CryptoJack’s handling of it serves as a reminder of the need to know your leverage and have risk management in the form of a stop-loss.
This article reflects the channel author’s opinion and is not investment advice.
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