My Hyperliquid Journey #8 | Taking Profit on $PUMP Spot Position
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Hyperliquid Journey
Things continue to go pretty great on my Hyperliquid account as the market just went up last week. I however continue to be really cautious as I understand that for every winner there is a loser on this platform, while I don't consider myself really having the needed skills. My account by now grew from 4000$ to 5600$+ and I don't want to get overly bullish kind of fearing a market flush at some moment which liquidates all the shorts. So I also converted part of my balance in Spot Positions which don't cost funding rate and are protected from getting Liquidated. As I see a scenario where bitcoin doesn't go above 140k+ it kind of feels safe. In case there is a market crash at some point, I'm always able to take a small loss on part of that position to take a more speculative long.
Week #8 Trading Journal
After closing my $PUMP 5x long last week, I now also closed my Spot Pump position today after it rallied quite a bit. The main idea on this trade is that the price went under the 0.004$ ICO price and with the profit that they are still making it felt a matter of time before it pumped again. It ended going is low as 0.0023$ which got me liquidated a couple times but I also managed to make some good profit on some longs. The Spot position I took 410$ at 0.00342$ and I added an extra 232$ at 0.0029$. This 642$ position 25 days later turned into 1140$ good for a +496$ profit or +77% ROI.
Today, the price pumped to 0.0057$ and I'm glad to just take profit on it for now. If it continues to rally, I'm glad for all the $Pump holders. The Point now where I would be looking to buy back as a long position is around the 0.004$ ICO price or just above as that could be the previous point of resistance that turns into support. All the ones who were part of the ICO and wanted out, likely have done so by now. I doubt that it will get back to this point but at the same time, crypto often surprises.
I'm keeping my $TON 5x Long Open putting up with the funding rate which by now added up to 34$. I'm currently down -138$ on it but it's trading near the support line. Ton feels like a coin that hasn't really run yet and the potential to get some hype again at any given point. I do like the narrative that this is the 'official' chain of Telegram which should have all the users to onboard. Latest that I heard is that they are planning to come with a stablecoin which would allow easy payments in Telegram between users.
That said, I hate to pay the funding rate and would rather take a Spot position which I have done on Binance as it's not possible on Hyperliquid.
I also opened a $STX 5x long at 0.641$ as it's also one of the coins available on Hyperliqid and it hasn't really run yet while it seems to be bouncing off the uptrending line.
I'm also just set a sell order at 55$ for my $HYPE long position after it went up from 42.75$. I do have 10 HYPE staked as a long-term position also getting some fee reductions. At the current 3.84M Revenue daily, it equals 1.4 Billion revenue yearly with a fully diluted market cap of 54 Billion so it's hard to say that it's crazy cheap.
The main idea remains to get in some positions after there was a pullback and sell when it reaches new highs and do this potentially multiple times instead of going Moonshot Yolo Hold with Leverage.
I'm no also holding a 0.01 BTC Spot Position which I just plan to keep running during the bull market with only an option to sell if BTC reaches at least 140k or when there is a massive market pullback which might have me switch it for a long position.
I also opened a 250 $SPX Spot Position after my 5x long order just fell short of being picked up. With such volatinity and risk of getting liquidated, I really need to have hard support lines to get into a long. I do like the entire narrative around this coin with Murad and the next Gamestop idea behind it. The reason it pumped is because it got a coinbase listing which should make it easily available for the normies once they come in so I continue to just cost-average my bag now also a bit on Hyperliquid.
Watchlist
Currently, I just continue to watch the coins that I have been trading which are mainly $PUMP & $HYPE. I kind of want to short $WLD but at the same time don't really feel comfortable with it.
Results So Far
I'm now up just over 1600$ and I will try to keep things growing slowly but surely watching out for the downside dangers at the same time which will for sure come at some point. Red days in crypto can be crazy but red days on leverage are potentially 50x worse
| Week | Total deposit | Total Balance | Week | Total |
|---|---|---|---|---|
| #01 | 500$ | 500$ | 0$ | 0$ |
| #02 | 1000$ | 959$ | -41$ | -41$ |
| #03 | 4000$ | 4384$ | +415$ | +384$ |
| #04 | 4000$ | 5250$ | +866$ | +1250$ |
| #05 | 4000$ | 4404$ | -846$ | +404$ |
| #06 | 4000$ | 4671$ | +267$ | +671$ |
| #07 | 4000$ | 4989$ | +318$ | +989$ |
| #08 | 4000$ | 5662$ | +673$ | +1662$ |
I'm at an average of 200$+ earned weekly now on Hyperliquid which might very well be beginner's luck.
Conclusion
I continue to slowly and cautiously grind on Hyperliquid having some funds available to deploy in case there would a a liquidation event. I can only be pleased with how things have gone so far and I'm still having fun with the platform.
I registered using your link — always wanted to see what’s inside. I’ll check it out soon 🙂
Good Luck, just remember that for every winner on the platform there pretty much is a loser. It may feel and look easy when going long and the market is going up, but it can be absolutely devastating if there is a correction that triggers a liquidation event.
Ok, I’m taking all the risks on myself! 😅
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Another thing is by trading on hyperliquid, you should qualify for the 2nd airdrop..so nice added benefit.
What criteria you using to select coins to take positions on? I remember you having a bunch of crypto youtubers you watch and track any coins they mention. Is that still the method?
Not really, the main problem with youtubers is that you pretty much are always late. I have a bunch of coins I followed the price action on and try to get a read on. Otherwise in the case of $Pump I just go more by fundamentals as the 0.004$ price is a big one given the ICO price. It made sense for it to pump again after it went under quite a big while there is quite some revenue. I hope it gets back down there so I can hop back in.
I hope that makes sense
https://x.com/crypthoem/status/1966108496639771109
You have good success in trading.
I trade futures on Mexc, intraday with 10-20 leverage. I think at the end of the year I will try Hyperliquid. I will register using your link, I have high turnovers intraday :) And what are the current commissions on futures, are there any promotions with zero commissions?