Copy these trades automatically via the Covesting platform on PrimeXBT
Profit / Loss
So after watching Cris from MM Crypto on youtube, continually informing the whole world of much profit he is making from trading bitcoin, I decided to try and follow his signals (initially for 30 days)
He gives the impression that people can make a lot of money from following his signals. Is this actually true? In this post, we will find out.
You can follow the timeline below with daily updates. You can also copy the trades here as a follower on the PrimeXBT via their Covesting platform. The strategy is named MMCryptoCopy
While I will try to do my very best to follow his signals, there will be many variables to keep in mind here.
- I will usually be able to execute trades during the London session. Chris seems to fly around the world continually, so there is no consistency when he publishes new videos or tweets. Hence I may not be able to replicate his ideas 100%.
- Sometimes, Chris uploads multiple (long) videos per day. I cannot guarantee I will be able to go through all of it (but I will try my very best).
- Based on what I have seen so far, Chris seems to be somewhat vague in exactly where he places his stop losses. You can read more about this in the daily updates.
- Profit targets will be based on the measured moves that Chris points to.
- I am sure there are a bunch of other issues that I have not thought about yet. You will be able to read about these as they arise.
The starting balance will be 0.1 BTC. The risk will be 5% of the available account balance per trade.
As far as I can tell, Chris talks about possible trades on his youtube channel. His actual trades are posted on Twitter. Hence the trades I will execute will be based on his actual trades posted on Twitter, but I will also try to follow suggested trades shared in his youtube videos.
If you have any questions or comments, feel free to drop them down below.
Chris, if you are reading this, please reach out.
Chris shared one idea on twitter. I initially executed the trade, but got the trade size wrong. So I closed it, to open with the correct size. This means an “incorrect” loss as the first trade.
Chris shared an idea on twitter for possible upside on btcusd after a break of a H & S pattern. No stop was mentioned, so I placed the stop loss below the recent swing low at 28,800.
He also published a MMCrypto video, mentioning he do not intend to take any trades before a break of significant support or resistance levels. Hence I dont think he took this deal.
– New video where Chris mention we got a Head & Shoulder formation in progress. Because of this he would suggest to at least take partial profit on the open trade. I got a worse entry than Chris did (Chris mentioned 32,249 vs. my entry at 32,299). Because of this I decided to move stop loss to break even on this trade. <br>- Trade got closed out at breakeven. For a break below the neckline of the H & S formattion, I am looking to enter a short trade as mentioned by Chris. <br>- Second trade executed as suggested in previous video. Short at the break and close of the 1-hour chart below the H & S neckline.
- I closed the trade from yesterday. Chris has not mentioned anything, but the H & S pattern is clearly invalidated at this point. Because of this I see no reason to keep this open.
- There are two new MMCrypto videos. The final one mentioning a symetrical triangle. I will enter a trade on this, once we either break up or down, based on the hourly close as suggested by Chris.
- New short trade executed as highlighted in the previous video from MMCrypto.
- Trade in profit (entered at 31,926. Currently at 31336). As Chris did not give any update on how to manage this trade, I have decided to move stop loss to break even.
- The BTCUSD trade got stopped out at break even. I think I did the right thing, moving stop yesterday.
- Chris opened a new trade on ETHUSD 10 minutes ago. I have copied the trade. He got an entry at 1,380. I got 1,434. There were not words about a stop loss, so I have placed my below recent swing low at 1,030.
- Executed a long on BTCUSD. As Chris suggested, there was a break of the W formation and close above on the 1-hour chart. Got an entry at 34,184
- Closed out the ETH/USD trade as Chris suggested another break to the downside.
- As multiple trades havebeen entered with incorrect trade size, I have decided to reset the strategy and balance. I am starting over from scratch.
With the account reset I am ready to execute the first trade.
- Chris mentioned a possible short at the break of the neckline on H & S pattern. I am looking to get into this soonest.
- Short trade entered. Stop about final shoulder.
- Chris posted a new tweet showing the test of a W formation. This has now broken and closed above.
- The short on BTCUSD was closed for a loss
- New long trade on BTCUSD executed based on break of W
- My long on BTCUSD did actually hit profit target, but my TP was 5 points higher and I was sleeping. This is partially because the tweet from Chris showed a line on a chart and not a specific price target. I have now mved stop loss to break even.
- We got a quick move up on BTC. Profit target hit.
- Elon Musk BTC update on twitter. Chris doing a livestream, and took a long trade based on his entry. Got a worse entry, but I am long.
- Closed out the trade yesterday when the pump didnt continue. Chris held on. Not sure if this is still open on his end.
- Looking for a possible long on Bitcoin based on the latest tweet from Chris.
- Took a long based on this tweet from Chris
- The trade from yesterday has been closed out at stop loss
- Took a long trade based on the break and close above the trendline as mentioned by Chris. It when back down below the trendline shortly after and closed the 1-hour candle below, so I closed out the trade again.
Thoughts on Trading MMCrypto Signals
After executing the first trade, more questions comes to mind. For the first trade, Chris posted the following tweet:
Is this a signal, a suggestion, a trade he took, an observation, a trade he plans to take if certain conditions are fulfilled? If I try to follow MMCryptos signals, should I take this trade? I have a rough idea of a take profit level based on a snip from tradingview, but not a specific price point. Add to this; there is no mention of a stop loss. I decided to take the trade, although I am pretty sure Chris did not take it. Earlier in the day, he published a youtube video, mentioning he would not enter a long trade before Bitcoin goes above the 37,800 level (former significant swing point). Keep in mind it is straightforward to “share a signal” with no stop loss – it will eventually reach the profit target. So while Chris makes it sound easy, things can quickly get convoluted.
Another issue I came across with the latest trade (Jan. 30th). Chris posted an image with a W formation, indicating upside for BTC. The chart he posted was clearly a 15-min. chart. So I waited for the 15-min. chart to close above the mentioned level. After the close above the level, BTC dropped, and Chris posted a new chart, with a new level highlighted, but higher. So I assume he was actually waiting for the close of the 1-hour or 4-hour candle, but this was not mentioned anywhere. As he is posting a 15 min. chart, I assumed he was waiting for the close on the 15 min. chart. I personally think there is too much talk in his videos, and too little info in the charts he posts on twitter.