The Challenge with Bingx APIs
Today marked a significant pivot in my trading strategy, one I hadn’t anticipated. My initial plan involved leveraging the Bingx APIs to build a pair list of small-cap, high-volatility assets for automated trading. However, a critical roadblock emerged: access to Bingx’s futures APIs requires completion of KYC (Know Your Customer) processes. This requirement effectively blocks any of my automated trading strategies reliant on these APIs.
Adapting to New Circumstances
Faced with this challenge, my approach has to adapt. The shift now is towards hand trading, utilizing Binance data. Although automated strategies offer efficiency and speed, the ability to pivot and adapt manually is a testament to a trader’s resilience and versatility.
The Canadian Crypto Trading Landscape
This challenge is part of a broader context, particularly relevant in Canada. The crypto trading landscape here has seen significant changes. Platforms like Binance and Kraken, once staples for crypto futures trading, have faced increasing restrictions. This regulatory shift has left many companies exiting the Canadian market, creating a more complex trading environment.
Strategic Planning: Next Steps
Despite these setbacks, the journey continues. The next step involves compiling a comprehensive list of Bingx assets and setting up a trading bot. This bot will be designed to post signals into a Telegram group. However, the actual trading will be done manually, with substantial leverage. Given the small size of the account, this approach is necessary to achieve meaningful growth.
Risk Management and Growth Strategy
Risk management in this scenario is delicate. With around $120 in the account, the plan is to execute around 12 trades at $10 each. Leveraging these trades at 50x allows for a 2% movement tolerance. The goal is to identify and enter extremely high probability setups. If even a few of these trades yield a 50-100% return, it could set the stage for repeating the process, gradually building the account to a more manageable size. However, the risk of a string of losses is ever-present, and the strategy must account for this inevitability. Once it’s a better size, we’ll turn the risk per trade down again. I’m going to proceed with back testing and use Binance data on all pairs in Bingx. Once I find a strategy that’s suitably high probability, I’ll have to enter them by hand based on signal posted to telegram.
Conclusion: Perseverance in Trading
Today’s experience underscores a fundamental truth in trading: the path is rarely linear. It’s filled with unexpected twists and turns, requiring constant adaptation and resilience. For fellow traders navigating similar challenges, remember that adaptability is as crucial as any trading strategy. The ability to pivot, to find new paths amidst roadblocks, is what separates enduring success from temporary setbacks.
k-xs 
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