November was extremely exciting for margin traders across the board. Cryptocurrencies went up in the first half of the month, but BTCUSD has dropped 27.6% since November 15. While maximalists and El Salvador are loudly buying the dip, many whales decided to dump Bitcoins and cash in expecting a bears market.
Cryptocurrency markets once again proved to rely on the genera equity trends. The stock market crashed. Dow Jones Industrial plunged 7.19% since the all-time high in November. While SPX500 hit the historic record on November 22 only to plummet -5.36 in the following two weeks. Even gold fell by -5.11% since mid-November.
All these price movements are great news for SimpleFX margin traders. With the increased volatility and high maximum leverage, they were able to cash in substantial profits. Forex traders once again stuffed their pockets as pairs such as USDCHF and USDJPY offered great trading opportunities in reaction to the monetary policy and growth outlook news.
Unexperienced SimpleFX traders may follow veterans, who post their Trading Ideas with exact guidelines on where to go in and where to cash out on a promising trading pair.
Here’s the list of the best trading ideas in November. The winners got a prize transferred to their BTC accounts.
|XAUUSD technical analysis||abousarah25||buy XAUUSD, entry: 1764, tp: 1782 (double bottom formation, mix of tend line and sesistance area)||$30|
|Language of the price. USDCHF H1. Short||vasquez2197||sell USDCHF, entry: 0.9161, tp: 0.9117||$20|
|USDZAR short.||purwantokali||sell USDZAR, entry: 15.4405, tp: 15.2000 (the guy found double top formation, with mix of channels, supports)||$30|
|GBPCAD long||belabbassidiali58||buy GBPCAD, entry: 1.6766, tp: 1.6883||$20|
The competition continues in December. Make sure you share your trading insights with the SimpleFX community. Here’s a short guide on how to do it.