Every now and then, MEXC drops a futures trading event by invitation... and to get you started on the casino, you are gifted with a 5 or 10 USDT voucher that is usable only on the futures markets. So, I always figure that it is a bit of harmless fun to blow the gift voucher with my stupidly bad trading skills!

However, this time, I noticed that if you maintained a deposit balance of 1000 USDT and achieved a daily 1000 USDT trading volume over the 5 day event, that you would get about 30-50 USDT in vouchers to continue feeding your gambling addiction!

So, I moved in 1000 USDT from ByBit where it was sitting around in a savings product... and it would just sit in the futures trading account, to fulfil the deposit requirement of the event. And I would use the voucher to trade my way up to the 1000 USD daily volume. Now, at 20x leverage (dangerous!!!) 5 USD will get you a bit under 100 USD in futures positions... needless to say, you really really shouldn't blow it all in a single position!

... especially if you are trading memecoins, like this Solana based Popcat. Hyper-discipline is the name of the game, and you need to set a nice spread of limit orders (I'm a shorter on memecoins...), and ONLY use what capital that you are expecting to lose. In my case, I had gotten lucky, and I had already managed to turn that 5 USD to 35 USD, so that I could set up a nice spread of 7 limit orders maximum... making sure to keep something in reserve in case I got wiped out.

As soon as a position was entered, tight stop losses and an immediate take profit order... again, the name of the game is survival, and not profit! Greed will make you an instant loser, especially at 20x, one bad swing is enough to wipe you out... and 15 percent swings aren't that uncommon as larger traders will flap around to get easy money.

... and to never be tempted to follow the trend down (in my case, down as I'm a shorter...)... just leave the limit order spread where you feel comfortable... as there is always the chance that it will come swinging wildly back, leaving you completely and utterly liquidated!

So far so good, and the event is now done... I'm waiting on the rewards, and if I leave the deposit sitting for a few more days, I'll pick up another reward. I'm staying hyper-disciplined... that deposit is NOT being used for trading at all... just sitting only.

I can also be found cross-posting at:
Hive
Steem
Publish0x

Handy Crypto Tools

Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Coinbase Wallet: Multi chain wallet with lots of opportunities to Learn and Earn!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
WooX: The centralised version of WooFi. Stake WOO for fee-free trades and free withdrawals! This link also gives you back 25% of the commission.
GMX.io: Decentralised perpetual futures trading on Arbitrum!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
KuCoin: I still use this exchange to take part in the Spotlight and Burning Drop launches.
MEXC: Accepts HIVE, and trades in most poopcoins! Join the casino!
ByBit: Leverage and spot trading, next Binance?
OkX: Again, another Binance contender?