Bitcoin Forum

Guys the trading isn't going so well anymore. I'm quitting again, probably permanently this time. I can't predict crap anymore, I can't tell what the hell is going on with these Chinese exchanges which I thought should have been irrelevant by now, the fees are too high, the liquidity is too low, I can't use stops properly, and I can't even trust the exchanges. Also I can't even post in this forum without eliciting negative responses everyone when I'm only trying to contribute.

Also just like when I traded bitcoin years ago it's giving me terrible anxiety, sleep deprivation, health effects, and reducing my job performance. So I'm cutting my losses early this time.

I'm dividing my remaining coins up 30% fiat and 70% btc and withdrawing again, because I spent all the fiat from last time so I'm too heavily weighted in bitcoin. This way, I can have peace of mind in order to do another full btc information blackout.

See you guys again when I check the price again in 6 months or a year or so. In the meantime if you want to see me, you can find me at a 2/5 or 5/10 holdem table where at least I can have fun while I'm gambling.

Bitcoin has changed dude.

It aint all computer nerds anymore....but Pro Traders, who buy wholesale prices, and sell retail prices.

A trader whom I subsribe to has been going on all week about pending correction in BTC for various reasons, not least of all the expiration of the OKCoin 3 Month Futures contract on 25th Dec....check my post history, I have telegraphed this a few times.

As for the Chinese exchanges....Bitcoin is being driven by the Chinese (or at least operators behind the CNY exchanges) and the fact that now, for the first time in a long time, the USD exchanges are trading at a premium over CNY exchanges, should be giving any BTC bull cause for concern. Other than that, I would say that the CNY exchanges behave way more rationally than the Western exchanges, which are followers, and which behave erratically.

When you came back I told you that China is still ruling this party... I can reasonably predict moves but they tend to happen around 4 am to 6 am, while I'm sleeping...
If you keep 70% in BTC and come back 6 months later, you may find out a price below 200$, if the Chinese fiat dries out in the meantime...

How is this any different from trading gold?  Besides the fact that the federal reserve will drop a billion dollar short on you in gold but not in Bitcoin (yet).  Yea, gold has been worth money a thousand years ago, but doesn't mean it can't be $700 or $1300 next month.

I'm pretty surprised that people are still flocking to Chinese exchanges but greed with always overrule sense in most cases. I don't really know what this market consists of any more but it could do with upping its game towards something more professional. The 'legit' exchanges simply aren't attractive enough to the current crop of degenerate gamblers.

I amazed to see people getting worried after looking 30-40$ fluctuation in price, we can relate this downtrend to people exchanging or merchants exchanging their coins which they have collected during Christmas sells.

Based on your description (lost sleep and productivity) you've definitely made the right choice, and keeping a portion of BTC just iin case..... another wise move IMHO

Tera was popping into threads when Bitcoin was up in $460s, taking pops at bears, pointing out how pathetic a $10 correction was in the face of a $100 rise, which is strange, because I always remembered Tera as being one of the more cautious traders around. Tera was bearish right through the actual bear market, but unlike me at the time, seemed to know when to enter and exit a trade, and seemed to profit.

It is also strange, in that pointing out that a $10 correction next to a $100 move wasn't so significant a move, which is perhaps all the more reason to suspect that a much greater correction might be pending, especially so in the face of exhausted momentum indicators, and increasingly thinning volume.

We will see us in 6 months. Keep care buddy :)

See you in 6 months. I never thought how companies trying to sell off the bitcoin they warned could have such an effect on the price but it does make sense. There not wanting to wait for a few days or weeks to sell off the bitcoin so they can start restocking. Wonder if this is the case if in the next couple of weeks the price will go up or down.

This market moves so beautiful. Wish you good luck TERA.

I kind of wish I could tune out of checking the price too but cant resist looking at the price each day. I dont try to trade that volitility though. Buy low and hodl seems to work for me. Anyway hopefully you will be happy with the price when you check back in.

Wow TERA, you definitely have gambling in your blood and you're probably making the right move here if it's driving you nuts.  Bitcoin is a strange bird as far as trying to predict where the price is going to go, and it can't be analyzed like a traditional financial instrument.  Good luck to you at the poker table.