Title: Technical Analysis of Bitcoin Post by: abednego on May 09, 2013, 06:19:12 PM I've been following Bitcoin and people's analysis since 2011. Starting this year I left my job in IT to become a full time professional trader. Now I trade Bitcoin just like any other financial instrument and have naturally become excited about the trading range we have established recently.
You're invited to follow my analysis of the current market cycle (hint: we are consolidating) on my blog: http://www.adventcarraig.com/2013/05/08/bitcoin-analysis-52013/ (http://www.adventcarraig.com/2013/05/08/bitcoin-analysis-52013/) I welcome any comments. The trading system I use is called Ichimoku. Title: Re: Technical Analysis of Bitcoin Post by: solidshotnosh on May 13, 2013, 08:02:57 PM Did you study markets before entering, or did you learn by first trading then developing a knowledge base for future trading?
Bitcoin is my first venture into the trading/investment world, and I would like to extend into trading on the stock market after at least a year or two of this. I've found bitcoin to be a great entry point because it holds my interest since I'm an IT at heart. But I too would like to quit my IT day job and migrate into day trading Title: Re: Technical Analysis of Bitcoin Post by: cedivad on May 13, 2013, 08:10:31 PM But I too would like to quit my IT day job and migrate into day trading Starting this year I left my job in IT to become a full time professional trader. ??? ??? ??? Title: Re: Technical Analysis of Bitcoin Post by: Anth0n on May 13, 2013, 08:18:51 PM I like it. It's a lot more detailed than what most people on this forum are offering. I know just a bit of TA from my own studies, but most people here don't offer much more than what I already know.
Title: Re: Technical Analysis of Bitcoin Post by: Crypt_Current on May 13, 2013, 09:48:53 PM But I too would like to quit my IT day job and migrate into day trading Starting this year I left my job in IT to become a full time professional trader. ??? ??? ??? my thoughts exactly. What exactly in IT do these guys do? Title: Re: Technical Analysis of Bitcoin Post by: wobber on May 13, 2013, 10:18:00 PM But I too would like to quit my IT day job and migrate into day trading Starting this year I left my job in IT to become a full time professional trader. ??? ??? ??? my thoughts exactly. What exactly in IT do these guys do? Sorry, I don't get it. You mean they could earn more in IT than in day trading? Title: Re: Technical Analysis of Bitcoin Post by: Frozenlock on May 13, 2013, 10:31:25 PM But I too would like to quit my IT day job and migrate into day trading Starting this year I left my job in IT to become a full time professional trader. ??? ??? ??? my thoughts exactly. What exactly in IT do these guys do? Sorry, I don't get it. You mean they could earn more in IT than in day trading? Really depends on their available capital. Title: Re: Technical Analysis of Bitcoin Post by: abednego on May 30, 2013, 09:01:37 PM Did you study markets before entering, or did you learn by first trading then developing a knowledge base for future trading? I have not checked back to this post in a while.Bitcoin is my first venture into the trading/investment world, and I would like to extend into trading on the stock market after at least a year or two of this. I've found bitcoin to be a great entry point because it holds my interest since I'm an IT at heart. But I too would like to quit my IT day job and migrate into day trading Here are the 3 things that let me do it:
Also, I've updated my sentiment as a professional trader on Bitcoin. Many may disagree unfortunately... but I see a lot of added systematic/legal risk coming on this month: http://www.adventcarraig.com/2013/05/30/bitcoin-concerns/ (http://www.adventcarraig.com/2013/05/30/bitcoin-concerns/) Title: Re: Technical Analysis of Bitcoin Post by: RationalSpeculator on May 30, 2013, 09:43:22 PM Interesting read. Thanks so much for sharing.
When would you consider entering bitcoins again? Title: Re: Technical Analysis of Bitcoin Post by: abednego on May 30, 2013, 10:34:07 PM There are a few things I will look for on either side of legitimacy:
The key problem for me right now is uncertainty and high risk of frozen assets/total loss keeping capital (BTC or USD) on website exchanges. It's too much for me as a professional trader to have a significant portion of my capital on the current mediums with all the government threats facing the market. Title: Re: Technical Analysis of Bitcoin Post by: notme on May 31, 2013, 02:07:39 AM There are a few things I will look for on either side of legitimacy:
The key problem for me right now is uncertainty and high risk of frozen assets/total loss keeping capital (BTC or USD) on website exchanges. It's too much for me as a professional trader to have a significant portion of my capital on the current mediums with all the government threats facing the market. So become an investor. Store your own bitcoins for the long term. You obviously believe in the concept. Title: Re: Technical Analysis of Bitcoin Post by: ArticMine on May 31, 2013, 08:04:38 PM There are a few things I will look for on either side of legitimacy:
The key problem for me right now is uncertainty and high risk of frozen assets/total loss keeping capital (BTC or USD) on website exchanges. It's too much for me as a professional trader to have a significant portion of my capital on the current mediums with all the government threats facing the market. This is a serious risk for a trader but not for a long term investor who buys BTC in small amounts over time. My current exposure to this kind of risk is less than 1% of my BTC holdings. The rest of my BTC are safe backed up in a multitude of ways including a 5.25in floppy disk. Title: Re: Technical Analysis of Bitcoin Post by: Crypt_Current on May 31, 2013, 10:00:29 PM There are a few things I will look for on either side of legitimacy:
The key problem for me right now is uncertainty and high risk of frozen assets/total loss keeping capital (BTC or USD) on website exchanges. It's too much for me as a professional trader to have a significant portion of my capital on the current mediums with all the government threats facing the market. This is a serious risk for a trader but not for a long term investor who buys BTC in small amounts over time. My current exposure to this kind of risk is less than 1% of my BTC holdings. The rest of my BTC are safe backed up in a multitude of ways including a 5.25in floppy disk. :D :D :D I took great joy in reading the last bolded part. When I moved about a year ago, I was going through some old stuff in the basement and found the 5.25 I used in my BASIC programming class in the seventh grade. It probably doesn't work now, but it was neat seeing the names of the "games" I made back then. Maybe not the most dependable medium, but definitely nostalgic. ;) Title: Re: Technical Analysis of Bitcoin Post by: Seal on June 01, 2013, 02:50:20 PM I agree that a lot of money can be made trading technical analysis. I made a huge amount by developing bots that traded it... Why share your analysis when it will become less effective the more people know about it though?
Have you applied backtesting? If so what were your results? Title: Re: Technical Analysis of Bitcoin Post by: ManBearPig on June 01, 2013, 03:40:05 PM I agree that a lot of money can be made trading technical analysis. I made a huge amount by developing bots that traded it... Why share your analysis when it will become less effective the more people know about it though? Have you applied backtesting? If so what were your results? +1 would really be interesting to see this too. Interesting post OP. I'd never dream of giving up my 'day' job though, it's too much fun and is too small a drain on my time. Some people spend a lot of money on it as a hobby ;) |