Bitcoin Forum

This invitation is to all those who see bitcoin as an income as well as an asset, who want profits when it rains and when it shines, who look at charts multiple times a day, who can value a position based on a concrete set of criteria, and who are willing to share financial strategies and tactics.

Our primary objective is to create enormous personal wealth.  The membership will likely be small, perhaps 100 members within a month, but will steadily grow with proven performance and responsible actions.   If this sounds like something for you -- WELCOME ABOARD.

Please identify yourself by one of the following (you can change it at anytime):  

1) Speculator -  day traders who will share effective btc strategies and tactics, and support club activities, but not expected to make recommendations; these individuals are the core of the club.
2) Prognosticator - day traders who intend on making recommendations, sharing knowledge, and participating in club activities; these individuals are the axis on which the club turns
3) Holder  - those here to learn about day trading and to provide club support
4) Supporter -  those who want to support the club and aspire to day trading.


This thread will be used for all public communications until otherwise determined; te opening post will be amended from time to time to reflect updated club:
 - roster
 - leader board
 - protocol (the way the club chooses to do things)
and
 - benefit


Our main focus is profitable prognostication, members are encouraged to get to know one another with engaging and informative discussions as we ramp up to eventual recommendations. I invite you to discuss your favorite currencies, share situations that you feel may have value to the community, indicate what you expect from the club, and what the club should have on it's 'to do' list.

Club To Do List
Immediate - get to know one another, decide on club name, club motto, finalize protocol for formal recommendations, create protocol for the process of raising an issue for eventual recommendation, and  create voting protocol,
Short term (3 mos) - create logo, election of officers if 100+ members, committees if 200+ members,  
Long term - security, service provider certification,
Ongoing -  to be a beacon for the btc community, design incentives to make day-to-day wealth building fun

You are cordially invited to join The Speculators, for sustainable wealth, ... or ... The Bitcoin Investment Club,  a wealth building network. ...
[all terms, and phrases use often, including club name and motto are up for discussion until voted adopted]






Members
chessnut, 'Jack Of All Trades'
RyNinDaCleM, Teacher/Speculator  
dreamspark, Speculator
stylin, Speculator    
Pente, 99% HODLer, 1% Speculator             
thresher, Holder
shmadz, Holder

I'll offer some input from time to time...

I would like to propose one more category; Teacher. I prefer to help people learn TA/EW/fibo rather than giving out all my secret sauce. (O_o) I hope you understand!

Edit:
I guess this falls under "Speculator"

Holder (by your classifications)
- Sometimes I buy and immediately sell, sometimes I hold (always hold a little), sometimes I fuck myself lol.  My strategies are based off nothing other than attempting to buy when the numbers are clearly low in a crisis, and selling when the bulls are buying. I occasionally buy when i'm assuming the price is at a daily low and the numbers are going crazy, but that is complete pissing in the wind.           
- I don't have time to study charts all day, but if someone is making right decisions and wants the club members to buy certain coins at certain intervals, sell at certain points, mine certain coins, I'm willing to contribute to the cause...assuming it works.   
- I like the idea of us little guys getting together since there are people with tons of resources that single handled manipulate coins, so fuck them we'll do the same. 

I'm in, for sporadic discourse.

I'd be a holder, by your definitions, just curious mostly.

If I could offer any advice to the real speculators out there (or "in here") would be to pay close attention to the history of bitcoin, and when price action does not fit conventional technical analysis, be prepared to accept the fact that this is not like anything that has been traded before and traditional technical analysis may not always hold true. (It mostly does, but please do not stay married to your position when the market is moving the wrong way, no matter how hard the technicals are screaming at you, because bitcoin)

This holds especially true for the perma-b _ _ _s out there. Technicals should keep you from marrying your position. To be successful at daytrading any market you must have a plan and an exit strategy. "Plan the trade and trade the plan".

Exactly. Perma bulls and perma bears are not technical analysts. They are buffoons.

Im in,
By your criteria I guessed Id be a speculator.

Id consider myself abit of a holder as well as I'd rather hold BTC with the price going down than $ with the price going up. One of the most important things ive learnt about trading BTC is knowing when to cut your losses.

Most of the time in bitcointalk, the perma bulls are treated like technical analysts. There was no reason whatsoever to think that the BTC market will turn bullish after MtGox loss of customer funds. But most of the forum cheered for couple of buffoons that somehow were so sure of it.
The funny thing is that soon those buffoons will start acting like they always knew that this "uptrend" won't succeed. And the sheep will follow them in "always knowing about it".

Hi Im in.

at your service. I am a jack of all trades and I consider that a good thing. when one gets caught up in fundamentals, TA, indicators, or sentiment on their own, it just doesnt work out.

I hope I can add a consistent balance to the forum.

I'll post the first chart  :P
http://www.sierrachart.com/image.php?l=1395181657494.png

Some common levels used in channels to show support/resistance during a trending move.
The more points of contact, the more reliable the channel. In a downtrend, connect two (or more) points on the top and make a parallel line at a low. In an uptrend, connect two lows and make the parallel on a high.

Yes, this only works until it doesn't, but you can see that this has merit in the traders toolbox.

I'm in as a speculator. Once we get enough people we need to share how much we all have in our trading stash, to determine whether we have enough to move markets or not. We can make more money with different strategies depending on the answer to that question

I'm not sure that collusion was the objective of this club  :-\
I won't be disclosing my trading balances here

I tried an experiment, learn a lot by way of it, would like to see if others share the view.  I've found that there are some times of the day that appear to be ideal for trading specific coins. so the questions are:

- have you found that to be the case for you,
- if so, what is the best time of day to day trade in general, and
- what might be some of the cryptocurrencies, exchanges, or venues that you are able to benefit more from at specific times of the day?


Here are some of my findings:
for coins that are widely held and like LTC and BTC, time of day seems to have little impact,  but for some highly volatile coins I've notice that between 2 - 4am est when many are sleeping, and many computers are on auto maintenance (cleaning, formatting, defrage, backing-up, etc ...), exchange activity is basically very few humans against very few bots.  

The second best time was between 5am and 5:45am, perhaps this is the period just before viewing the computer, or during S/SSS.

But the sweet spot appears to be that time when the kids are giving you a hard time waking up, breakfast is being consumed, and the mad dash is taking place -- 7am to 7:30am


What's your experience?

Agreed. I'm not sure if this would make it the "best" time to trade, but there certainly seems to be more action around the time when the US wakes up (7-9am EST) and during dinner time for me (7-8pm EST)

oh, perhaps I should have qualified my statement, that seem to be the best time to get the lowest buy prices (bargains)

I won't be disclosing my balance, besides the amount of coins you will find between people who are participating in this discussion and sharing of information won't have enough to move markets. There's several people with 1000's of coins who collude with each other on private IRC channels etc so you would stand no chance at moving the market against people like that.


In regards to the topic at hand, I can see us continuing this slow grind downwards.

The bidsum has dropped form $20 million to just over $11 million in the space of a few weeks. This tells me either the buying pressure isnt there or more people are not leaving money on exchanges. The latter should add to the volatility as the volume rises due to there being less liquidity on the exchanges.

Someone asked me the following question, since I didn't have a clue I present it to you:


Trader had multiple sell orders open:

1)   100 xyx @ 3.459 BTC
2)   100 xyx @ 3.509 BTC
3)   100 xyx @ 3.519 BTC
4)   100 xyx @ 3.590 BTC
5)   100 xyx @ 3.605 BTC
6)   100 xyx @ 3.609 BTC
7)   100 xyx @ 3.659 BTC
 

Suddenly, 7 trades are done simultaneously for tiny bits (ie: .004528) of each sell order right up the line.   All while the ask and sell price appeared frozen.  
This occurred multiple times, once when the ask and sell quantity were high, and other times when the quantities were either low, or high and low.  

Questions;

1) What is that called?
2) Who could initiate that: trader manual, trader bot, exchange, or some or all of the above?
3) What is the reason(s) for it?



thanks in advance

I gave up my long this afternoon and shorted at 575.  the rally has had it's chance, and it never came.

this evening the magic number for me is 3400 on huobi. this level broken means any price within reason is exposed, and I would say we will have a good chance of a spike into the 400s.

This level is the shelf formed yesterday after the PBOC announcement. if it can move effortlessly through that point, the market will free-fall.

If bitstamp can break 556 It would have similar meaning but china is calling the shots.

target open but finger on the trigger. I will take profit asap after any large move. the down fall is exponential, so it will end quickly and sharply.  with any high volume I would consider a scalp long.

Thanks for the heads up.

Question: I noticed something about no transactions fees (world's first), is that just for banking or for exchange trading too?

lol sorry Armis, I thought that was a funny question. I didnt realise you were talking about Huobi transaction fees. of coarse you know about BTC transactions  ;D

yeah I heard Huobi was going free too, but they will use the spread to make money.

99% HODLer, 1% Speculator.

I feel that we are still in a slow decline that should turn around within a couple months.

Important message to all day traders using Cryptsy exchange, they have announced the following:

"Minimum order quantities have been removed. Only requirement now is that the order total > 0.00000010.  Min fee for any order is 0.00000001"


This obviously will impact day traders, more than non-day traders, essentially it's a cancellation fee, each time you cancel you lose that amount.


So on one hand you are motivated with the Cryptsy points to do more trades, but then demotivated with a cancellation fee.  


I think the action was short sighted in to ways:
1) although the fee is tiny subconsciously it will negatively affect how people trade when they occasionally see that negative number at times, or worse end up with a negative coin balance.
2) the financial and goodwill costs will be higher than the revenue driven in by it, most specifically in the lower number of trades offered, but also in the cost of workers needing to explain negative balances.   

reminder statement from:

OpenEX
The Exchange is Closing on 3 / 27 / 2014 and will not reopened until the LUAPOD platform is complete.
trading is disabled. please cancel all orders immediately.

I maintain no bias tonight.

Huobi failed to break 3400 last night amid unclear PBOC statement. This is a sign of strength to me, although there is no sign of trend reversal yet.

The only thing to do in these conditions is to set low buys and hope for a flash crash, but until a break upwards of 600 or downwards of 630 or 3400 at least, I think we should only expect quiet consolidation.

 :o AUR :o  crash may be opportunity