Bitcoin Forum

It is very true :)
Many traders thinks like that.

I must say when I was doing my 1st trades perhaps I was pretty close to this scheme :D

:) Indeed - this is how NOT to trade :)

That shows a familiar pattern for many of us; Trading is often difficult.
#5 and #6 (buying a lot more) are usually good if you can wait "just a while longer" to pull the trigger.

This gave me giggles...#11 - #15 had me in stitches... HA

Always buy at the bottom guys...it's like driver's ed.. position, mirrors and then maneuver..

Don't get lead astray by sudden rallies or falling prices, if you have a strategy you'll always win..

oh, and never sell at a loss.. this is crypto!! every day is an opportunity to double-up.

Funny charts, I often hear "noobs" say When I buy it goes down, when I sell it goes up. What did I do wrong!! LOL ;D ;D ;D

We all fall for this at least one time. :)
Good trading needs experience and skill. If you learn from your mistakes you will be better trader.

Indeed perhaps you're right but sometimes mistake can be painful :) and might cost a lot :)

It seems very true but still traders repeat the same thing  after every downtrend.

It will be easier if you don't check the price every day.
Instead only check the price once a month if you really consider this as a long term investment.

It really helps to be psychic in this business.

That can be hard to do, but is really good advice for some people.
I like watching the daily adventure and drama.  :)

The hardest thing is patience  :)

Thanks for info!

This chart is too true ;D

*thumbs up*

Learn from it how to not trade!!! ....

Many of us learned those lessons while loosing our money :) you can learn it from us ... and save more :) earn more ;)

great chart， ;D

So true.
I've been running a bit short on patience, where can I buy some for a good price?  :)

Chinese are testing patience of everyone ;)

We should not care about China! :) We should care about our own markets!

 ;D

So true  :D

Thing is while your trading it often feels like all those points at once at certain times!

That is great.   :D

Where does the MtGox implosion fit in?

MtGox implosion (combine with China meltdown) is #6 through #11.
Now we are in a quiet time, and the next large move is highly likely to be UP.

Hahaha! Great chart! Kind of true for bitcoin.  ;D

BTW ... I am doing a lot of serious trading with binary options, mainly currencies, but I still didn't go into bitcoin trading ... I was looking for the info I can find online and I am very happy to find this forum! Since every trading asset - stocks, currencies, commodities, etc .. has its own 'rythm' and chart patterns I wonder what is the story with bitcoin. For me it is still a very unpredictable asset, especially for intraday and high-frequency trading.

Does anyone have any experience with any type of bitcoin trading based on the technical chart analysis? Any advice on this? Or it's best just to keep away?

Hilarious. although not going to lie I fell into this trap once or twice (or four times lol) but once I decided to wake up and start treating the markets like the NYSE and did a bit of watching you can get the feel of it and make better decisions. Just remember that no matter what any government agency says this IS real money as long as we the community support it as such, and it therefore needs to be treated as such when trading.

Well there is ALOT of fluctuation after the twins pumped a few million into the market thats when BTC really took off but I believe at least until more mainstream brick-and-mortar stores start accepting BTC that $1,300 per BTC was a pretty unsustainable price somewhere in the $400-$600 range seems about right right now but I believe that things are going to continue to stay rocky in the near term while the market reacts to China and the USA's rulings but as long as the exchanges (cause this is where the real issue lies) get Licensed theres nothing stopping long term growth in my opinion. In the interest of full disclosure I am LONG on BTC and LTC but that is just me do your research and make your own decisions but I believe that as long as we the community support BTC everything else will follow.

If enough people can get just ONE major retailer lets say Target for example to accept BTC/LTC watch how fast every other retailer such as Wal*Mart and the like will follow suit because accepting crypto will ggive the first adopters a competitive edge in an increasingly tight market but I can almost guarantee that the big boys will shy away until the shenanigans with the Gov't are done which leads us back to us as the community need to write our Congressmen and Senators (for my fellow Americans that is) and let them know that BTC SHOULD BE CAN BE AND WILL BE UNIVERSALLY USED, each phone call, letter and/or email is weighted to represent about ~2000 registered voters (last time I checked at least, so don't qoute me on that) so even if only 100,000 of us lobby that is a MAJOR voice to be heard by the jokers in charge.

You have describe a few ways for the price to go up again but I see many more : more users, positive news about the price in the media, panic buying, banks failures, USD collapse, European debt problem coming back in the news, more trust in Bitcoin and the system ect.

oh of course I was only trying to outline a simplified layout of the current economic climate as it pertains to bitcoin touching on the major issueswhat with Licensing (or shall I put it maintaining legality?) and how we as the community need to keep pushing on all fronts to expand BTC, as long as these two conditions are met everything else follows

Everything else should follow if nothing bad happens

I am very optimistic as well because the protocol is very innovative and allows us to do a lot of things easier, faster and cheaper

If u can foresee the graph, it is always easy to tell...

Chart patterns are often not that clear and simple.
But it looks so obvious once it's too late.  :)

Amen to that brother lol

That chart sums up my first trading experience :D

so... after .19, is it going to THE MOON ?
 :D :D :D

I still have to laugh at how simple this is, but people get it wrong, exactly how its said in the chart/picture...

Looks like it hahaha  ;)

Or maybe just go back to 1 :)

I can totally relate to that.  :(

I almost fell into this trap on cryptsy yesterday then I remembered this thread, laughed and held off, a few hours later my sell order was triggered not massive profits (only talking like 2-3 mLTC) but still profit is profit right? SO THIS CHART IS THE TRUTH!

The chart shows only part of the truth. There is not a single area showing 'quiet time' with the market moving sideways.



The chart has 19 points:
Which one says "wait for what seems like forever to see how soon the market will finally move" ....?

While true the market in my particular instance was going down which is why I was tempted to just sell at market instead of taking the risk and waiting for my standing sell order to get triggered that would have been a loss if I wouldn't have waited so once again glad I remembered this thread and took my finger off the trigger, so to speak

Glad it worked out this time.
Correctly 'guessing' when to jump on the current move (or to wait) is one of the hardest things about trading.

Some like having orders ready stop losses and take some gains automatically but when daytrading I think it is better to stay connected to the market and decide everyday if we should buy/hold/sell according to our feeling and analyse

Would you still stay connected if you had a trailing stoploss option ??

You have to go AOK from time to time but just relying on stop losses is dangerous, you need to see why/how the market is moving when it does to know if it is best to hold sell or buy

Cool chart! But while you in real life you can’t know what’s going to happen next because you can’t see the full picture of what’s going on. Of course there are some luckies and clever ones, but usually it is so.. :(

And those with time machines   ;D

hella funny LOL

@boumalo I agree that manual inspection is always the best, but you have to sleep sometimes  ;D
Did you have a bad experience with stop loss software at some point or care to share about why you consider trusting (trailing) stop loss 100% can be dangerous? What could go wrong? Would like to learn from your experience!

 ;D I really can see why some traders likes Algo trader & Scalping ...

LOL... :D

 I would love to see someone make one of these with a candlestick chart... I would buy the poster for my wall at work!

The only way to trade in my opinion is to buy and hold no matter what the price fluctuates to.

That's investing, not trading, depends what your goals are ultimately.

Well technically you did one trade :)  And I suppose you'll do another trade to cash out.

20. shutdown PC
wkwkwk

This is what happens when joe six pack decides to start trading bitcoin :P

No. The plan is not to sell them. The plan is to spend them  :)

That's the best plan. If we have more than 1m $ bitcoins we can spend them wherever we want. I really want to be wealthy elite. ;D

This makes me wonder, where do you people learn how to trade? Do you just know from experience?

Or give up on trading altogether, keep yourself in a safe position, and just ignore the prices and realize that, over time, they are increasing. They will drop of course, but they keep going back up to above where they were (excluding our ATH last year, but I'm sure we're going to go far beyond that).

Follow this advice. If you check price and trade every day, you will lose money because of fees etc; If you want to make profit trading, trade on a longer period (2 week - month)

thank you for the info!!!!reallly helpful

I do analyze the history and take my own conclusions, bitcoin has been reasonably predictable to me.
Historically if a bottom price repeats a few times it wil never go lower than that and will repeat a few more times, so you buy when it reaches such bottom and of course do not sell. There are transition times where the bottom will increase, it is not predictable and is the period you can miss opportunities.

It is good to have your own view of the price variation but you can't know when it is the bottom you are talking about

You really don't need to know when the absolute bottom is; just be sure you buy at a price that's lower than it will become, :). That's how you profit.

Yes one of the best school is experience, you can know how each analysis works, you can know when to enter the market and much more but if you cant hold your position in an adverse situation and you get weakhand , you wont win ..

Big clap for this thread  ;)

There's so much truth in this picture.