Bitcoin Forum

How the hell do you beat the fees? The prices barely moves a fraction of the fees most of the time

Aim for the big swings ;)

If you're thinking of leveraging, you'll have to wait until Gox introduces the facility, I do know they are hoping for a stop loss option soon, but they probably are quite edgy about when they release to production.

If you're looking for day traders, check out the speculation forum.

You can't.  I think other exchanges have the opportunity to come in and gain some market share by catering to higher volume traders, so I've been trading on exchanges other than Mt. Gox

I trade on CampBX.

seriously? btc price swings way more than 1.2% each day..... (.6% on each side of the trade @ mtgox)

there is plenty of opportunity to make money scalping/daytrading in the current market.

The last few days haven't been that exciting and I agree, the fees are high, but there is still a lot of space to day trade. Yesterday's low/high were 8.75/9.25 with lots of ups and downs in between. A few weeks ago we had something like 6/10 in one day so be patient...


I also trade there, but they usually follow MtGox's price swings.

What do you guys think of CampBX platform?  My account there was just funded this so starting to take their platform for a test drive this week.

Has anyone tried ExchB?

so far i've averaged about a 30% increase to my mined coins daytrading- it's half a percent! that means at 10 dollars as long as you trade at differences of 5 cents then you can make a profit if you keep an eye on things and catch trends before everyone else does- mind you that it is BELOW 10 atm so the fee is less than 5 cents.

I am using their API and it works fine. Customer support is good and they seem professional. Unfortunately they don't have much volume... Even ExchB has better liquidity.
I would like to see some advanced trading options enabled though (such as short selling). I think it might be good for bitcoin.

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My general feel is that CampBX is a little more robust than other exchanges. I might be wrong, but they seem more committed towards building a serious trading platform while other exchanges still have some bugs to iron out.

For example, TradeHill and ExchB add orders to the orderbook before matching them (https://bitcointalk.org/index.php?topic=38949.0). I never traded before bitcoins, but this seems like a huge mistake to me. My bot has to specifically ignore bid orders higher than the lowest ask order (and vice versa). Dealing with these undocumented tiny details is really annoying.

Yes, you are right, orders that would immediately remove liquidity should never be posted in the book. I've noticed the same thing on TradeHill with my API app where the market will appear crossed (best bid higher than best ask) for a period of time, although haven't come across the issue on ExchB yet. 

+1
There is great (or at least decent) short-term trading at Mt. Gox.


Edit:
Why invite more competition?
OP is right no decent day trading at Gox!     :D
 

I've switched to Britcoin. MT Gox was good in its day, but for anyone in the UK, Britcoin is a must.

Britcoin is the better option fee wise, or Intersango thats the same thing but for if you'r not in the UK.

However MTGox is only 0.6% for each trade, how tiny is the time with the trades you are trying to make?

Also market price is going down all the time at the moment, so once some BTC are bought how does one sell higher?

I think what some people are missing is the fact that all the current exchanges run of percentage based fees. This is detrimental to any day trader. The long term trader, buyers, or sellers are virtually uneffected, but those who wish to day trade are pretty much screwed. The market has to be swinging wildly for them to make any profit at all, where as with flat rate fees or w/e Forex uses (sorry I forget the term, based on market changes), then enough money will make up for this and make the fee a very low percent of the actual profit/loss. With percentages, you can't get away from .... well .... percentages.

How many ppl are daytrading today?

I day trade some days, depends on the movement, but I am a bot trader, it is more profitable.