Bitcoin Forum

How the hell do yall sleep?

I definitely can't with this position open right now, tempted to liquidate and make a $5 profit, at the same time, I want to stay up and see if its goes up...

It's gonna go up.  My concern is figuring out how much further down it might go before hand so I don't get Zhoutonged :-)

1) Use stop orders if you want to protect your position against unexpected movements.
2) Don't lose your sleep over a few bucks. Believe me, it isn't worth it :)

Well, i'm still on break, so sleeping until 3pm isn't an issue :)

I've been up for 3 days, I'm starting to run low on amphetamines  >:(

It'd be nice to have some help ... but then i'm kinda glad I don't atm cuz it REALLY sucks to run out

an amount like $5 keeps you awake at night?

amphetamines are very neurotoxic, don't use that...
I've read a lot of good things about modafinil, so if you can get this somehow it can be good alternative.

I don't!

He probably mean $5 per bit not a total of $5 for his position and when you are holding over 800 bits that can add up to a couple of bucks.

Dude sleep was what you got before you started trading bitcoin  ;D

What is this "sleep" thing you're all refering to? ;D

No, but I went to sleep and that $5 profit has turned into an $80 loss. Should have liquidated.

I'm going to get tired of repeating this but, stop/limit orders probably won't protect you against unexpected movements.  Stop orders execute at market price, which often jumps way past what you expect, instantly whenever someone makes a huge trade.  You won't get the price in the middle - you'll get the price at the rock bottom.

And if you have a limit order placed in the middle, it will just be skipped.  Example:  Price is $6 and you put a limit order to sell at $5.5.  But then coins are dumped instantly setting the highest bid price down to $5.0.  Your sell at $5.5 never happens because now the buying is all at $5.0 or below.

Know your zhoutong price and more importantly don't expect stop/limit orders to protect you.

I don't think you understand limit orders.  If you place a limit order to sell at 5.5 and the price is at 6, it will execute immediately as long as there is enough volume over 5.5.

You're right.  I meant to say stop-limit order, but I forgot that bitcoinica doesn't offer those.

Only stop orders, which will you give you the rock bottom price.  If that happens to be below your zhoutong price, you will still get zhoutonged and lose everything; regardless of where your stop order was.  And if its above your zhoutong price, well you'll only lose almost everything.

And neither does Mt Gox  :(

Either way, not everyone here is the 1%, or even close.  Don't forget that.

i have a NEW night time tool for monitoring Bitcoin tx's:  http://blockchain.info/new-transactions

i've convinced my wife to wear earplugs.

Ah, positive event !! :)

Wow I would have a hard time with the sound. Tap dripping all night long!

Bitcoin project update! New and improved Sleep deprivation / Water Torture service. Free for the first 30days!

Neat map! Btw, you can disable sound by clicking speaker icon.

can u imagine when it becomes one continuous roar?

I would absolutely love to try modafinil.  I had all but forgotten about that alternative.  Thanks for reminding me.  :-)

and for the frenetically inclined:

http://blockchain.info/new-transactions?format=webgl

What about not getting into a position you're uncomfortable with ?

Or only use 20-30% of your bank, so even if the price moves against you, you wouldn't lose too much if you chose to close your position ?

Or make a bot, with some simple rules, or have someone make it for you.

I like that cautious approach, but I will go one further: Just sit it out until you feel comfortable again.

Some bots are too young to be let out on their own