3. bitcoin price stabilizes trades sideways

4. bitcoin price drops to (singles, double, low triples) and stabilizes there and trades sideways

5. bitcoin price raises to triples or higher and stabilizes there

6. the bitcoin economy continues to boom and bust with highs and lows all over the map

7. interest in bitcoin dwindles and becomes traded back and forth by a few hardcore hobbyists at a nominal price



There are a lot more possible outcomes than just 0 or "the moon".  I really wish people would stop spreading that nonsense.

Maybe.

He ran a ponzi scheme on the forums and bilked a bunch of idiots here out of a few hundred thousand dollars.  Despite a few of us yelling and screaming that it was a scam, the true believers/echo chamber here convinced a lot of people his "bank and trust" was legit, and a lot of bitcoiners lost a shitload of money.



Hahahahaha! Holy shit, where do you people come up with these numbers?

Honestly, while there are a lot of things I like about BTC, I have serious doubts about its long term longevity.  I would have a hard time putting it on the same level as my IRA or my wifes 401k and CAP. I am content to view it as a neat cryptography project and unique speculation tool.  I know this is an unpopular point of veiw here, but after @ two years with BTC, my mind hasnt been changed.

Sort of. You are taking a longer veiw on the market than I am comfortable making. I typically play the market shorter term, so the way I approach it will vary highly depending on what the market is doing at that moment, and how confidant I am that BTC will hit my target prices.

For example, Yesterday I made several trades, and most of the sales were within 30 dollars or so of my buy price.  I kept it tight because I wasnt overly confident that the price would stay within any given trading range and wanted to be in and out of trades as quickly as possible. I also wasnt sure how low the price would end up, so I chose to stay in USD as much as possible (allowing me to preserve realized gains and allowing me to pick up more BTC at the points I bought in).

However, today I stayed out of the market completely as I never felt comfortable in which way the market would go. Instead of trading when I was unsure, I put in a low buy order at a price I could live with if it got triggered (in the 400s) but overall stayed in USD.  If the price starts to take off before I can get in, thats fine as well...I'm very OK with missing potential profit if it means protecting the profit I have already made.  For now, I'll wait until my low buy order get triggered (which I think is unlikely), or I find an entry point into the market that I am comfortable with.




I like to have my trades resolved by the end of the day, but whether those settled trades are denominated in USD or BTC depends on the market. During a down market I like to be in USD (to preserve profit), and in an up market I like to be in BTC...that said, when I am in BTC, I generally have price alerts set on my phone so I can take action and bail out into USD if I need to.




I'll be one of the few people on this forum that will be honest with you about this point....the price wont necessarily go up in the long term.  The fact is this whole thing could come crashing down tomorrow.   Maybe we will go steadily up, or maybe we will continue the bubble and bust cycle with the price fluctuating up and down wildly, perhaps the price stabilizes and we trade sideways forever, or maybe a flaw is discovered in the system (or maybe people lose interest or whatever) and the price crashes down to singles (or lower) and never reaches old heights.  The fact is, we dont know what the future holds for bitcoin, and there is certainly no guarantee on future price.

Please dont listen to the hype from the echo chamber.  Go into trading with open eyes and realistic expectations, or you may get burned.

That seems to be a reasonable enough strategy.  I think we are near the bottom of this crash, but having your second buy order triggered at $500 is a definite possibility (I actually have one set a little lower).  Your sell target of $900 is high, but not unreasonable...I think it is reasonable to think we will see 900 again within a few months.  Keeping cash on hand is smart, and will allow you to buy back in if the price tanks again.  That said, know how much loss you are comfortable taking and set an exit strategy now to preserve profit/cut losses if neccessary.

Personally, I prefer to daytrade because I like having all of my trades resolved by the end of the night.  Swingtrading (which is what you are doing; trading over longer periods of time) can definitely be an effective way to trade.  Just make sure not to risk more than you can afford to lose...the market can stay irrational longer than you can stay solvent, and it only takes a second for a trade to go wrong.

Entry point and exit points are going to vary from trade to trade, obviously.... But here is the general idea.

Once you've figured out the trading range for whatever period of time you are looking at (ie: if the price is steadily trading within 700-780, that is your trading range) you are ready to plan your trade. Pick an entry point near the bottom of your trading range, let's say 730 for the example trading range we've established. (I typically stay above the bottom number if my trading range to allow a cushion in case the price range starts to shift) You then need to establish an exit point...for our price range, I may select 750-760, again allowing a cushion at the top of the trading range.  The trick is finding entry and exit points well within the established trading range to allow you room to breath in case the price starts to move outside of it. Also, it's preferable if the entrance and exit prices are close enough together to allow you to complete trades quickly (while still allowing a buffer to profit after fees). The last thing I do before entering the trade is figure out bailout points to preserve profit or cut losses in case the trade goes belly up. These bailout points are going to vary depending on where I am standing on profit for the day, the general state of the market, and how much risk I feel like taking that day.

Wash. Rinse. Repeat.

Because it upsets the hugbox.

I personally dont think we will be seeing either price anytime soon though.  Right now. I'd be surprised if we saw below 300 for any significant amount of time.  10000 is a pipe dream IMO.

Obviously you don't know a single thing about daytrading or swingtrading.

Just because you cant wrap your mind around how to trade successfully doesn't mean others cant.  

Money from daytrading comes from volatility, so this is exactly where money is made.  

A hypothetical persons unrealized gains from buying and holding are pretty irrelevant in a daytrading thread, IMO.  

Nope.  

I said a second bubble was forming at @ $17 (and was right).  I also said the subsequent crash would take us to singles, which was wrong, and I acknowledged that in my "bear market" thread at the beginning of the third bubble. I also said I expected this one to reach at least 400-500 (which turned out to be true).

So whats your point?  

Pretty sure BTC runs the same risk.

That said, I accumulate both through trading.  Whether I am in USD or BTC depends on the current state of the market, and can vary from hour to hour.

You certainly can have a strategy.  No, you don't try to catch the bottom or top; you trade within an established trading range for whatever time period you are working with, figuring out an entry point, exit point, and a bailout point if the trade starts to go belly up.

Nah. I dont think the crash is over, but I'd be surprised to see below $300 anytime soon.

You shouldnt be making market orders anyways...set limit orders at your entrance and exit points and the lag wont matter.

Make sure your trading strategy is tight; go in with a plan and don't trade on emotion.

Dont take financial advice from strangers on the internet.

Maybe.


Panic and profit taking.