I have been thinking of running a Trading 42 101. I have a bunch of notes I wrote for a guy on Telegram.
Most everyone on Planet Krypto is looking for a fast buck. But the steady money -- a lifetime as a trader -- lies in patience, particularly for a crypto like 42. Ask me to explain what 'hoovering' is!
Magnificent summer morning here -- got mustangs nearby.
Would you please explain what 'hoovering' is?
Thank you to Ucicha and yourself for bringing us the goods. Really, really good stuff. It's the type of information I need, but find relatively rarely on forums..
Secoccular, hi
In the l o n g downturn following the 2013 spike, I was devving with another rare crypto. And as now with 42, we were concerned to drive volume. And I personally was interested in P2P.
So, ‘hoovering’: The Coin had – as we have – that splendidly tradeable ‘flatness’ of price. I allocated a good chunk of capital to the project.
Note: tight buy-sell spread.
So, I would leave my computer logged in to the trading-pair in question open as I did stuff.
I’d keep pushing my bid to the top of the ‘low side’ bids. Or if the spread went crazy crazy tight, I’d buy tiny bits on the high side.
Note again:
rare coin. Small amounts on the markets.Well, within three months, I had about eight thousand bucks’ worth of ‘packets’ of Rare Coin safely at home in my QT,
and with the buy-in prices marked.
Then I started selling packets of coin to the members of our ‘in group’ – I belong to an alliance that’s been running for years.
The project was non-profit – but if you are committed to the crypto in question, you don’t mind having quantities in your control.* Sometimes I actually sold packets at less than the market price: members had only to ask what I held.
And we called it ‘Hoovering’ exactly because it involved patiently ‘sucking up’ all those little bits of Rare Coin that got put up by bots on both the high and low sides.
*Abd there's a bunch of theory about 'price modulation' mixed in with all this
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