Training Idea

[awozny]

Hello All,

I am somewhat new to this Bitcoin opportunity. I have been mining now for a few weeks. I have been a FOREX trader for now for 3 years with a successful track record. Anybody who is serious with Bitcoin accumulation will eventually want to start trading them. I have checked out MT GOX and BitcoinMarket . Many of the same trend / fundamental analysis tools available for FOREX is available there as well. I do not see the professional traders jumping on the Bitcoin express yet. This Bitcoin market is quite small and insignificant in the real world of money and power. That is what gives this grassroots currency it's power.

I would highly recommend all serious bitcoiners to setup a free demo FOREX account. just google "Free FOREX DEMO" and you will find many suitable candidates. Start with a $50,000 FREE DEMO. You can learn the ropes of using the tools which will only benefit you when you start to seriously trade Bitcoins.  Proper trend analysis tools such as Moving Average Convergence Divergence (MACD), Simple Moving Averages (SMA), Relative Strength Index (RSI), Fibonacci Retracements / Extensions would be a good starting point. One benefit Bitcoins have over FOREX is that accurate volume numbers exist. Knowing how much is moving and when is invaluable.

Learn the ropes in a demo account and then you can clean up here in Bitcoins, because lets face it..most people have no clue about proper trend analysis. Learn all you can now and save yourself money later.

Andrew

[Lea Calot]

I would love to see or even join some research which techniques may be useful for bitcoin. However, I have the feeling that bitcoin including bitcoin exchanges in their distributed nature are a different phenomenon than Forex.

Did you already run some stuff on bitcoin data?

Just out of curiosity, what makes you believe that those methods would work on the current bitcoin setup?

I think fundamental techniques may actually at the time be a more promising avenue. Since the market is not centralized and you do not have accurate volume numbers, the assumption of emergent trends that is baked into these technical indicators may not be valid.

PS: I do not mean to criticize your post. I'm just joining Bitcoin from the other end of the investment spectrum, the (physical!) precious metals pit; people who still believe that Forex trading is actually a fluke that resulted from the failure of the Bretton-Woods System in 1971: http://en.wikipedia.org/wiki/Bretton_Woods_system.