My humble attempt to short ltc

[WishIStartedSooner]

Been thinking about getting into daytrading.

In addition to reading what I can from the forums and whatnot, but I feel the best preparation is to play with a small amount.

So I sold a tiny chunk of my LTC holdings tonight.

Why?

Because I think LTC has shot up unnaturally fast the past few days, and is due for a correction before gox gets their side of this show up and running.

Alot of people, myself included, were wondering if gox taking it was an april fools joke (I posted a thread about it in this section, and learned that there are still plans in the making). Nonetheless, less studied LTC holders might not know that, and seeing it high right now, will decide to cut their losses.

Sold at 2.60. Set my buy order at 2.10. *fingers crossed*

input?

given my luck at playing this game, you guys should probably buy since I decided to do this...

[relm9]

So you are also expecting BTC to go down? If BTC rises to $150, or $200 again we'll see LTC at $3-4 without a doubt.

The value swings of both are closely tied. Perhaps that will change once Gox starts trading LTC.

Right now I feel it isn't a bad time to sell, but not a good time either. Market could easily go either way.

[shiv]

sorry, you did not do your homework.

LTC was $4-$6 for weeks before the dip to $1.5

[twobits]

So I sold a tiny chunk of my LTC holdings tonight.


Sold at 2.60. Set my buy order at 2.10. *fingers crossed*

input?

given my luck at playing this game, you guys should probably buy since I decided to do this...

What you did is not shorting.   You are just trying to sell high and rebuy on a drop.

To short you would need to borrow shares that you have to repay later, and hope they get cheaper for paying back the shares you borrowed.

[WishIStartedSooner]

oooh... I did not know that.

anyway. woke to 2.64. and cant sell because btc-e sucks. thank god I didn't use alot of litecoins in this experiment.

from now on i just buy and hold.

also thank you for properly defining the term "short" for me.

[WishIStartedSooner]

sorry, you did not do your homework.

LTC was $4-$6 for weeks before the dip to $1.5

weeks? i didn't think it was THAT long.

[Number6]

More like 10 days: http://www.ltc-charts.com/period-charts.php?period=1-month&resolution=day&pair=ltc-usd&market=btc-e

I agree that going from ~ 60 cents to $5.00 was nuts and doomed to crash back down, but I think the current price range of $2.00 - $3.00 is quite reasonable and will continue to hold.

You have to realize that the large bubble that took BTC to $270 and LTC to $5 brought in lots of new people and cast a lot of media attention on all alt coins. This can be seen by the increased volumes that have held up since the initial run-ups. I think we will see a more gradual increase in both coins over time with the occasional run-up and smack down tossed in for good measure.

[emfox]

I don't think LTC price will drop after been put on gox....

[TheKoziTwo]

mtgox said that they would integrate LTC in 1-2 weeks, they said that 9 days ago, that leaves 14-9 = 5 days. Now they may not be able to reach that deadline, but it may be just around the corner. That's why I bought my first LTCs last week and will hold until I can sell into the buy mania that likely will arise after mtgox adds LTC. I think it may not have been the best time to sell now, but then again temporarily it depends mostly on the BTC price... LTC seems to follow that atm.

[Domrada]

Been thinking about getting into daytrading.

3 cowboys and a 100 head of steer sit on a praire marked with numbers like a football field. 1, 2, ... 10. The cowboys drive the steers from the 5 to the 4 to the 6. From the 6 mark, they drive them to the 2 mark, and then to the 10 mark. Only the cowboys know where they will drive the herd. Some of the steers like to believe the herd moves randomly. Some of the steers delude themselves with theories that give them the illusion of control. But the wisest steers know only one thing for certain: the longer you play with cowboys, the closer you get to the slaughterhouse.

[WishIStartedSooner]

I was partially correct, from what I'm seeing.

Just off on the amount.

The price did drop to 2.40 so I would have set my buy too low.

I got up early this morning, read this thread, was discouraged and bought back in at the same price I sold so no harm done.