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Author Topic: Noob Here Interested in Trading Bitcoin  (Read 4456 times)
hazek
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September 02, 2012, 10:20:53 AM
 #21

Lol,

Honest bob that is not really that sound of advice,

Saying technical analysis is silly would be the same as calling game theory silly, xing out either one completely is just screwing yourself in the long run, thinking that technical analysis is worthless will only lead to one thing, You never taking the time to learn it, Everything in trading is important and has a play on the market,

Game theory is not something im familiar with but ill try to get familiar with it because hell if its good then its something I can add to my repertoire but calling technical analysis silly IS silly,

Also ive learned anyone that calls themselves honest usually isnt. and throw in the furby avatar kind of tops the cake who im going to listen to, but saying to put all your money on the exchange and then gambling it all away? might as well make it fun and go to vegas
 
trade with what you can risk losing, as wave said you play with the farm your going to lose just that if you make the wrong decision, takes money to make money so make sure to always have a reserve.

So you have no clue what the science of game theory is and yet you know this?:
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Saying technical analysis is silly would be the same as calling game theory silly

How do you know this if you don't know what game theory is?

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mobodick
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September 02, 2012, 10:40:42 AM
 #22

5. Chart history cannot predict future, especially in bitcoin.

It can but only to the extend others believe it can  Wink

So you don't look at the chart but at the enthousiasm that others look at it.  Cheesy
hazek
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September 02, 2012, 10:51:41 AM
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5. Chart history cannot predict future, especially in bitcoin.

It can but only to the extend others believe it can  Wink

So you don't look at the chart but at the enthousiasm that others look at it.  Cheesy


Yep.

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September 02, 2012, 10:57:11 AM
 #24

Bitcoins not ideal for day trading, I've made money Bitcoins from it but it's been pure luck and from having the mentality I'm happy with the amount of money these coins are worth now I don't really care if I sell them or not, I might as well sell them now leave my money on the exchange if the price drops I'll buy back more.

There was a few weeks recently where the price barely dropped from about $11 until it peaked at $15. Now if you where being an overly  keen day trader you would have probably sold at around $11 then you wouldn't have had a buy back opportunity and you'd be kicking yourself you'd touched them at all (until now!). If you'd been waiting for them to hit $20 you'd be kicking yourself you didn't sell at $15 there was 50% to be made. However in that example the fact they got up to $15 so quickly could have also triggered a load of media speculation and things could have gone the other way!!

Once you start noticing patterns where you could have day traded everyone else has too and many of them are jumping on the bandwagon and reducing fluctuations in price.

Bitcoins are always getting increasing interest and fresh money so long term the graphs always going to be on the incline, unless big dumps or bad news happen. Of course Bitcoin could crash all together with some very bad news and a figurative bank rush (which has been proven to happen even on relatively small bad news).

There's a lot of people on this forum with their fancy college diplomas prancing around with their x line theories and what not, just as there's people in the UK working at the met office intellectualizing data to predict the weather. The fact remains it's more accurate (70%) to  say the weathers going to be pretty much the same tomorrow as today you just need to appreciate that before long you'll be wrong and the weather will shift.

You've got to care less and be less greedy than everyone else, but realize not trading at all might be the more profitable option.
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September 02, 2012, 05:14:15 PM
 #25

Lol,

Honest bob that is not really that sound of advice,

Saying technical analysis is silly would be the same as calling game theory silly, xing out either one completely is just screwing yourself in the long run, thinking that technical analysis is worthless will only lead to one thing, You never taking the time to learn it, Everything in trading is important and has a play on the market,

I know plenty about it (I even have the bible -- Murphy's TA of FM), and I can confidently say that technical analysis has no rational basis. It is consists mostly of "theory" based on unsubstantiated speculation (Elliott Wave Principle is a great example of this), and it is a classic demonstration of confirmation bias.

No trader can explain how or why it works with both rational explanations and empirical evidence, and that puts it into the realm of magic and superstition.

Game theory, btw, is a theory of decision making. It is similar to the method that computers use to play chess.

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