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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508300 times)
smoothie
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June 05, 2014, 11:24:22 PM
 #1481


One of my favorite quotes ever posted on this forum is on page 1 from billyjoeallen:

"I don't care about the busts. I am riding this pig wherever it takes me. If it tanks, I'll have a helluva story to tell. I'm sick of half measures. I'm swinging for the fences and If I strike out, so be it.  I won't be some mediocre drone living a life of quiet desperation. I believe in bitcoin and I'm going for broke, knowing the risks."

https://bitcointalk.org/index.php?topic=12156.msg169810#msg169810

Awesome. Thanks for pointing that one out.

It is admirable that some go all-in but at this point with most of us having 1000% or more gains behind, starting to diversify is generally a prudent strategy. It develops you as a person when you have to deal with the outside world Smiley

I have been advocating selling 65-90% of what your top stash has been, methodically in our way to $1,000,000. After that there is no reason to "sell" any more as BTC will be a world currency. I believe that this is still the reasonable approach for most:

- Buy as many bitcoins as you want
- Wait 3 months
- Start selling a set percentage of the stash every time the price goes up X%, set the schedule such that you will still have a lot at $1M
- Do not sell or buy at the dips (<- traders can do what they want but most people do better by my method)

More discussion in the SSS thread
.





Are you following your own example plan or are you still day trading like earlier this year and late last year?

I'm not against the plan you pose above, in fact I support it, but it is easier said than done when your motto is to diversify. Price upticks generally get people to sell.

I've diversified out of bitcoin enough to be fine with my gains even if Bitcoin went to zero.

But still have a good stake in it should it continue to the Milky Way.

All in all, people who keep their funds on exchanges to attempt to scalp the markets will likely end up losing purely based on the single biggest security issue with that type of method, 3rd party risk.

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June 06, 2014, 12:56:23 AM
 #1482

It's like "just shut up and hodl"
LostDutchman
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June 06, 2014, 01:04:53 AM
 #1483

It's like "just shut up and hodl"

Well, yeah but you also might do a little day trading with part of your stock of BTC.

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June 06, 2014, 01:10:40 AM
 #1484

It's like "just shut up and hodl"

Well, yeah but you also might do a little day trading with part of your stock of BTC.

If i tried day trading I would be broke. My gambling skills are about the same. I just look for prudent and safe investments.
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June 06, 2014, 01:49:06 AM
 #1485

It's like "just shut up and hodl"

Well, yeah but you also might do a little day trading with part of your stock of BTC.

If i tried day trading I would be broke. My gambling skills are about the same. I just look for prudent and safe investments.

Then you are doing exactly what you should be doing and do not feel in any way bad about your position.

Harry Callahan said:

" A man's GOT to know his limitations."

Do what you do and do it well.

You will be both happy and successful.

Corporations For Crypto
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June 06, 2014, 01:58:37 AM
 #1486

It's like "just shut up and hodl"

Well, yeah but you also might do a little day trading with part of your stock of BTC.

If i tried day trading I would be broke. My gambling skills are about the same. I just look for prudent and safe investments.

Then you are doing exactly what you should be doing and do not feel in any way bad about your position.

Harry Callahan said:

" A man's GOT to know his limitations."

Do what you do and do it well.

You will be both happy and successful.

Thanks! This forum has been a huge help in finding those investments as well. I take more of a buy and grow approach as opposed to the buy and hold approach.
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June 06, 2014, 02:49:20 AM
 #1487

It's like "just shut up and hodl"

Well, yeah but you also might do a little day trading with part of your stock of BTC.

If i tried day trading I would be broke. My gambling skills are about the same. I just look for prudent and safe investments.

Then you are doing exactly what you should be doing and do not feel in any way bad about your position.

Harry Callahan said:

" A man's GOT to know his limitations."

Do what you do and do it well.

You will be both happy and successful.

Thanks! This forum has been a huge help in finding those investments as well. I take more of a buy and grow ap

"Chance the Gardener: Yes. In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again."


Corporations For Crypto
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We Demand Justice From BFL
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June 06, 2014, 02:53:43 AM
 #1488

It's like "just shut up and hodl"

Well, yeah but you also might do a little day trading with part of your stock of BTC.

If i tried day trading I would be broke. My gambling skills are about the same. I just look for prudent and safe investments.

Then you are doing exactly what you should be doing and do not feel in any way bad about your position.

Harry Callahan said:

" A man's GOT to know his limitations."

Do what you do and do it well.

You will be both happy and successful.

Thanks! This forum has been a huge help in finding those investments as well. I take more of a buy and grow ap

"Chance the Gardener: Yes. In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again."



Ah Being There! I still think Forrest Gump was sort of a rip off of that book. 
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June 06, 2014, 03:24:10 AM
 #1489

It's like "just shut up and hodl"

Well, yeah but you also might do a little day trading with part of your stock of BTC.

If i tried day trading I would be broke. My gambling skills are about the same. I just look for prudent and safe investments.

Then you are doing exactly what you should be doing and do not feel in any way bad about your position.

Harry Callahan said:

" A man's GOT to know his limitations."

Do what you do and do it well.

You will be both happy and successful.

Thanks! This forum has been a huge help in finding those investments as well. I take more of a buy and grow ap

"Chance the Gardener: Yes. In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again."



Ah Being There! I still think Forrest Gump was sort of a rip off of that book. 

Naw, Forrest is a different breed of cat but nevertheless fits right in.

Don't worry.

Be happy.

Corporations For Crypto
Protect Your Assets and Reduce Your Tax Liability With A Kansas Corporation!
We Demand Justice From BFL
Bit_Happy
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June 06, 2014, 04:11:45 AM
 #1490


Are you following your own example plan or are you still day trading like earlier this year and late last year?

I'm not against the plan you pose above, in fact I support it, but it is easier said than done when your motto is to diversify. Price upticks generally get people to sell.

I've diversified out of bitcoin enough to be fine with my gains even if Bitcoin went to zero.

But still have a good stake in it should it continue to the Milky Way.

All in all, people who keep their funds on exchanges to attempt to scalp the markets will likely end up losing purely based on the single biggest security issue with that type of method, 3rd party risk.

If you start with a small amount and slowly work up to over 1200% gains, then (after removing the original investment) it is impossible to "end up losing" due to 3rd party risk.  Smiley

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June 06, 2014, 04:19:33 AM
 #1491


Are you following your own example plan or are you still day trading like earlier this year and late last year?

I'm not against the plan you pose above, in fact I support it, but it is easier said than done when your motto is to diversify. Price upticks generally get people to sell.

I've diversified out of bitcoin enough to be fine with my gains even if Bitcoin went to zero.

But still have a good stake in it should it continue to the Milky Way.

All in all, people who keep their funds on exchanges to attempt to scalp the markets will likely end up losing purely based on the single biggest security issue with that type of method, 3rd party risk.

If you start with a small amount and slowly work up to over 1200% gains, then (after removing the original investment) it is impossible to "end up losing" due to 3rd party risk.  Smiley

I do what I do behind the curtain and I seek others who which to do the same.......................

I am very good at what I do, thank you.

Corporations For Crypto
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We Demand Justice From BFL
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June 06, 2014, 05:05:32 AM
 #1492


Are you following your own example plan or are you still day trading like earlier this year and late last year?

I'm not against the plan you pose above, in fact I support it, but it is easier said than done when your motto is to diversify. Price upticks generally get people to sell.

I've diversified out of bitcoin enough to be fine with my gains even if Bitcoin went to zero.

But still have a good stake in it should it continue to the Milky Way.

All in all, people who keep their funds on exchanges to attempt to scalp the markets will likely end up losing purely based on the single biggest security issue with that type of method, 3rd party risk.

If you start with a small amount and slowly work up to over 1200% gains, then (after removing the original investment) it is impossible to "end up losing" due to 3rd party risk.  Smiley

I do what I do behind the curtain and I seek others who which to do the same.......................

I am very good at what I do, thank you.


From Kansas......"you perform behind the curtain"....who are you, the Wizard of Oz?
How's Toto and Dorthy doing these days?
Follow the Yellow Block Road  Cheesy

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June 06, 2014, 05:45:29 AM
 #1493

Are you following your own example plan or are you still day trading like earlier this year and late last year?

I have never been daytrading BTC. I sold in Nov-Dec and bought back in Feb, so my classification would be "swingtrading". Before and after that I had very little in exchanges. Of course as the price rises again, I'll have to figure out how to divest. I am open to suggestions from all lawful buyers who pay first, after the price crosses $3000.

Quote
I'm not against the plan you pose above, in fact I support it, but it is easier said than done when your motto is to diversify. Price upticks generally get people to sell.

Problem with people's natural instinct is that they sell in the meager upticks in the early part of the move and then don't sell when the price goes ballistic, which would be a good time to sell (with a plan).

Quote
All in all, people who keep their funds on exchanges to attempt to scalp the markets will likely end up losing purely based on the single biggest security issue with that type of method, 3rd party risk.

I also lost BTC250 with Mt.Gox, and I am not proud of it since it was a losign proposition to start with. But that was still only a fraction of my gains made by swingtrading last winter.

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June 06, 2014, 06:00:12 AM
 #1494


I have never been daytrading BTC. I sold in Nov-Dec and bought back in Feb, so my classification would be "swingtrading". Before and after that I had very little in exchanges. Of course as the price rises again, I'll have to figure out how to divest. I am open to suggestions from all lawful buyers who pay first, after the price crosses $3000.


Medium-term trading BTC makes the most sense, especially in a market where the moves are so extreme. Scalping and day trading is very exciting, but it's too hard to be prepared for the bigger moves when the focus is closing out both sides of many smaller trades.

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June 06, 2014, 06:06:40 AM
 #1495

Are you following your own example plan or are you still day trading like earlier this year and late last year?

I have never been daytrading BTC. I sold in Nov-Dec and bought back in Feb, so my classification would be "swingtrading". Before and after that I had very little in exchanges. Of course as the price rises again, I'll have to figure out how to divest. I am open to suggestions from all lawful buyers who pay first, after the price crosses $3000.

Quote
I'm not against the plan you pose above, in fact I support it, but it is easier said than done when your motto is to diversify. Price upticks generally get people to sell.

Problem with people's natural instinct is that they sell in the meager upticks in the early part of the move and then don't sell when the price goes ballistic, which would be a good time to sell (with a plan).

Quote
All in all, people who keep their funds on exchanges to attempt to scalp the markets will likely end up losing purely based on the single biggest security issue with that type of method, 3rd party risk.

I also lost BTC250 with Mt.Gox, and I am not proud of it since it was a losign proposition to start with. But that was still only a fraction of my gains made by swingtrading last winter.

Wow you make my meager holdings look even more pitiful. I do not have the skills nor the psychological make up for day trading but would you be willing to explain swing trading a bit more? I understand if you don't want to share any secrets, but as someone that is all ready at a place I can only hope to reach one day anything you would be willing to share would be most welcome.
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June 06, 2014, 06:14:26 AM
 #1496

Wow you make my meager holdings look even more pitiful. I do not have the skills nor the psychological make up for day trading but would you be willing to explain swing trading a bit more? I understand if you don't want to share any secrets, but as someone that is all ready at a place I can only hope to reach one day anything you would be willing to share would be most welcome.

If I understand it correctly, the trading he did was back when Bitcoin's price was spiraling upwards (in excess of $1000USD) and at that point he sold off, expecting the price to subsequently fall (which it did). When it eventually fell to around $450 he just bought back in effectively more than doubling what was traded in a single swoop. It's not really hard to understand, just making sure you have the timing right is important (ie when to sell off at the top and when to buy back at the bottom).
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June 06, 2014, 06:21:26 AM
 #1497

Wow you make my meager holdings look even more pitiful. I do not have the skills nor the psychological make up for day trading but would you be willing to explain swing trading a bit more? I understand if you don't want to share any secrets, but as someone that is all ready at a place I can only hope to reach one day anything you would be willing to share would be most welcome.

If I understand it correctly, the trading he did was back when Bitcoin's price was spiraling upwards (in excess of $1000USD) and at that point he sold off, expecting the price to subsequently fall (which it did). When it eventually fell to around $450 he just bought back in effectively more than doubling what was traded in a single swoop. It's not really hard to understand, just making sure you have the timing right is important (ie when to sell off at the top and when to buy back at the bottom).

It also depends on your personality. Some people are best suited for "buy and hold" and others have the character traits which give them a better chance to win at trading. Just be careful, since most traders lose long-term.

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June 06, 2014, 06:23:51 AM
 #1498

Wow you make my meager holdings look even more pitiful. I do not have the skills nor the psychological make up for day trading but would you be willing to explain swing trading a bit more? I understand if you don't want to share any secrets, but as someone that is all ready at a place I can only hope to reach one day anything you would be willing to share would be most welcome.

If I understand it correctly, the trading he did was back when Bitcoin's price was spiraling upwards (in excess of $1000USD) and at that point he sold off, expecting the price to subsequently fall (which it did). When it eventually fell to around $450 he just bought back in effectively more than doubling what was traded in a single swoop. It's not really hard to understand, just making sure you have the timing right is important (ie when to sell off at the top and when to buy back at the bottom).

Thanks. I have a lot to learn about technical analysis and markets before I try it. I would have no clue how to time it. 
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June 06, 2014, 06:25:27 AM
 #1499

Wow you make my meager holdings look even more pitiful. I do not have the skills nor the psychological make up for day trading but would you be willing to explain swing trading a bit more? I understand if you don't want to share any secrets, but as someone that is all ready at a place I can only hope to reach one day anything you would be willing to share would be most welcome.

If I understand it correctly, the trading he did was back when Bitcoin's price was spiraling upwards (in excess of $1000USD) and at that point he sold off, expecting the price to subsequently fall (which it did). When it eventually fell to around $450 he just bought back in effectively more than doubling what was traded in a single swoop. It's not really hard to understand, just making sure you have the timing right is important (ie when to sell off at the top and when to buy back at the bottom).

It also depends on your personality. Some people are best suited for "buy and hold" and others have the character traits which give them a better chance to win at trading. Just be careful, since most traders lose long-term.

For right now I just do careful investments. I add about 1% or so a week so it isn't bad. If I tried to trade now it would simply be gambling and that is always a losing prospect.
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June 06, 2014, 06:51:57 AM
 #1500

Wow you make my meager holdings look even more pitiful. I do not have the skills nor the psychological make up for day trading but would you be willing to explain swing trading a bit more? I understand if you don't want to share any secrets, but as someone that is all ready at a place I can only hope to reach one day anything you would be willing to share would be most welcome.

If I understand it correctly, the trading he did was back when Bitcoin's price was spiraling upwards (in excess of $1000USD) and at that point he sold off, expecting the price to subsequently fall (which it did). When it eventually fell to around $450 he just bought back in effectively more than doubling what was traded in a single swoop. It's not really hard to understand, just making sure you have the timing right is important (ie when to sell off at the top and when to buy back at the bottom).

It also depends on your personality. Some people are best suited for "buy and hold" and others have the character traits which give them a better chance to win at trading. Just be careful, since most traders lose long-term.

For right now I just do careful investments. I add about 1% or so a week so it isn't bad. If I tried to trade now it would simply be gambling and that is always a losing prospect.

Trading is risk taking where a moderate number of people are able to win long-term.
Edit: I misread something....If for you personally, it would be too much of a "gamble", then certainly don't do it.
Trading is also addictive, so having a chance to actually win long-term is important.  Smiley

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