Help me go long on Bitfinex

[adamstgBit]

I would like to take a long position on Bitfinex
I have setup a trading account with 2.5 : 1 Leverage  and funded the account with some coins.
Does that mean wtv order type i choose, it will be leveraged?
What is the "Route order" check box?
Must i chose a "Maximum time to held the position" ? can't i hold my long forever ( as long as i don't get liquidated)
Is their a support thread or newbie guide for Bitfinex?

[1715621741]

1715621741

[yogi]

I would like to take a long position on Bitfinex
I have setup a trading account with 2.5 : 1 Leverage  and funded the account with some coins.
Does that mean wtv order type i choose, it will be leveraged?

As long as you are on the 'Trading' page and not the 'Exchange' page.
Look at your 'Tradeable Balance' to see how much you have to play with.

What is the "Route order" check box?

Routing the order will send it to the MtGox orderbook and bypass the bitfinex orderbook.

Must i chose a "Maximum time to held the position" ? can't i hold my long forever ( as long as i don't get liquidated)

No, you can only borrow for fixed periods, but you can end a period early, or renew your position before it expires.

Is their a support thread or newbie guide for Bitfinex?

No, but one is badly needed.

[adamstgBit]

Thanks.



come on, one last mini dump please 

[yogi]

I'm waiting for a mini dump as well, but I'm starting to think it isn't going to happen 

[Kupsi]

Ouch... Now I have to try this too. Is this the Bitcoinica clone?

[proudhon]

Oh god.

[adamstgBit]

Oh god.

maybe I should take a market order with 1:5 Leverage

shit shit shit, its going up 

[Yuhfhrh]

Oh god.

maybe I should take a market order with 1:5 Leverage

shit shit shit, its going up 

Lol Adam 

[adamstgBit]

Oh god.

maybe I should take a market order with 1:5 Leverage

shit shit shit, its going up 

Lol Adam 

limit order bumped up, 1:5 Leverage engaged! 

[adamstgBit]

That's not you at 13.43 is it?

i think my order is on Bitfinex

i guess i should use that "Route order" check box and put it on MtGox

[Yuhfhrh]

That's not you at 13.43 is it?

i think my order is on Bitfinex

i guess i should use that "Route order" check box and put it on MtGox

Ninja delete, and I would put it on mtgox at $13.45601 

[ElectricMucus]

Just borrow mtxgox USD codes on the forum and buy Bitcoins with it, it's way safer and it helps the community.

[adamstgBit]

Just borrow mtxgox USD codes on the forum and buy Bitcoins with it, it's way safer and it helps the community.

but then if i loss i have to pay it all back

with Bitfinex, I'll just lose my 5 BTC i started with

[adamstgBit]

not sure why I'm not seeing it on MtGox's order books...

[ElectricMucus]

Just borrow mtxgox USD codes on the forum and buy Bitcoins with it, it's way safer and it helps the community.

but then if i loss i have to pay it all back

with Bitfinex, I'll just lose my 5 BTC i started with

Mind you, you would have to provide your own margin call so you do not default.

But if you do it right it should be safer.

[Kupsi]

not sure why I'm not seeing it on MtGox's order books...

My doesn't show up on Mt.Gox either.

[adamstgBit]

not sure why I'm not seeing it on MtGox's order books...

My doesn't show up on Mt.Gox either.

i can place more limit orders then i have $.

i should only have enough for a 24 Bitcoin Order.

newbie guide desperately needed...

[myself]

REMEMBER THIS IS STILL A BETA

not sure why I'm not seeing it on MtGox's order books...

available to exchange or margin wallets
1) the routing order is to hit a specific order book i try to use bfx since the 0.1 % fee
2) so far the placing orders on mtgox oderbook is not implemented (several reasons) maybe on a future, this feature is considered


margin wallets
1) the order hit orderbook there is no internal matching = 100% hedge
2) u can go long if there are USD to buy the bitcoin for you

sources of USD
1) platform moneys
2) user deposits

deposits
user lend you money for several time periods and u pay the interest, if someone deposits USD and they give it so u can go long they cant take the USD out for the set period of time so bitfinex is always solvent

TL:DR  there is not sufficient USD so u can go long

Is this the Bitcoinica clone?

i will say nope the way it works is allot different compared to bitcoinica, maybe make a thread about it  

[adamstgBit]

thank you, its starting to make more sense

[bracek]

Oh god.

aww fuuk

are people really so shortsighted backwards and forwards ?
I can't believe this

he who forgets, lives through it again

[unclescrooge]

Hi guys,

I realise the "no reserve" status is not clear, so here is what I answer to a user by email, hope it makes more sense:

"When you open a margin trading order, you borrow money from depositors (even if you have money in your wallet). So there needs to be usd available from depositors (for long position). You can see if there is money available in this table (Credit available) on the margin page:


If you see 0 for long position, that means your orders won't be executed until there is money available (hence the "NO RESERVE" status. I updated the FAQ to explain that.

If you want to buy bitcoins, you can transfer money to your exchange wallets from the "Manage wallets" page (right menu), then use the "Exchange' page (link on the top menu), There you will be able to use your own money and buy bitcoins no matter what.

Why is that? Because margin trading only use borrowed money (leverage order), so you don't actually use your balance, but money from lenders."



On top of Myself answers, here are mine:

Q: Why doesn't my order shows on mtgox orderbook?
While it is considered in the future, for now your oders stays in the internal orderbook and is like an "hidden" order for mtgox: it will be executed only if the price hit the order limit price (and providing there is fund to leverage it).

A: Is it the bitcoinica clone?
Well bitifnex is inspired from bitcoinica, but it is really more advanced and does nto work the same at all (we don"t hedge positions like bitcoinica, we don't execute orders like bitcoinica, the money is really safe with some advanced securty feature like a watcholy wallet,...). And the internal code is really different, as you can guess from the features that bitcoinica never offered.

Final word:
We need depositors! People are willing to pay over 20% a year to open position on bitfinex! Take advantage of that and invest your sleeping usd and btc on bitfinex deposit wallets. You'll earn a great interest rate (over 20% a year for usd deposit) How to do that: when you have deposited money on Bitfinex, go to the "Manage wallets" page, transfer what you want to your deposit wallet and lock it for the period you want. You then earn interests credited every day.

If you have any question, Myself and me are available. Happy trading and may the bears win... or the bulls

[Kupsi]

are people really so shortsighted backwards and forwards ?

It's playmoney...

[myself]

happy that u did not get usd to go long ?

[Kupsi]

But, but... My buy order at Mt.Gox at 13.60 will never go thru?

I want more coins  

[Kupsi]

Any takers?

[adamstgBit]

that wont work, no one is leading USD for long positions