A Super Player Has Changed His Mind

[goldlyre]

I noticed a couple of hours ago that there's some selling order of 11000 BTCs lying at $15.75 price on Mt.Gox. However some time later the selling quantity at that price had reduced to only 300 while all of the transaction price in the period were lower than that. Obviously, the big player had changed his mind and cancelled his selling order.   

[phatsphere]

"walls" like that, aka "fake walls", don't automatically imply selling intentions. the owner might have 10x more coins and just wants to lower the price a bit, psychologically, to buy more coins cheaper. but yes, once the trend turns downwards, many of those are probably sold … just to be bought back later.

[Desolator]

When I had more coins, my mentality was "I'd be fine selling XX% at $15.75" so that's what I'd post.  It was always a tiered thing that practically guaranteed I'd make money.

[Panoramix]

When I had more coins, my mentality was "I'd be fine selling XX% at $15.75" so that's what I'd post.  It was always a tiered thing that practically guaranteed I'd make money.

Tell me more about that "tiered thing".. out of curiousity

[Desolator]

Well it's simple.  You don't want to miss a sudden spike of high BTC prices cuz it was 2 hours long and you were at work when it happened.  You also don't want to set all your BTC to sell at $15 and then it turns out the spike was to $17 and you could have made more.

So waaaaaaay back in the day when I had a lot of BTC, at almost all times I had a sales order for 10BTC at $8.50, 10BTC at $9.00, 10BTC at $9.50, and 10BTC at $10.00 just in case.  That way I make money on a small spike, I make money on a big spike, and I don't lose anything if the price falls.  I actually had tiered buying orders too so I made money from a price drop as well, lol.

Quite a few people do that btw.  Way back when, there was a rich person on one of the exchanges was always leaving 200BC orders in like 8 steps.  They'd move them around but they were always there.

[Rygon]

Well it's simple.  You don't want to miss a sudden spike of high BTC prices cuz it was 2 hours long and you were at work when it happened.  You also don't want to set all your BTC to sell at $15 and then it turns out the spike was to $17 and you could have made more.

So waaaaaaay back in the day when I had a lot of BTC, at almost all times I had a sales order for 10BTC at $8.50, 10BTC at $9.00, 10BTC at $9.50, and 10BTC at $10.00 just in case.  That way I make money on a small spike, I make money on a big spike, and I don't lose anything if the price falls.  I actually had tiered buying orders too so I made money from a price drop as well, lol.

Quite a few people do that btw.  Way back when, there was a rich person on one of the exchanges was always leaving 200BC orders in like 8 steps.  They'd move them around but they were always there.

Let me guess, you also have a modified Martingale betting system that makes money on Satoshi Dice? 

Just kidding around. Sure, that strategy works fine if you can predict the day-to-day range of trading rate better than average.

[Luno]

Well it's simple.  You don't want to miss a sudden spike of high BTC prices cuz it was 2 hours long and you were at work when it happened.  You also don't want to set all your BTC to sell at $15 and then it turns out the spike was to $17 and you could have made more.

So waaaaaaay back in the day when I had a lot of BTC, at almost all times I had a sales order for 10BTC at $8.50, 10BTC at $9.00, 10BTC at $9.50, and 10BTC at $10.00 just in case.  That way I make money on a small spike, I make money on a big spike, and I don't lose anything if the price falls.  I actually had tiered buying orders too so I made money from a price drop as well, lol.

Quite a few people do that btw.  Way back when, there was a rich person on one of the exchanges was always leaving 200BC orders in like 8 steps.  They'd move them around but they were always there.

Let me guess, you also have a modified Martingale betting system that makes money on Satoshi Dice? 

Just kidding around. Sure, that strategy works fine if you can predict the day-to-day range of trading rate better than average.

You don't have to predict anything for it to work; for x $ rise sell y bitcoins, and only buy after a crash. Not as profitable as all in or out, but a lot safer!!!