Play by Play: Get GOX'd, Lose it all, come back IN the money...

[PachucoBro]

The morning started with 10.95724330 BTC at $260-$265 = $2,908.44 from a starting capital of $1,920.20 (+ fees = $2,015).

I left for work at around 10am knowing I was screwed because it was already falling and I was not going to be in the office or where I could get to a computer with internet.
      
When I check on a stranger's laptop in a building lobby I got scared since I was not going to be able to have internet access till possibly late afteroon/evening so I put a Market Sell at around 12:30 or 1:00pm (-5 GMT).

Got GOX'd and lagged out for a few hours and sure enough GOX sold my order hours later at almost the lowest point of the day.

15:21:06   BTC sold: [tid:1365621666827731] 10.95720000 BTC at $106.00000   0.00004330 BTC
CASH Balance: $1,155.07 OUCH! That's like HALF of what I started with...ugh. 
      

I finally get some internet... I start buying and trying to catch the 1st bounce back up.            

16:23:12   BTC bought: [tid:1365625392617041] 8.25000000 BTC at $139.00000   8.25004330 BTC      
17:02:51   BTC bought: [tid:1365627771409075] 0.04313549 BTC at $193.00000   8.24780379 BTC
CASH Balance: $8.33

It got as high as $165 or so on the first little bounce, but somehow I sold my BTCs at $180. Not sure how that worked.
   
17:40:33   BTC sold: [tid:1365630033129645] 6.83889200 BTC at $180.00000   1.40867454 BTC
17:40:33   BTC sold: [tid:1365630033193129] 1.40867454 BTC at $180.00000   0.00000000 BTC
CASH Balance: $1,477.79 Nice! I actually got back about $325


The next INs and OUTs were just sheer madness trying to change up Buy and Sell orders and canceling when they would lag out and really screw me.

17:55:43   BTC bought: [tid:1365630943752634] 9.43310000 BTC at $156.51000   9.43310000 BTC

I got a little smart and decided with all this movement it was good to sell off a little at a time...

19:37:19   BTC sold: [tid:1365637039823133] 3.00000000 BTC at $171.00000   6.38121795 BTC
19:39:12   BTC sold: [tid:1365637152197613] 3.00000000 BTC at $173.80000   3.38121795 BTC
CASH Balance: $1,031.60

It moved lower ($20 or ~ 11.5%) so time to buy again...

19:48:16   BTC bought: [tid:1365637696898592] 2.89860000 BTC at $155.25000   6.27981795 BTC
19:50:14   BTC bought: [tid:1365637814517240] 1.63400000 BTC at $153.00000   7.89787565 BTC


This is when the good bounce happened from the low of $120 and high of $200   ... Obviously I am no master cuz I didn't come close to either of those and don't need to. I just need to make small solid profits.

20:19:43   BTC sold: [tid:1365639583445717] 4.00000000 BTC at $171.00000   3.88888865 BTC
20:29:03   BTC sold: [tid:1365640143860532] 1.80000000 BTC at $177.30000   2.08888865 BTC      
20:32:09   BTC sold: [tid:1365640329662966] 2.08888865 BTC at $179.25000   0.00000000 BTC
CASH Balance: $1,700.78

As I mentioned I am not expert... I end up buying back in above where I last sold 4 BTC @ $171.            

21:14:39   BTC bought: [tid:1365642879571331] 9.81500000 BTC at $173.00000   9.81500000 BTC
22:23:00   BTC bought: [tid:1365646980871638] 0.00442195 BTC at $164.00000   9.76543945 BTC


Here is where I made 2 huge mistakes... ONE I got scared and figured it was gonna fall further and I wanted to get my cash back so that I could atleast buy lower, especially it if went like another $20-$30 lower. So I sold at a loss from $173 down to $152.

22:39:07   BTC sold: [tid:1365647947008178] 0.50990197 BTC at $151.99000   9.25551316 BTC   
22:39:07   BTC sold: [tid:1365647947062074] 9.19009803 BTC at $151.00000   0.06541513 BTC
CASH Balance: $1,954.82 Read GLOW text below... this balance has an extra $490 deposit.

TWO... I had some lingering buy orders that I clicked cancel on many times periodically, but I got GOX'd and when  I sold the above two transactions at $151... I now had money to fill these lingering orders that hadn't canceled. GRRRR!!!!

22:39:07   BTC bought: [tid:1365647947704451] 5.59010000 BTC at $153.00000   5.65551513 BTC
22:39:07   BTC bought: [tid:1365647947792426] 5.03140000 BTC at $153.00000   10.65616958 BTC      
22:39:07   BTC bought: [tid:1365647947875646] 1.73170000 BTC at $153.00000   12.36019688 BTC
22:39:09   BTC bought: [tid:1365647949643474] 0.20000000 BTC at $151.70000   12.55067253 BTC
22:39:12   BTC bought: [tid:1365647952448144] 0.17677369 BTC at $151.70000   12.72634622 BTC

Not only did I end up buying more BTC when I wanted to get out and just hold my money till it got lower, but I ended up buying back the majority of it at a HIGHER PRICE!  and to make matters worse... after 2 days of emailing BitInstant about a failed deposit that never made it of like $490... guess what they finally deposited it JUST IN time for these buy orders to suck up that money TOO! OMG...really?! I hate my life....

Still I am taking the small profits and working my way back to postive...
23:32:54   BTC sold: [tid:1365651174816435] 2.00000000 BTC at $165.75000   10.72540932 BTC
CASH Balance: $331.50

Hear the bing-binging of the price moving up and wanted to get in, but it wen back down to about $170-$175 for the last 15-30 minutes.

2013/04/11
00:07:15    BTC bought: [tid:1365653235595323] 0.10000000 BTC at $175.90000   10.82540932 BTC
00:07:15   BTC bought: [tid:1365653235681929] 1.74399211 BTC at $178.98765   12.56887143 BTC
CASH Balance: $0.00

So now I am in it to win it.
I have a total of $2,505 in total trading capitol and fees etc.

Current Value of 12.56887143 BTC @ 175 = $2,199.55

In 8 hours I went from $1155.07 to $2,200 (minus the extra $490 deposit) which is a profit of $555 and that is WITH all my mistakes. Crazy how it took me this crazy last 8-9 days to make about $1,000 with it going straight up.

Well I am close... I am NEGATIVE about $180. We shall see how tomorrow reacts to today's events.

Good luck ALL and don't worry about being an expert, just get some nice trade profit in and you will do just fine. Losses are part of the game.


      

[jordan.dev]

When I check on a stranger's laptop in a building lobby I got scared since I was not going to be able to have internet access till possibly late afteroon/evening so I put a Market Sell at around 12:30 or 1:00pm (-5 GMT).

Got GOX'd and lagged out for a few hours and sure enough GOX sold my order hours later at almost the lowest point of the day.

15:21:06   BTC sold: [tid:1365621666827731] 10.95720000 BTC at $106.00000   0.00004330 BTC
CASH Balance: $1,155.07 OUCH! That's like HALF of what I started with...ugh.  

limit orders are your friend. the ddos lag kicks in, it strikes me, the majority of participants hit the market sell and by the time the order enters the book, gets crossed, and you get filled the price could be ANYWHERE given the staggering amount of these market sell orders, the buy side gets flooded.

At least with a limit sell order you won't get sold any lower than that value you offer your coins at... I think market buy/market sell should be out of the question given the time for the orders to enter the book...

Just my 2 cents! Best of luck! I know you'll make your money back if you practice, and work on discipline trades!

[PachucoBro]

15:21:06   BTC sold: [tid:1365621666827731] 10.95720000 BTC at $106.00000   0.00004330 BTC
CASH Balance: $1,155.07 OUCH! That's like HALF of what I started with...ugh.  

limit orders are your friend. the ddos lag kicks in, it strikes me, the majority of participants hit the market sell and by the time the order enters the book, gets crossed, and you get filled the price could be ANYWHERE given the staggering amount of these market sell orders, the buy side gets flooded.

At least with a limit sell order you won't get sold any lower than that value you offer your coins at...

Ummm... so how do you do a Limit Sell Order on MtGOX?

[John (John K.)]

This is why trading during a MtGox fail like this is a bad idea... Daytrading during such times would get you wiped pretty easily as you're essentially trading blind.

[jordan.dev]

15:21:06   BTC sold: [tid:1365621666827731] 10.95720000 BTC at $106.00000   0.00004330 BTC
CASH Balance: $1,155.07 OUCH! That's like HALF of what I started with...ugh.  

limit orders are your friend. the ddos lag kicks in, it strikes me, the majority of participants hit the market sell and by the time the order enters the book, gets crossed, and you get filled the price could be ANYWHERE given the staggering amount of these market sell orders, the buy side gets flooded.

At least with a limit sell order you won't get sold any lower than that value you offer your coins at...

Ummm... so how do you do a Limit Sell Order on MtGOX?

When you go to enter a "Sell Order" enter the lowest price your willing to accept for the quantity of coins! The order will be placed into the order book as an offer:

For example, say you want to sell 10 coins, and the last quote is at 180, but the lag is some crazy high number (anything over a few seconds is a JOKE by professional standards but that's another thread), now you know you don't want to sell for less than $190 each, so enter, the quantity, 10, and erase whatever the quote is and put $190. Your order will be placed as "pending" until it enters the book, at which point your coins will be offered at $190 each. If someone is bidding higher than $190, you'll probably sell them to them at $190, if not, your order will remain until you either cancel, and replace it, or someone bids high enough for them!

Simple enough!

[🏰 TradeFortress 🏰]

15:21:06   BTC sold: [tid:1365621666827731] 10.95720000 BTC at $106.00000   0.00004330 BTC
CASH Balance: $1,155.07 OUCH! That's like HALF of what I started with...ugh.  

limit orders are your friend. the ddos lag kicks in, it strikes me, the majority of participants hit the market sell and by the time the order enters the book, gets crossed, and you get filled the price could be ANYWHERE given the staggering amount of these market sell orders, the buy side gets flooded.

At least with a limit sell order you won't get sold any lower than that value you offer your coins at...

Ummm... so how do you do a Limit Sell Order on MtGOX?

Enter a price there?

If a price you want to buy/sell at can't be matched in the orderbook, then it will be on the orderbook and form walls.

[PachucoBro]

Ummm... so how do you do a Limit Sell Order on MtGOX?

When you go to enter a "Sell Order" enter the lowest price your willing to accept for the quantity of coins! The order will be placed into the order book as an offer:

For example, say you want to sell 10 coins, and the last quote is at 180, but the lag is some crazy high number (anything over a few seconds is a JOKE by professional standards but that's another thread), now you know you don't want to sell for less than $190 each, so enter, the quantity, 10, and erase whatever the quote is and put $190. Your order will be placed as "pending" until it enters the book, at which point your coins will be offered at $190 each. If someone is bidding higher than $190, you'll probably sell them to them at $190, if not, your order will remain until you either cancel, and replace it, or someone bids high enough for them!

Simple enough!

This was me trying to be a bit of a d!ck... you see if you follow the story and the events of today... A LIMIT order is not going to help you when you are getting lagged and the price is DROPPING.

You need a STOP LOSS order which is not currently available on MtGOX.

I have traded stocks, Futures Options and FOREX in the past.

[jordan.dev]

I know I assumed. Sorry! Wasn't trying to be snarky either... Yes the lag makes the liquidity totally useless.