molecular
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Activity: 2772
Merit: 1019
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November 23, 2013, 12:51:08 PM |
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it usually makes sense Bitcoin isn't usual. All it takes is one mistake when it moves against you and you've permanently ended up with half the BTC you could have owned if you'd have just held. For most people, holding 100% of the initial amount is not a wise choice. It is good to diversify by selling into strength to account for the possibility of a black swan event in Bitcoin technology. This way you steadily accumulate also non-BTC assets, and can learn how to handle wealth. You sleep better and don't see dips in price as an opportunity to panic, but rather an opportunity to buy back if you really feel like so. The selling plan must be based on percentages, which means that no matter how high bitcoin goes, you still have more value in your remaining BTC. If you have BTC1,000 and you absolutely want to have the same number when it hits $million, then it is best to just bury the paper wallet into ground and wake up when you are a billionaire. Trading only makes you lose the most of it over time with no gain. But it is not healthy for anyone to suddenly become a billionaire. If instead, you flex your Excel muscle and devise a plan to sell BTC900 in decreasing increments at exponentially rising price points, you will already be rich and well-established when bitcoin hits $1 million, and totally content with the idea that your remaining stash is still worth a cool $100M. +1 this. I've been holding on to my coins pretty strong in the past, only selling very little in February/March (3% I think). Now again, only a little bit (2% so far) to sleep better (and for paying taxes on past gains that will come due at some point, no doubt). I don't care wether I have x million or x/2 million when bitcoin succeeds. sleeping well is priceless. |
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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bitcoinbible
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Activity: 14
Merit: 0
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November 23, 2013, 12:54:43 PM |
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molecular
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Legendary
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Activity: 2772
Merit: 1019
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November 23, 2013, 12:57:29 PM |
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In other word, if BTC cannot be used as a real currency Should I take a picture of me eating a meal cooked exclusively from ingredients produced by local farmers who accept Bitcoin? Of course! Put it on reddit, it'll be upvoted to oblivion. |
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jatajuta
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November 23, 2013, 12:59:51 PM |
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I've got $13 left in my BTCChina account, QtTrader running, with 0% trading fee's. Let's see how far I can take this. I'm turning this into a computer game  Report back when you are at $100. Challenge accepted! Are there any stop orders on QT Trader? Yes, you can set order's just as if you were trading with limit orders on the exchange. It also has a nice 'rules' feature where you can set certain conditions for selling. https://bitcointalk.org/index.php?topic=201062.0Okay, but there is no stop loss rule where I can execute a market order if price goes below x? |
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ChartBuddy
Legendary
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Activity: 2170
Merit: 1759
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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November 23, 2013, 01:01:58 PM |
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bitcoinbible
Newbie
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Activity: 14
Merit: 0
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November 23, 2013, 01:05:19 PM |
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bids are stacking here //^ BTCoomage  |
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MicroFi
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November 23, 2013, 01:08:21 PM |
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I'm already feeling sorry about selling at 617€.
Pretty sure there won't be a weekend dip anymore ...
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maz
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November 23, 2013, 01:10:02 PM |
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I've got $13 left in my BTCChina account, QtTrader running, with 0% trading fee's. Let's see how far I can take this. I'm turning this into a computer game Report back when you are at $100. Challenge accepted! Are there any stop orders on QT Trader? Yes, you can set order's just as if you were trading with limit orders on the exchange. It also has a nice 'rules' feature where you can set certain conditions for selling. https://bitcointalk.org/index.php?topic=201062.0Okay, but there is no stop loss rule where I can execute a market order if price goes below x? Is that not included in the rules below? Sorry I'm not really familiar with stock trading lingo :p  |
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jatajuta
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November 23, 2013, 01:15:18 PM |
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I've got $13 left in my BTCChina account, QtTrader running, with 0% trading fee's. Let's see how far I can take this. I'm turning this into a computer game Report back when you are at $100. Challenge accepted! Are there any stop orders on QT Trader? Yes, you can set order's just as if you were trading with limit orders on the exchange. It also has a nice 'rules' feature where you can set certain conditions for selling. https://bitcointalk.org/index.php?topic=201062.0Okay, but there is no stop loss rule where I can execute a market order if price goes below x? Is that not included in the rules below? Sorry I'm not really familiar with stock trading lingo :p I tested and on all options I get limit orders, maybe I am missing something  |
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gandhibt
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November 23, 2013, 01:18:18 PM |
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ATH at stamp, soon on gox too and then china will follow to break their ATH
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bitcoinbible
Newbie
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Activity: 14
Merit: 0
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November 23, 2013, 01:18:53 PM |
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I've got $13 left in my BTCChina account, QtTrader running, with 0% trading fee's. Let's see how far I can take this. I'm turning this into a computer game Report back when you are at $100. Challenge accepted! Are there any stop orders on QT Trader? Yes, you can set order's just as if you were trading with limit orders on the exchange. It also has a nice 'rules' feature where you can set certain conditions for selling. https://bitcointalk.org/index.php?topic=201062.0Okay, but there is no stop loss rule where I can execute a market order if price goes below x? Is that not included in the rules below? Sorry I'm not really familiar with stock trading lingo :p https://i.imgur.com/n5h8dmY.png?1fyi : /\$BTC is not a stock, it is a new communications protocol for future ETFs and stocks, currently being treated by Wall Street as a "currency pair" on FOREX ! |
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gandhibt
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November 23, 2013, 01:19:06 PM |
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I've got $13 left in my BTCChina account, QtTrader running, with 0% trading fee's. Let's see how far I can take this. I'm turning this into a computer game Report back when you are at $100. Challenge accepted! Are there any stop orders on QT Trader? Yes, you can set order's just as if you were trading with limit orders on the exchange. It also has a nice 'rules' feature where you can set certain conditions for selling. https://bitcointalk.org/index.php?topic=201062.0Okay, but there is no stop loss rule where I can execute a market order if price goes below x? Is that not included in the rules below? Sorry I'm not really familiar with stock trading lingo :p I tested and on all options I get limit orders, maybe I am missing something HINT: don't use market orders ever |
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gandhibt
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November 23, 2013, 01:21:50 PM |
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are bible and heightsomething bubblebots who spit bullish spam?
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maz
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November 23, 2013, 01:25:25 PM |
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I've got $13 left in my BTCChina account, QtTrader running, with 0% trading fee's. Let's see how far I can take this. I'm turning this into a computer game Report back when you are at $100. Challenge accepted! Are there any stop orders on QT Trader? Yes, you can set order's just as if you were trading with limit orders on the exchange. It also has a nice 'rules' feature where you can set certain conditions for selling. https://bitcointalk.org/index.php?topic=201062.0Okay, but there is no stop loss rule where I can execute a market order if price goes below x? Is that not included in the rules below? Sorry I'm not really familiar with stock trading lingo :p fyi : /\$BTC is not a stock, it is a new communications protocol for future ETFs and stocks, currently being treated by Wall Street as a "currency pair" on FOREX ! I know Bitcoin is nothing to do with stocks, I was referring to his use of the word 'stop loss', which is stock market lingo (or so I believe). Bitcoin is my first ever experience of trading anything so I'm not 100% sure what people are sometimes referring too  |
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niothor
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November 23, 2013, 01:33:21 PM |
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jatajuta
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November 23, 2013, 01:34:33 PM |
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HINT: don't use market orders ever
They saved my ass so many times I can't count, with a limit order you are totally exposed if a black swan event hits bitcoin and price move quicker against you, it can trap you in a crappy position for ever unless you realize massive losses. A stop loss is to get out, not to get out at a certain price and then get stucked with an unfilled order. The slippage is compensated by the massive profits you protect doing this. |
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kurious
Legendary
Offline
Activity: 2590
Merit: 1643
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November 23, 2013, 01:35:07 PM |
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We are a shade short of the magical 900....
Where has all our irrational exuberance gone - everyone asleep?
I haven't seen a choo choo for ages.
No market prediction comment, just a mood one, are we blasé now...?
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