Well, so much for trying to short BTC on margin as a hedge and setting a wimpy stop loss.
REKT! Should have known better. Not sure what strategy that I need to employ to try and preserve value in this downtrend market.
Initially, I thought that you said that you had entered a short, and then you cancelled (or closed early) because you did not have enough nerve to wait it out.
So, this subsequent short appears that you decided to enter another short, which did not work out.
Your thinking on this whole topic seems to be off, and several of us, have mentioned decent ways to buy on the way down and sell on the way up... both of those protect you from the downside, and generally you do not need margin in bitcoin in order to make a lot of money... which is likely to remain true into the future.
Since I have largely been floating my BTC dedicated funds (that is BTC/dollars that are dedicated to BTC investing) BTC/$ ratio in the 87% to 97% arena (currently at about 93.5% BTC), I will concede that the total value of my portfolio in terms of dollars is way more valuable when BTC prices go up, and all of my activity back and forth is difficult to measure, and even does not look that good, in terms of dollars, when BTC prices are going down; however, a key component in this whole matter is to NOT get caught up on the dollar value of the holdings, and instead be attempting to accumulate BTC.
If you value your wealth in BTC, then in the long term then in the long term, it is very likely that you are going to be richer in dollars, too. You just should not be getting caught up in short term assessments that your wealth is going down in dollars, merely because bitcoin is going down... .. Bitcoin going down equals buying opportunities and just continue to attempt to remain judicious in order that you never run out of BTC to sell on the way up and dollars to buy BTC with on the way down.
If you take these above principles to heart (currently the buying on the way down aspect), and stop fucking around with various attempts at gambling with margin plays, then with the passage of time your wealth is likely to continue to increase.
Well, so much for trying to short BTC on margin as a hedge and setting a wimpy stop loss.
REKT! Should have known better. Not sure what strategy that I need to employ to try and preserve value in this downtrend market.
Please tell me you aren't serious...
Yes I am serious. The sentiment around here has been rather bearish. So I gave it a shot. Now I am a few bitcents poorer.
Unfortunately, since I set my stop losses rather conservatively, the stop losses got filled. Oh well, guess it's back to the step method JJG likes so much.
I'm sorry that you keep switching back and forth. Fuck that margin shit.. and who gives a shit about all the bear talk, even if it is coming from credible sources in this thread.. just figure out your own budget and continue to buy as the price goes down.. and try to figure out your buying points, even if you have to not buy any BTC between $6500 and $8800 and wait until below $6500 (if it were to happen, or something like that).. you gotta figure out your own budget, cash flow and buying points while keeping enough for extreme scenarios either way (that may or may not happen).
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