Bitcoin Forum
March 28, 2024, 10:50:40 PM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: My humble attempt to short ltc  (Read 1004 times)
WishIStartedSooner (OP)
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250


View Profile
April 21, 2013, 05:14:16 AM
 #1

Been thinking about getting into daytrading.

In addition to reading what I can from the forums and whatnot, but I feel the best preparation is to play with a small amount.

So I sold a tiny chunk of my LTC holdings tonight.

Why?

Because I think LTC has shot up unnaturally fast the past few days, and is due for a correction before gox gets their side of this show up and running.

Alot of people, myself included, were wondering if gox taking it was an april fools joke (I posted a thread about it in this section, and learned that there are still plans in the making). Nonetheless, less studied LTC holders might not know that, and seeing it high right now, will decide to cut their losses.

Sold at 2.60. Set my buy order at 2.10. *fingers crossed*

input?

given my luck at playing this game, you guys should probably buy since I decided to do this...
"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711666240
Hero Member
*
Offline Offline

Posts: 1711666240

View Profile Personal Message (Offline)

Ignore
1711666240
Reply with quote  #2

1711666240
Report to moderator
1711666240
Hero Member
*
Offline Offline

Posts: 1711666240

View Profile Personal Message (Offline)

Ignore
1711666240
Reply with quote  #2

1711666240
Report to moderator
1711666240
Hero Member
*
Offline Offline

Posts: 1711666240

View Profile Personal Message (Offline)

Ignore
1711666240
Reply with quote  #2

1711666240
Report to moderator
relm9
Hero Member
*****
Offline Offline

Activity: 840
Merit: 1000



View Profile
April 21, 2013, 06:39:22 AM
 #2

So you are also expecting BTC to go down? If BTC rises to $150, or $200 again we'll see LTC at $3-4 without a doubt.

The value swings of both are closely tied. Perhaps that will change once Gox starts trading LTC.

Right now I feel it isn't a bad time to sell, but not a good time either. Market could easily go either way.
shiv
Newbie
*
Offline Offline

Activity: 54
Merit: 0


View Profile
April 21, 2013, 09:32:40 AM
 #3

sorry, you did not do your homework.

LTC was $4-$6 for weeks before the dip to $1.5
twobits
Sr. Member
****
Offline Offline

Activity: 574
Merit: 250



View Profile
April 21, 2013, 12:31:17 PM
 #4


So I sold a tiny chunk of my LTC holdings tonight.


Sold at 2.60. Set my buy order at 2.10. *fingers crossed*

input?

given my luck at playing this game, you guys should probably buy since I decided to do this...

What you did is not shorting.   You are just trying to sell high and rebuy on a drop.

To short you would need to borrow shares that you have to repay later, and hope they get cheaper for paying back the shares you borrowed.

█████                █████      ███████             
█████                ███    █████████████       
█████                ██  █████████████████   
█████                █  ██████              ██████ 
█████                    ████                      ████ 
█████████████  █████                        ████
█████████████  █████                        ████
█████████████  █████                        ████
█████                    █████                             
█████                █  ██████              ███████
█████                ██  ███████████    █████ 
█████                ███    █████████    ████   
█████                █████      ███████    ██
███
███
███
███
███
███
███
███
███
HyperQuant.net
Platform for Professional Asset Management
███
███
███
███
███
███
███
███
███
WhitePaper
One-Pager
███
███
███
███
███
███
███
███
███
Telegram 
Facebook
Twitter
Medium
███
███
███
███
███
███
███
███
███
███
███
███
███
███
███
███
███
███
█████                █████      ███████             
█████                ███    █████████████       
█████                ██  █████████████████   
█████                █  ██████              ██████ 
█████                    ████                      ████ 
█████████████  █████                        ████
█████████████  █████                        ████
█████████████  █████                        ████
█████                    █████                             
█████                █  ██████              ███████
█████                ██  ███████████    █████ 
█████                ███    █████████    ████   
█████                █████      ███████    ██
WishIStartedSooner (OP)
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250


View Profile
April 21, 2013, 12:39:17 PM
 #5

oooh... I did not know that.

anyway. woke to 2.64. and cant sell because btc-e sucks. thank god I didn't use alot of litecoins in this experiment.

from now on i just buy and hold.

also thank you for properly defining the term "short" for me.
WishIStartedSooner (OP)
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250


View Profile
April 21, 2013, 12:39:57 PM
 #6

sorry, you did not do your homework.

LTC was $4-$6 for weeks before the dip to $1.5

weeks? i didn't think it was THAT long.
Number6
Sr. Member
****
Offline Offline

Activity: 490
Merit: 254



View Profile
April 21, 2013, 01:22:59 PM
 #7

More like 10 days: http://www.ltc-charts.com/period-charts.php?period=1-month&resolution=day&pair=ltc-usd&market=btc-e

I agree that going from ~ 60 cents to $5.00 was nuts and doomed to crash back down, but I think the current price range of $2.00 - $3.00 is quite reasonable and will continue to hold.

You have to realize that the large bubble that took BTC to $270 and LTC to $5 brought in lots of new people and cast a lot of media attention on all alt coins. This can be seen by the increased volumes that have held up since the initial run-ups. I think we will see a more gradual increase in both coins over time with the occasional run-up and smack down tossed in for good measure.

BTC:   18jdvLeM6r943eUY4DEC5B9cQZPuDyg4Zn     LTC:   LeBh9akQ3RwxwpUU6pJQ9YGs9PrC1Zc9BK
emfox
Full Member
***
Offline Offline

Activity: 276
Merit: 102


View Profile
April 21, 2013, 01:52:38 PM
 #8

I don't think LTC price will drop after been put on gox....

Earn Devcoins by Writing
BTC: 1Emfox1WswYcd2YucUskRzqfRWKkcm1Jut DVC: 1Emfox1WswYcd2YucUskRzqfRWKkcm1Jut
IXC: xnRKo3qSDdcPJ4pgTLER3orkquUVQXeLwf
TheKoziTwo
Legendary
*
Offline Offline

Activity: 1552
Merit: 1047



View Profile
April 21, 2013, 02:06:28 PM
 #9

mtgox said that they would integrate LTC in 1-2 weeks, they said that 9 days ago, that leaves 14-9 = 5 days. Now they may not be able to reach that deadline, but it may be just around the corner. That's why I bought my first LTCs last week and will hold until I can sell into the buy mania that likely will arise after mtgox adds LTC. I think it may not have been the best time to sell now, but then again temporarily it depends mostly on the BTC price... LTC seems to follow that atm.

Domrada
Sr. Member
****
Offline Offline

Activity: 254
Merit: 250



View Profile WWW
April 21, 2013, 02:38:15 PM
 #10

Been thinking about getting into daytrading.
3 cowboys and a 100 head of steer sit on a praire marked with numbers like a football field. 1, 2, ... 10. The cowboys drive the steers from the 5 to the 4 to the 6. From the 6 mark, they drive them to the 2 mark, and then to the 10 mark. Only the cowboys know where they will drive the herd. Some of the steers like to believe the herd moves randomly. Some of the steers delude themselves with theories that give them the illusion of control. But the wisest steers know only one thing for certain: the longer you play with cowboys, the closer you get to the slaughterhouse.

DataTrading
TRADE FORECASTING BY ARTIFICIAL INTELLIGENCE
¦
PRE-SALE SPECIAL  30%  BONUS   
Pre sale starts on 11.20.2017 9:00 UTC
WishIStartedSooner (OP)
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250


View Profile
April 21, 2013, 11:17:07 PM
 #11

I was partially correct, from what I'm seeing.

Just off on the amount.

The price did drop to 2.40 so I would have set my buy too low.

I got up early this morning, read this thread, was discouraged and bought back in at the same price I sold so no harm done.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!