Bitcoin Forum
November 23, 2020, 08:03:19 PM *
News: Bitcointalk Community Awards
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 »  All
  Print  
Author Topic: I feel really dumb  (Read 7649 times)
massivebitman
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile WWW
April 23, 2013, 02:22:23 PM
 #1

Since the bitcoin recovery I've been trying to day trade.

It's worked fine a couple of times. Made $100 in one go, $200, and $60 another time.

However, it's also worked not so well a few  times, and I've lost $600 in one go, and around $900 in one go, as well as a few smaller losses which could have otherwise been profits due to fees.

I'm so pissed, because when this current spike to 135 happened, I was waiting for the coins to drop a little lower.

I ended up panic buying at 135 thinking that we'd break through the wall.

We didn't.

Fuck me. I'm just so annoyed. I'd have around 20 more coins if I'd just put my coins onto a usb stick an didn't touch it.

Fuck fuck fuck...

I feel like selling all my coins at a loss right now, and never talking about bitcoin again (even though overall I know I'm ahead)

1606161799
Hero Member
*
Offline Offline

Posts: 1606161799

View Profile Personal Message (Offline)

Ignore
1606161799
Reply with quote  #2

1606161799
Report to moderator
1606161799
Hero Member
*
Offline Offline

Posts: 1606161799

View Profile Personal Message (Offline)

Ignore
1606161799
Reply with quote  #2

1606161799
Report to moderator
1606161799
Hero Member
*
Offline Offline

Posts: 1606161799

View Profile Personal Message (Offline)

Ignore
1606161799
Reply with quote  #2

1606161799
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1606161799
Hero Member
*
Offline Offline

Posts: 1606161799

View Profile Personal Message (Offline)

Ignore
1606161799
Reply with quote  #2

1606161799
Report to moderator
smoothie
Legendary
*
Offline Offline

Activity: 2142
Merit: 1106


LEALANA Monero Physical Silver Coins


View Profile
April 23, 2013, 02:23:38 PM
 #2

sell and walk away...

███████████████████████████████████████

            ,╓p@@███████@╗╖,           
        ,p████████████████████N,       
      d█████████████████████████b     
    d██████████████████████████████æ   
  ,████²█████████████████████████████, 
 ,█████  ╙████████████████████╨  █████y
 ██████    `████████████████`    ██████
║██████       Ñ███████████`      ███████
███████         ╩██████Ñ         ███████
███████    ▐▄     ²██╩     a▌    ███████
╢██████    ▐▓█▄          ▄█▓▌    ███████
 ██████    ▐▓▓▓▓▌,     ▄█▓▓▓▌    ██████─
           ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌          
           ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌          
    ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─  
     ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩    
        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
███████████████████████████████████████

. ★☆ WWW.LEALANA.COM        My PGP fingerprint is A764D833.                  History of Monero development Visualization ★☆ .
LEALANA  PHYSICAL MONERO COINS 999 FINE SILVER.
 
Missionary
Full Member
***
Offline Offline

Activity: 224
Merit: 100



View Profile WWW
April 23, 2013, 02:25:05 PM
 #3

1. Keep the coins safe.
2. Forget about them.
3. Come back in 5 years.
4. Profit.

I am an evangelical missionary heading to China. Donations are welcome here (dedicated wallet): 1H8iswayfTaRb6oe2WjMCRmchBJHYyfx9z
You can find more information about my plans here: http://btcmission.com
Rampion
Legendary
*
Offline Offline

Activity: 1120
Merit: 1000


View Profile
April 23, 2013, 02:27:27 PM
 #4

WTF do you try to daytrade based on feelings, with no strategy at all?

Pros are making a profit thanks to you.

BR0KK
Hero Member
*****
Offline Offline

Activity: 770
Merit: 500



View Profile
April 23, 2013, 02:27:43 PM
 #5

Since the bitcoin recovery I've been trying to day trade.

It's worked fine a couple of times. Made $100 in one go, $200, and $60 another time.

However, it's also worked not so well a few  times, and I've lost $600 in one go, and around $900 in one go, as well as a few smaller losses which could have otherwise been profits due to fees.

I'm so pissed, because when this current spike to 135 happened, I was waiting for the coins to drop a little lower.

I ended up panic buying at 135 thinking that we'd break through the wall.

We didn't.

Fuck me. I'm just so annoyed. I'd have around 20 more coins if I'd just put my coins onto a usb stick an didn't touch it.

Fuck fuck fuck...

I feel like selling all my coins at a loss right now, and never talking about bitcoin again (even though overall I know I'm ahead)

Is the bitching about ........ helping?

If you play with fire, things tend to get hot^^

Advice for Today: Treat BTC as a hedge fund next time!

Welcome to capitalism 101:.... no refunds, no playtime (sandbox mode), no chargebacks, once stolen/lost - forever forgotten, no big .gov welfare and so on. Embrace its flaws Tongue  

sd
Hero Member
*****
Offline Offline

Activity: 730
Merit: 500



View Profile
April 23, 2013, 02:27:51 PM
 #6

So you screwed up a bit, as long as you learned something it wasn't a total loss. You say you are still ahead so you didn't do too badly.

Someone on this forum said 80% of traders lose money, 10% break even, 5% make money, 5% make serious money, 100% think they will make serious money. I can't remember who said that but it's highly insightful.


NamelessOne
Legendary
*
Offline Offline

Activity: 840
Merit: 1000



View Profile
April 23, 2013, 02:28:53 PM
 #7

It's only 1788ish to get through 135, it will probably get through it this week, if not today.  Smiley
massivebitman
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile WWW
April 23, 2013, 02:30:30 PM
 #8

WTF do you try to daytrade based on feelings, with no strategy at all?

Pros are making a profit thanks to you.

Partly based on feelings... I have a strategy too, but if I'm sitting in front of the computer screen that'll often go out the window when all the green and red arrows start flashing.

I don't doubt it Sad

massivebitman
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile WWW
April 23, 2013, 02:32:19 PM
 #9

So you screwed up a bit, as long as you learned something it wasn't a total loss. You say you are still ahead so you didn't do too badly.

Someone on this forum said 80% of traders lose money, 10% break even, 5% make money, 5% make serious money, 100% think they will make serious money. I can't remember who said that but it's highly insightful.




Yeah I think I read that. *sigh*

I certainally think I'm going to make money, but when I work it out the money I could make isn't worth the risk.

NamelessOne
Legendary
*
Offline Offline

Activity: 840
Merit: 1000



View Profile
April 23, 2013, 02:34:45 PM
 #10

There we go, over 135! haha  Grin
Birdy
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250



View Profile
April 23, 2013, 02:35:03 PM
 #11

Don't daytrade, just hold the coins and come back in a year (or longer). Either they are worthless then or you are rich.
Mouser
Newbie
*
Offline Offline

Activity: 56
Merit: 0


View Profile
April 23, 2013, 02:35:12 PM
 #12

1. Keep the coins safe.
2. Forget about them.
3. Come back in 5 years.
4. Profit.

This.
BitcoinAshley
Sr. Member
****
Offline Offline

Activity: 448
Merit: 250



View Profile
April 23, 2013, 02:35:50 PM
 #13

Your choices:
1) Sell all your bitcoins and walk away

2) Put most of your bitcoins, except what you need for upcoming purchases, on a cold wallet, and walk away. Check the price once a week rather than 14x a day.

3) (My approach.) Put a bunch of your coins in a cold wallet. Keep just what you need for regular purchases in a hot wallet. Keep a very small % of your total holdings in several exchanges. This is your "play money." You are not allowed to replenish your play money if you lose it.

Every once in a while, during times of high volatility, I log onto my exchange accounts and play around for a few hours. Usually I gain but when I do lose, it makes such a small dent in my portfolio that it doesn't concern me.

Finally, diversify. If you've already made, say, 5x or 10x ROI from BTC, it is somewhat risky keeping all of it there. Buy PMs with some of your bitcoin holdings (I recommend Amagi metals), keep a runaway fiat cash stash in case things in your local area go sour (you never know what could happen) and sell to strength - every X price point, sell Y% of your coins into fiat (could be 1%!) and/or use them to buy something nice. This way you aren't shooting yourself for not buying a Volt when we were at $262 as you'd have been selling to strength on the way up.

Lots of people selling to strength on rallies helps slow the rally and stabilize the price. Lots of newbs sitting on MtLag trying to daytrade with 15m lag causes panic sells.
Gordonium
Sr. Member
****
Offline Offline

Activity: 392
Merit: 250


View Profile
April 23, 2013, 02:56:58 PM
 #14

1. Keep the coins safe.
2. Forget about them.
3. Come back in 5 years.
4. Profit.

+1
nicolazza
Sr. Member
****
Offline Offline

Activity: 240
Merit: 250


View Profile WWW
April 23, 2013, 02:57:48 PM
 #15

1. Keep the coins safe.
2. Forget about them.
3. Come back in 5 years.
4. Profit.
+12.000%
Rygon
Hero Member
*****
Offline Offline

Activity: 520
Merit: 500


View Profile
April 23, 2013, 03:00:23 PM
 #16

Thank you for daytrading. If everyone allocated a small portion of their initial investment to daytrading in an attempt to benefit off price moves, it would stabilize the price more (assuming MtGox could handle it). Yes, there would be winners and losers, but the average strategy would net about zero. I take about 10% of my coins and buy/sell with 2 different strategies. Some days I'll have a little profit, other days I'll lose a little. The worse case is that I lose 10% by repeatedly selling low and buying high, but I sleep better at night knowing I'm adding some liquidity to the market.
Bro
Full Member
***
Offline Offline

Activity: 218
Merit: 100



View Profile
April 23, 2013, 03:04:14 PM
 #17

don't day-trade, month-trade
Luno
Sr. Member
****
Offline Offline

Activity: 504
Merit: 250


View Profile
April 23, 2013, 03:06:00 PM
 #18

The number one lesson when day trading: Stick to your order, don't try to make it undone!! Just wait, Bitcoin price is all over the place during the course of a week and you will make a profit guaranteed if you muster a little patience.
Phil21
Full Member
***
Offline Offline

Activity: 155
Merit: 100


View Profile
April 23, 2013, 03:08:30 PM
 #19

I can't imagine day trading with the relatively quiet market the last week or two.  I certainly don't have the skills, or balls of steel, to do it.

During the crash I tried my hand at it (largely because even if I bet wrong, I was still picking up relatively cheap coins so I justified it in my mind).  I traded over the friday/saturday after the crash, and had a really fun time doing it.

But, that was with regular (every 2-4 hours) $20-30 price movements.  You almost had to be an idiot to lose money doing so, if you followed any sort of non-emotional trading strategy.

I made a decent amount, but it really is nothing more than gambling.  Very fun, addictive, gambling - but pretty much on par with poker as far as I can tell.  Sure, you can increase your odds considerably by knowing the game, but you're in the end at the mercy of factors outside of your control.

So - my very naive advice is treat it like a trip to Vegas.  Set your loss limits, and make sure you get out if you ever reach those.  That way you can think of it as cheap entertainment vs. losing money with a financial instrument.  Makes a lot more sense to me that way, and it's a whole lot less stressful Smiley

I kind of hope to see volatility again (not really - I think it's bad for Bitcoin as a whole) during a weekend so I can sit down with a glass of whiskey, do some trading, and talk shit in chat with the other day traders Smiley  Fun times!
Rampion
Legendary
*
Offline Offline

Activity: 1120
Merit: 1000


View Profile
April 23, 2013, 03:09:08 PM
 #20

The number one lesson when day trading: Stick to your order, don't try to make it undone!! Just wait, Bitcoin price is all over the place during the course of a week and you will make a profit guaranteed if you muster a little patience.

This.

Panic market orders based on feelings/emotions is ridiculous. Doing that you will be loosing money in the long term, it can go well for 5, 10, even 15 trades, but as soon as it goes bad you will destroy the profit you did in all the other trades.

Pages: [1] 2 3 »  All
  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!