I feel really dumb

[massivebitman]

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)

[1713978378]

1713978378

[1713978378]

1713978378

[1713978378]

1713978378

[1713978378]

1713978378

[1713978378]

1713978378

[1713978378]

1713978378

[smoothie]

sell and walk away...

[Missionary]

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

[Rampion]

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

Pros are making a profit thanks to you.

[BR0KK]

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  

[sd]

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]

It's only 1788ish to get through 135, it will probably get through it this week, if not today. 

[massivebitman]

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

[massivebitman]

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]

There we go, over 135! haha 

[Birdy]

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]

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

This.

[BitcoinAshley]

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]

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

+1

[nicolazza]

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

+12.000%

[Rygon]

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]

don't day-trade, month-trade

[Luno]

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]

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

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  Fun times!

[Rampion]

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.