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Author Topic: Daytrading/speculating strategies  (Read 3486 times)
evolve
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June 27, 2011, 11:52:03 PM
Last edit: June 28, 2011, 05:41:04 AM by evolve
 #1

Even though most people on this forum speak to btc in terms of commerce or investments, I know there are plenty of people on here daytrading....id be interested to hear some strategies other people are using when trading, as well as share mine.

some things i am wondering
how much of a difference do you have b/w your buy and sell prices?
are you using primarily standing orders, or are you trading fluidly with the market?
how many trades are you executing in an average day?

as for me, im pretty new at day trading (i run my own stock portfolio, but im a buy-and-hold sort of guy when it comes to stocks) so im not sure if my strategy is optimal....what im currently doing is using limit orders laddered in price (i have sell orders at 18, 19, and 20, and buy orders at 15, 14.5, 14, and 10).......im not sure if i should have less of a price gap between my buy and orders, i thought it would be sufficient, but i feel like im missing out on a lot of trading.....

what do you guys think? what are your strategies?
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evolve
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June 27, 2011, 11:56:00 PM
Last edit: June 28, 2011, 04:25:44 AM by evolve
 #2

 i know that there was a similar thread posted earlier, so to clarify, im looking for more of a review of my strategy and for some specifics from experianced traders on thier strategies....
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June 28, 2011, 12:03:25 AM
 #3

I'm with you on the regular stocks buy and hold theory.  Too much can influence all the varieties of that world.  Bitcoin exchanges, however, offer a pretty low fee and sometimes wild fluctuations throughout the day.  I try a little of the limit order floating out there while I'm away for several hours, but I also like to jump in the middle of it with a little 5-8 BTC trade to keep it exciting.  I always figure the .65% hit before determining the price whether sell or but.  put it in for each transaction, now we're talking a 1.3% difference minimum before you even come out on top.  So it really needs to be bouncing to get anywhere with it.
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June 28, 2011, 03:39:31 AM
Last edit: June 28, 2011, 05:41:48 AM by evolve
 #4

I always figure the .65% hit before determining the price whether sell or but.  put it in for each transaction, now we're talking a 1.3% difference minimum before you even come out on top.  So it really needs to be bouncing to get anywhere with it.

definately. its been pretty flat today, didnt see too many opportunities to jump in so i left my positions as is....hoping some of my limit orders get triggered tonight....in any case i dont think it will be too long before we start seeing big swings in the market again



Alex Beckenham
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June 28, 2011, 03:41:06 AM
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Offtopic, but I honestly can't read any of your posts because of the constant movement of your avatar distracting the left eye.

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June 28, 2011, 03:45:46 AM
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Offtopic, but I honestly can't read any of your posts because of the constant movement of your avatar distracting the left eye.

I lol'd... big.
evolve
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June 28, 2011, 03:48:47 AM
 #7

if animated avatars are that distracting for you, (and assuming you use firefox);

type about:config in the address bar of firefox
change image.animation_mode from normal to none or once.







.....or you can duct tape the left side of your screen.....you know, whatever works best for you Wink
Alex Beckenham
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June 28, 2011, 04:05:12 AM
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if animated avatars are that distracting for you, (and assuming you use firefox);

type about:config in the address bar of firefox
change image.animation_mode from normal to none or once.







.....or you can duct tape the left side of your screen.....you know, whatever works best for you Wink

pardon? I couldn't quite read that.

evolve
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June 28, 2011, 04:14:11 AM
 #9

dr.bitcoin
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June 28, 2011, 05:08:28 AM
 #10

Arbitrage seems to be more profitable today.
Tomorrow... is another day  Grin
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June 28, 2011, 07:44:10 AM
 #11

I always figure the .65% hit before determining the price whether sell or but.  put it in for each transaction, now we're talking a 1.3% difference minimum before you even come out on top.  So it really needs to be bouncing to get anywhere with it.

You should be aware that MtGox takes an additional .65% commission in btc on your bids. So that's really 2% for a return.
Also, quite a few of us have been granted a 0% commission for a transitory period (those who had buy orders canceled by the rolllback)
That probably partially explains the current price stability.

Cheers
evolve
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June 28, 2011, 08:47:55 PM
 #12

looks like another day of flat trading...might be time to start looking into dr bitcoins idea of playing the exchanges against each other..  im thinking i may move my limit orders closer together too (but thats not leaving much profit room)

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June 28, 2011, 09:03:20 PM
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...or you can duct tape the left side of your screen
Or just cover it with your hand or another window :-)
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June 28, 2011, 09:06:41 PM
 #14

One of the best, most practical systems for day trading I've run into:

1) Separate your money into two equal piles

2) Burn one of them (this simulates the cumulative fee effect)

3) Put the other pile into a prudent buy and hold investment


If this advice seems too non-traditional to follow, just head out to vegas or atlantic city and play roulette. insider tip: bet on black and/or red


You can thank me later
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June 29, 2011, 02:36:21 AM
 #15

I like watching MACD on Bitcoin Charts but lately trading has been too flat to make it worth my while.  Since I still have a lot of concern about MtGox I've moved out of that exchange and can't take advantage of the 0% fees.  I've also lost the broader exchange base.

I've done a little arbitrage but moving from market to market is little slow to confidentially take advantage of narrow margins.  Ideally you want to fuel cash to the low market and move coins from there to the selling market.  Going through an intermediary to move the gained cash back to the low market happens fast but incurs transfer fees.  Moving the coins from low to high is free but very slow.  During that time you also risk losing the high sell price.  To mitigate that risk watch MACD to see if it's an exit position you're moving into.

Right now I'm holding narrow margins on a couple of exchanges (USD only) in the hope that the volatility will be back later in the week.

Everything above can/will change in a moment's notice.

Have fun.
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July 01, 2011, 12:49:16 AM
 #16

I always figure the .65% hit before determining the price whether sell or but.  put it in for each transaction, now we're talking a 1.3% difference minimum before you even come out on top.  So it really needs to be bouncing to get anywhere with it.

You should be aware that MtGox takes an additional .65% commission in btc on your bids. So that's really 2% for a return.
Also, quite a few of us have been granted a 0% commission for a transitory period (those who had buy orders canceled by the rolllback)
That probably partially explains the current price stability.

I'm currently enjoying the 0% bracket.  Any idea how long we get that for?
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July 02, 2011, 03:47:18 AM
 #17

I always figure the .65% hit before determining the price whether sell or but.  put it in for each transaction, now we're talking a 1.3% difference minimum before you even come out on top.  So it really needs to be bouncing to get anywhere with it.

You should be aware that MtGox takes an additional .65% commission in btc on your bids. So that's really 2% for a return.
Also, quite a few of us have been granted a 0% commission for a transitory period (those who had buy orders canceled by the rolllback)
That probably partially explains the current price stability.

Cheers

Please explain.  I thought is was a flat 0.65%? How do you get 3 x 0.65?
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July 02, 2011, 09:24:42 AM
 #18

Please explain.  I thought is was a flat 0.65%? How do you get 3 x 0.65?

You don't. The fee is applied once to each side.

Example:
Alice buys 100 BTC from Bob for 10,000 USD.
MtGox applies the standard fee (0.65%) to both parties.
Alice gets 99.35 BTC. Bob gets 9935 USD.

So if you make a single trade, you pay the fee once, as advertised.
If you make a double trade (such as buy and sell higher, or sell and buy lower) you have to pay the fee twice (of course), so to break even you have to gain 1.3%.
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July 02, 2011, 09:37:42 AM
 #19

I'm currently enjoying the 0% bracket.  Any idea how long we get that for?

One month.

Users whose trades were effectively cancelled during the the sell-off will be able to trade for free for 1 month following the reopening
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July 02, 2011, 10:29:16 AM
 #20

It's like the old joke about the stock market.

"How do you make a small fortune day trading bitcoins?"

"Start with a large one"
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