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bits4books
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December 07, 2013, 11:31:45 AM
 #1

When I first started out, I thought bitcoin day trading was going to be a breeze..

Then I lost a few thousand dollars trying to follow trends and swings.

Finally aware that bitcoin was subject to extreme manipulation and pump and dumps, I wanted to completely abandon bitcoin. I was convinced that buying and holding was the only optimal strategy, which it can be smart, but then I started using manipulation to my advantage and everything changed.

The simple truth is that manipulation will always exist. So instead of trying to day trade and make a quick buck, use the manipulation to your advantage.

The secret can be found in a saying that I'm sure we're all familiar with, "patience is virtue."

Take the bitcoin you have and move it to an exchange like btc-e. Put in a sell order that will give you a somewhat decent profit after fees are taken into account, and wait. No telling when, but your order will be filled.

Once this happens, place a buy order a reasonable amount below what you sold at. Once again, this buy order will be filled.

Continue to repeat this process, and I guarantee you will come out on top.

It has made me several thousand dollars now, and increased my bitcoin holding tremendously. Don't try to make a quick buck and get sucked into every panic buy and sell, but have a little patience and use pump and dumps to your advantage. They happen daily and always have the same result.

Let your greed subside and enjoy the ride, hope this helps.

﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
≈ WORLD POWER PRODUCTION ≈

██████████████████████
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deisik
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December 07, 2013, 11:39:00 AM
 #2

It has made me several thousand dollars now, and increased my bitcoin holding tremendously. Don't try to make a quick buck and get sucked into every panic buy and sell, but have a little patience and use pump and dumps to your advantage. They happen daily and always have the same result.

Let your greed subside and enjoy the ride, hope this helps.

In the end, it all boils down to your psychology. Some people can wait, others simply can't even if they try to stick to logical reasoning with themselves. Could the patience you're talking about be trained? Probably, but it could take years of trading and would cost you millions of your nervous cells...

......
.L I V E C O I N . N E T.
.
..PROFITBOX..
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.....
bits4books
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WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN


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December 07, 2013, 11:44:09 AM
 #3

It has made me several thousand dollars now, and increased my bitcoin holding tremendously. Don't try to make a quick buck and get sucked into every panic buy and sell, but have a little patience and use pump and dumps to your advantage. They happen daily and always have the same result.

Let your greed subside and enjoy the ride, hope this helps.

In the end, it all boils down to your psychology. Some people can wait, others simply can't even if they try to stick to logical reasoning with themselves...

That's how I was originally, so I know how overwhelming it can be.

Now that I am actually seeing my bitcoin and profit skyrocket, I don't even think twice about acting on impulse.

Granted I spend a lot of time on the computer replacing my buy and sell orders. Who cares though when I'm making hundreds or thousands every few hours?

﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
≈ WORLD POWER PRODUCTION ≈

██████████████████████
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bits4books
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WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN


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December 07, 2013, 11:52:08 AM
 #4

Just now I sold everything I bought at 640-560 for $747. Then it dropped to $717 and I bought back in and resold at $747.

It truly is amazing.

Now I will start placing buy orders at $720 all the way down to $650, increasing in volume as I lower the price.

﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
≈ WORLD POWER PRODUCTION ≈

██████████████████████
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deisik
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December 07, 2013, 11:54:59 AM
 #5

That's how I was originally, so I know how overwhelming it can be.

Now that I am actually seeing my bitcoin and profit skyrocket, I don't even think twice about acting on impulse.

Granted I spend a lot of time on the computer replacing my buy and sell orders. Who cares though when I'm making hundreds or thousands every few hours?

It is your good luck then. For some nervous types it is actually beyond their mental abilities. They usually can withstand losses (though traders wisdom says to cut your losses short), but close too early without taking the profits they might otherwise gain (which in itself is very demanding on your psyche)...

......
.L I V E C O I N . N E T.
.
..PROFITBOX..
██  █████████████████████████
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.....
Apraksin
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Moon?


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December 07, 2013, 12:37:28 PM
 #6

Take the bitcoin you have and move it to an exchange like btc-e. Put in a sell order that will give you a somewhat decent profit after fees are taken into account, and wait. No telling when, but your order will be filled.

Shiiiiiit, I wouldn't dare to leave my coins at BTC-e or any exchange for a long amount of time. They like it in my paper wallets.

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December 07, 2013, 01:10:09 PM
 #7

your order will be filled.
this method is based on this assumption. Of course if this were true everyone would do it. But it is not true.
invisiblehand
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December 07, 2013, 01:13:52 PM
 #8

When I first started out, I thought bitcoin day trading was going to be a breeze..

Then I lost a few thousand dollars trying to follow trends and swings.

Finally aware that bitcoin was subject to extreme manipulation and pump and dumps, I wanted to completely abandon bitcoin. I was convinced that buying and holding was the only optimal strategy, which it can be smart, but then I started using manipulation to my advantage and everything changed.

The simple truth is that manipulation will always exist. So instead of trying to day trade and make a quick buck, use the manipulation to your advantage.

The secret can be found in a saying that I'm sure we're all familiar with, "patience is virtue."

Take the bitcoin you have and move it to an exchange like btc-e. Put in a sell order that will give you a somewhat decent profit after fees are taken into account, and wait. No telling when, but your order will be filled.

Once this happens, place a buy order a reasonable amount below what you sold at. Once again, this buy order will be filled.

Continue to repeat this process, and I guarantee you will come out on top.

It has made me several thousand dollars now, and increased my bitcoin holding tremendously. Don't try to make a quick buck and get sucked into every panic buy and sell, but have a little patience and use pump and dumps to your advantage. They happen daily and always have the same result.

Let your greed subside and enjoy the ride, hope this helps.

I like this.  I think it is a systematic approach.
deisik
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December 07, 2013, 01:17:15 PM
 #9

When I first started out, I thought bitcoin day trading was going to be a breeze..

...

It has made me several thousand dollars now, and increased my bitcoin holding tremendously. Don't try to make a quick buck and get sucked into every panic buy and sell, but have a little patience and use pump and dumps to your advantage. They happen daily and always have the same result.

Let your greed subside and enjoy the ride, hope this helps.

I like this.  I think it is a systematic approach.

One day when you are out of luck you enter too early, and without cutting your losses short just in time, you are doomed to lose a huge deal of money. It is just a matter of time, so be warned...

......
.L I V E C O I N . N E T.
.
..PROFITBOX..
██  █████████████████████████
  █████████▄      ▄██████████
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.....
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December 07, 2013, 01:19:46 PM
 #10

I find the problem with paper wallets is that it can sometimes take up to an hour to get your coins back into an exchange and given the volatility of the market that hour could be very very costly for you. I think maybe its best to keep your coins in a variety of exchanges so that if bad news happens then you can quickly sell and buy again at a cheaper price.

Yesterday I read on reddit that Badu had stopped taking bitcoins as a payment method, this and the other news from china recently - i thought was bound to cause a crash so before the Chinese woke up I sold all my coins, left the money in bitstamp and this morning bought again gaining 16 extra coins.

When bad news happens you have to act fast to make money, or alternatively play the long game and hope.
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December 07, 2013, 01:20:40 PM
 #11

One day you enter too early and without cutting your losses just in time, you are doomed to lose a great deal of money. It is just a matter of time...
Clarify?

I am long term bullish on BTC but I think the above trading strategy capitalizes on the volatility and allows acquisition of more BTC without using more fiat (which I am running short on).
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December 07, 2013, 02:39:16 PM
 #12

Try mine.
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December 07, 2013, 03:25:09 PM
 #13

One day you enter too early and without cutting your losses just in time, you are doomed to lose a great deal of money. It is just a matter of time...
Clarify?

I am long term bullish on BTC but I think the above trading strategy capitalizes on the volatility and allows acquisition of more BTC without using more fiat (which I am running short on).

If we are talking about day-trading (the strategy that capitalizes on the volatility) as we do here, then stop-loss orders are a must-have. They are designed to limit an investor's loss on a position when the price change is unfavorable beyond allowed limits. The OP says nothing about them in his post. Simple example, in 2008 the oil price got somewhere above 140 dollars, then within a year (maybe even less than that) it fell to somewhat above 30 dollars and never bounced back to previous highs (despite all the monetary expansion and QEs). So, if you would have bought oil at, say, 130 dollars per barrel (as the OP suggests in regard to Bitcoin) you would still be losing out...

I hope I have clarified my stance (it is not mine actually, it is the ABCs of trading)

......
.L I V E C O I N . N E T.
.
..PROFITBOX..
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Bitlend
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December 07, 2013, 10:32:05 PM
 #14

yes buy low sell high.

Sounds great in theory.

I see why you lost thousands initially with this kind of tactic.

What if you sold at $1200 recently and then re-bought at $1000 or even $950?

It then went to under $700, your strategy wont always work, and has flaws.

Siegfried
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December 08, 2013, 03:53:17 AM
 #15

Take the bitcoin you have and move it to an exchange like btc-e. Put in a sell order that will give you a somewhat decent profit after fees are taken into account, and wait. No telling when, but your order will be filled.

Shiiiiiit, I wouldn't dare to leave my coins at BTC-e or any exchange for a long amount of time. They like it in my paper wallets.

That is my biggest concern with trading as well.
beetcoin
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December 08, 2013, 04:33:06 AM
 #16

Take the bitcoin you have and move it to an exchange like btc-e. Put in a sell order that will give you a somewhat decent profit after fees are taken into account, and wait. No telling when, but your order will be filled.

Shiiiiiit, I wouldn't dare to leave my coins at BTC-e or any exchange for a long amount of time. They like it in my paper wallets.

That is my biggest concern with trading as well.

same. but if you're not willing to take the risks, someone else will.. and they'll end up making big bucks.

i think OP's point is to not be too greedy. you can make money if you put buy orders at a profit.
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March 17, 2014, 01:12:32 PM
 #17

best thread why so little replies?

i do this with gambling, i bet if i lose i bet double (in games where its about 50% chance to double or lose everything) and so on, yes you can lose everything, that is a possibility, but like in trading you can ride the lucky streak and then know to pull out take some cash out and start gambling less, this way u can acctually be making money even logically it makes no sense, i call profits the balls of steel payments, because you will lose everything multiple times, but if you just dont give shit and keep on, eventually you will run into lucky streak, then it is all about discipline to pull out in the right moment Cheesy, it really makes no sense logically, but its like universe paying for the brave hahaha Cheesy, i learned thsi method from david choe i didnt believe it is possible, but once u hold mad cash in ur hands, you are like wtf how i did this hahaha, but i lost many times before getting there...
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March 17, 2014, 10:46:15 PM
 #18

ITT: buy low and sell high is a brilliant, groundbreaking idea Wink

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
18N9md2G1oA89kdBuiyJFrtJShuL5iDWDz
5thStreetResearch
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March 17, 2014, 11:10:48 PM
 #19

day trading Bitcoin is dead until we get some volume again, virtually none to be found the past 10 days

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