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Author Topic: How to actually use bitcoinica?  (Read 1825 times)
speeder
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September 26, 2011, 02:07:40 PM
 #1

I tried using bitcoinica...

I had the chance, once, to profit 500 USD

But right now I have a -380 USD account there...



Seemly the spread is too big to daytrade (the thing I was good at all, when I had patience and time I daytraded a lot in mtgox, sometimes competing with bots, and could easily profit there), and it is too sensitive to panic sells, causing stupid forced liquidations...


So, can someone tell me on how to use bitcoinica decently? It is TOO EASY to lose ungodly amounts of money there in a spike downards, and seemly too hard to profit, since in a spike upwards, only the buy price increase, not the sell price.

Or in fact, bitcoinica is the only winner and all users are losers?

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September 26, 2011, 02:55:38 PM
 #2

1) Set your orders ~10-15% +/- what the market can hold at any given time.  Catch the spikes, get rid if it when it rebounds.
2) Or if you have existing orders, don't forget to set your stoploss orders.
3) Don't leverage everything you have.  at 50% leveraged, the price would have to move 50% away from your favor inorder to force liquidation (i think my rough math is right)

Overall, don't be rambo.  Bank your profits, cut your losses.

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September 26, 2011, 04:44:04 PM
 #3

Or in fact, bitcoinica is the only winner and all users are losers?

That's not true. We have many customers making more than 100% on a single day. (We hope someone can voluntarily post their positions on the forum, because we can't disclose any customer information.)

I'm not supposed to give any detailed trading advice. But here's the general idea for any trading activity:

- Never let forced liquidation be your stop loss orders.
- Control your position carefully and always follow the market trend. (It's easier to follow the trend than to catch the top/bottom.)
- Swap your position intelligently. Change your mind quickly.
- Avoid placing orders when the spread is too large.
- Set your limit/stop orders based on technical support/resistance, and remember to place multiple limit/stop orders with different prices to avoid occasional slippage. (You don't want to close all your position when the price is just 1 cent below the support.)
- Use the intelligent trailing stop orders to earn profits and cut losses using a single order, and prevent reversal in market trend when you sleep.

Generally, traders who are able to utilize all Bitcoinica's features can earn much more on Bitcoinica than on Mt. Gox.

We're always glad to have profitable traders because we hedge their positions at the market as well. That'll be a win-win.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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BitMagic
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September 27, 2011, 01:36:57 AM
 #4

Catch the spikes, get rid if it when it rebounds.

And he means the longer-term spikes. Basically, I learned cheaply that Bitcoinica isn't worth short-term trading because of volatility. Grab a position that you like and hold onto it, and don't over-leverage so you have control over when you come in and out of positions. Think a bit longer term with Bitcoinica.

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January 18, 2012, 03:04:21 AM
 #5

WTF !!!!!!! i have one coin @ 6,4 i say it shuld sell at 6,45 ... second later i look it sold at 5,99999 please fix some explanations it sux

all the values change/updates out of sync so not to make head or tail in wtf anything means, and you have 4 methods of placeing advanced orders i only been trying with the limit and from what it says it works oposit ?

been trading on btc-e, mtgox and others with decent success, was to try something new it does look nice and site look and reacts better then most other exchanges so would be great with some introduction of sum sort Smiley

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January 18, 2012, 03:12:40 AM
 #6

Can not understand why Bitcoinica does not give a detailed instruction HOW to trade and also if you have got questions do not reply to them. As a newbie like I am I don´t have the chance to learn trading on bitcoinica.

Also I am sure, that this kind of extremly up- and down spikes are made by bots and almost bitcoinica.
I would like to see, if Mt.Gox could regulate this a bit and forbid those kind of bots.

@speeder: I guess you are right: after all bitcoinica is  the only winner.

We should give it a new name "bitpanica" is much better. ;-)

www.Bitcoin-Tools.de - Price Alert & Calculator
A little tool to keep you informed or wake you up, if Mt.Gox reaches a defined price level and a calculator to convert  BTC or USD based on live Prices.
BTC: 1BQTankpeCZict849JRHxxYFnwZARV3YX7 | LTC: LecEsSJMYZK7wk493QvyNzA4BxHpXviAEA | PPC: PQdjfxTbjnXThwJ5bbEgJkc9GZcKpib9DM
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January 18, 2012, 03:15:25 AM
 #7

We're always glad to have profitable traders because we hedge their positions at the market as well. That'll be a win-win.
And keep all others uninformed (especially the newbies like me) than you will receive much more! Well done!

www.Bitcoin-Tools.de - Price Alert & Calculator
A little tool to keep you informed or wake you up, if Mt.Gox reaches a defined price level and a calculator to convert  BTC or USD based on live Prices.
BTC: 1BQTankpeCZict849JRHxxYFnwZARV3YX7 | LTC: LecEsSJMYZK7wk493QvyNzA4BxHpXviAEA | PPC: PQdjfxTbjnXThwJ5bbEgJkc9GZcKpib9DM
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January 18, 2012, 03:17:24 AM
 #8

WTF !!!!!!! i have one coin @ 6,4 i say it shuld sell at 6,45 ... second later i look it sold at 5,99999 please fix some explanations it sux

all the values change/updates out of sync so not to make head or tail in wtf anything means, and you have 4 methods of placeing advanced orders i only been trying with the limit and from what it says it works oposit ?

been trading on btc-e, mtgox and others with decent success, was to try something new it does look nice and site look and reacts better then most other exchanges so would be great with some introduction of sum sort Smiley

someone's frustrated.
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January 18, 2012, 03:33:34 AM
 #9

someone's frustrated.
me, too! 

www.Bitcoin-Tools.de - Price Alert & Calculator
A little tool to keep you informed or wake you up, if Mt.Gox reaches a defined price level and a calculator to convert  BTC or USD based on live Prices.
BTC: 1BQTankpeCZict849JRHxxYFnwZARV3YX7 | LTC: LecEsSJMYZK7wk493QvyNzA4BxHpXviAEA | PPC: PQdjfxTbjnXThwJ5bbEgJkc9GZcKpib9DM
zhoutong
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January 18, 2012, 03:38:06 AM
 #10

Trailing stops work now ?

WTF ? seriously Zhou ?

I didn't change anything. I was revisiting the code and I didn't find any problems. Perhaps it's caused by floats. (Don't worry! Your money isn't saved as floats.)

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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Crypt_Current
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January 18, 2012, 03:38:44 AM
 #11

Can not understand why Bitcoinica does not give a detailed instruction HOW to trade and also if you have got questions do not reply to them. As a newbie like I am I don´t have the chance to learn trading on bitcoinica.

Also I am sure, that this kind of extremly up- and down spikes are made by bots and almost bitcoinica.
I would like to see, if Mt.Gox could regulate this a bit and forbid those kind of bots.

@speeder: I guess you are right: after all bitcoinica is  the only winner.

We should give it a new name "bitpanica" is much better. ;-)

Full, in-depth documentation is coming soon to Bitcoinica.

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
LTC:  LRL6vb6XBRrEEifB73DiEiYZ9vbRy99H41  NMC:  NGb2spdTGpWj8THCPyCainaXenwDhAW1ZT
zhoutong
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January 18, 2012, 03:39:40 AM
 #12

Can not understand why Bitcoinica does not give a detailed instruction HOW to trade and also if you have got questions do not reply to them. As a newbie like I am I don´t have the chance to learn trading on bitcoinica.

Also I am sure, that this kind of extremly up- and down spikes are made by bots and almost bitcoinica.
I would like to see, if Mt.Gox could regulate this a bit and forbid those kind of bots.

@speeder: I guess you are right: after all bitcoinica is  the only winner.

We should give it a new name "bitpanica" is much better. ;-)

Full, in-depth documentation is coming soon to Bitcoinica.

Confirmed! Yay!

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
Crypt_Current
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January 18, 2012, 03:40:31 AM
 #13

Catch the spikes, get rid if it when it rebounds.

And he means the longer-term spikes. Basically, I learned cheaply that Bitcoinica isn't worth short-term trading because of volatility. Grab a position that you like and hold onto it, and don't over-leverage so you have control over when you come in and out of positions. Think a bit longer term with Bitcoinica.

YOU!!!  It was YOU that took that big dump earlier, wasn't it??

XD

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Jessi
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January 18, 2012, 03:42:16 AM
 #14

I saw that a "live-tour" was promised about some month ago... and?

www.Bitcoin-Tools.de - Price Alert & Calculator
A little tool to keep you informed or wake you up, if Mt.Gox reaches a defined price level and a calculator to convert  BTC or USD based on live Prices.
BTC: 1BQTankpeCZict849JRHxxYFnwZARV3YX7 | LTC: LecEsSJMYZK7wk493QvyNzA4BxHpXviAEA | PPC: PQdjfxTbjnXThwJ5bbEgJkc9GZcKpib9DM
notme
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January 18, 2012, 03:45:53 AM
 #15

Can not understand why Bitcoinica does not give a detailed instruction HOW to trade and also if you have got questions do not reply to them. As a newbie like I am I don´t have the chance to learn trading on bitcoinica.

Also I am sure, that this kind of extremly up- and down spikes are made by bots and almost bitcoinica.
I would like to see, if Mt.Gox could regulate this a bit and forbid those kind of bots.

@speeder: I guess you are right: after all bitcoinica is  the only winner.

We should give it a new name "bitpanica" is much better. ;-)

I'm a winner.  And, I was long during the drop.  Hopefully some uberbears learned their lesson.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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Crypt_Current
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January 18, 2012, 03:47:50 AM
 #16

I saw that a "live-tour" was promised about some month ago... and?

I am working with Zhou on some exciting new features for Bitcoinica in the near future.

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
LTC:  LRL6vb6XBRrEEifB73DiEiYZ9vbRy99H41  NMC:  NGb2spdTGpWj8THCPyCainaXenwDhAW1ZT
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January 18, 2012, 03:52:47 AM
 #17

indeed, i was made it back now still have a question or two bout it but ill figure it

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January 18, 2012, 04:22:47 AM
 #18

indeed, i was made it back now still have a question or two bout it but ill figure it

If you need assistance with Bitcoinica, you can PM me and I will respond as soon as I can.

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
LTC:  LRL6vb6XBRrEEifB73DiEiYZ9vbRy99H41  NMC:  NGb2spdTGpWj8THCPyCainaXenwDhAW1ZT
Crypt_Current
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January 18, 2012, 04:27:11 AM
 #19

Can not understand why Bitcoinica does not give a detailed instruction HOW to trade and also if you have got questions do not reply to them. As a newbie like I am I don´t have the chance to learn trading on bitcoinica.

Also I am sure, that this kind of extremly up- and down spikes are made by bots and almost bitcoinica.
I would like to see, if Mt.Gox could regulate this a bit and forbid those kind of bots.

@speeder: I guess you are right: after all bitcoinica is  the only winner.

We should give it a new name "bitpanica" is much better. ;-)

I'm a winner.  And, I was long during the drop.  Hopefully some uberbears learned their lesson.

I was long during the drop too... Scary

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
LTC:  LRL6vb6XBRrEEifB73DiEiYZ9vbRy99H41  NMC:  NGb2spdTGpWj8THCPyCainaXenwDhAW1ZT
cheat_2_win
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January 18, 2012, 04:34:22 AM
 #20

Difficulty trading in Bitcoinica is not due to Bitcoinica itself, rather due to how the margin trading works. So my suggestion would be to learn how margin trading works before using Bitcoinica.

As for me, I am happy with MtGox and have no intention of trying Bitcoinica anytime soon.
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