That sounds right, but also if your offers are not already piled up waiting for those moments to happen you can often miss them, especially if you have to wait X number of blocks confirmation for the exchange to admit your coins arrived, more-especially if you have to fire up your node and let it catch up to the blockchain before you can send, and worse yet if you have a "day job", only hear about a price movement sneaking a quick look at the markets between tasks, and have to wait until you get home to even fire up your node. Even then be glad you don't like some folk have to wait for the weekend to even think about how your coins are doing.
Even back in the good old days when every third, oh wait maybe it was every second, hmm not sure maybe 2/3rds of is more like it (
) exchange flew by night or played the "we got hacked" exit strategy - every other week was it? - the profits were so huge that in very short order everything one sent to an exchange was already just partial profits from a previous exchange before it flew away or blew up; so despite all the warnings to amateurs stressing never leave your coins on an exchange and not your keys not your coins nonetheless stacking columns of buy and sell offers upward and downward from the "spread" was the cash cow strategy, with the buy side at least twice as dense as the sell side for those coins one was (literally) supporting. Heck more than twice as dense approaching zero since as the lowest price the order book can take approaches the rate of "dumping" tends to accelerate.
The dumps and skyrockets are the fast profits, you profit on both sides, all sells are buys of the other side, all buys are sells of the other side, profit both ways.
Nowadays although everyone still goes on about "volatility" its like nothing, slow, slow, compared to the old days.
But slow too it seems are the flights by night, the we got hacked exit strategies?
Or am I just far more cautious about trying new exchanges being as how the very few I still use have been around for year after year after year and the supply of new ones to pick-and-choose so much larger nowadays?
Obviously this is for professionals, best no doubt to make that fact clear to amateurs, but it still seems to me, albeit with after all these years not only everything I have on exchanges but also probably pretty much everything I have at home, not to mention all the homes themselves oops I just did mention those didn't I, that this piling huge columns of buy and sell offers in both directions is still the way to go, albeit maybe nowadays the coins for which one needs, to be safe, to pile one's sell offers not only three times as high as one imagines the price will ever go but three times that again and even then sometimes wake up to find it skyrocketed off the top of your sell-offer column... are few and far between.
Heck nowadays there are some pairs on some exchanges where your 1 to 100 satoshis buy offers might never, it seems, ever, it almost seems, get dumped down to. Maybe even some where all the way up to 1000 satoshis or more. Heck even higher maybe. You might wish, anyway. But if some whale does get hacked and their bags on that exchange dumped by the hacker on way to hacker cashing out would you maybe even yet get surprised?
Pay no attention kids, heck even amateurs, pay no attention, ramblings of an old timer, move along, move along, no leaving your coins on exchanges kids, not your keys not your coins, take your time getting onto an exchange when prices spike, yeah thats the ticket, let me smooth that spike down for you before you get there...
-MarkM-
P.S. Professionals, note it is
unprofessional not to
take profits while anything left on the exchange is not already itself pure profit; just make the bottom of the buy side column of offers denser to accumulate and thin it back down toward twice as dense as your sell side column to take profit... hopefully
before the exchange implodes, explodes, or "exits"...
