Bitcoinica for noobs?

[Timbo925]

Hi everyone,

I found a site called bitcoinica.com and find this very intreating. I was wondering if any of you now, of some handy sites, to learn about the mechanics of this kind of trading. Read a lot already on this forum. But not always sure if the person who is explaining it, tels the full truth because of hidden intentions.

I do now it is a risky business but looks fun to mess around with some of my bitcoins that I mine.

[1714990597]

1714990597

[1714990597]

1714990597

[koin]

bitcoinica is margined trading.  i.e., not for noobs

here's probably the best place to go to start learning: http://www.finra.org/Investors/SmartInvesting/GettingStarted/OpeningaBrokerageAccount/index.htm

fortunately, bitcoinica does not limit access and does not send guido after you if you lose more than you deposited with them.  there is no penalty to trading even just tiny amounts so you can give it a try with just a fraction of a bitcoin if you wish.

by default your margin level is 2.5:1.  you can update your profile to get to 5:1 or to 10:1 even if you like losing your money instantly.

[RandyFolds]

You will be zhoutonged quick if you don't know what you're doing. I recommend reading up on margin trading as much as possible and playing with small amounts before you commit any real resources. There is a ton of stuff on this forum, just remember that the search box is only for the thread or subsection you are on, so if you want to search the whole site, do it from 'home'.

[Timbo925]

Thx for the link. Will try it out with 1 bitcoin. Wont go broke from losing that

[BadBear]

Leverage your 1btc and you can have 10btc

Don't do this.  Going 10:1 gives you no room for volatility (upping your leverage decreases your margins), and that's shooting yourself in the foot with the way the market is going lately.