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Author Topic: (Day Trading) Keeping track of MtGox transaction fees.  (Read 2888 times)
BitFun
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February 07, 2012, 12:43:21 AM
 #1

Hey all,

So I'm fairly new to day trading and something i'm having trouble with is keeping track of the fees that come with transactions on MtGox. I attempt to calculate the fee costs before making a buy/sell to be sure the profit will cover it, but somehow i keep coming out negative due to fees. Can anyone help me out with this?

Or in short, how can i tell how much of a gap i need in buy/sell price to make a profit at a .60% trade fee?
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RandyFolds
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February 07, 2012, 12:51:47 AM
 #2

Hey all,

So I'm fairly new to day trading and something i'm having trouble with is keeping track of the fees that come with transactions on MtGox. I attempt to calculate the fee costs before making a buy/sell to be sure the profit will cover it, but somehow i keep coming out negative due to fees. Can anyone help me out with this?

Or in short, how can i tell how much of a gap i need in buy/sell price to make a profit at a .60% trade fee?

Make sure the spread between your sell price and buy price is greater than .6%...

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▓▓ ONEDICE.ME ▓▓▓▓▓ BEST DICE EXPERIENCE ▓▓▓▓ PLAY OR INVEST ▓▓▓▓▓▓
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anonymous5050
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February 07, 2012, 01:30:37 AM
 #3

Its actually 1.2% for low volume traders because you get hit with the fee when you buy and then again when you sell.  You will show a bigger profit per trade on smaller exchanges because of their higher spreads, but the action wont be as fast as it is on mtgox.  I like intersango's interface better than gox for daytrading because it has the open orders on the trading page.
Jessi
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February 07, 2012, 06:52:18 AM
 #4

You can try the Tool on http://www.bitcoin-tools.de (at the Bottom on the first Page, there is a Link to the early Alpha of this Tool).
I had sometimes the same Problem and needed a calculator for it. There may some bugs inside, please feel free to report them to me.
Anyway it should help you to find out how big the gap is. ;-)

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
BitFun
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February 08, 2012, 01:13:17 AM
 #5

Hey all,

So I'm fairly new to day trading and something i'm having trouble with is keeping track of the fees that come with transactions on MtGox. I attempt to calculate the fee costs before making a buy/sell to be sure the profit will cover it, but somehow i keep coming out negative due to fees. Can anyone help me out with this?

Or in short, how can i tell how much of a gap i need in buy/sell price to make a profit at a .60% trade fee?

Make sure the spread between your sell price and buy price is greater than .6%...

So i just take 1.2% of the usd I'm spending and make sure I'll profit more than that, correct?
RandyFolds
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February 08, 2012, 01:29:03 AM
 #6

Hey all,

So I'm fairly new to day trading and something i'm having trouble with is keeping track of the fees that come with transactions on MtGox. I attempt to calculate the fee costs before making a buy/sell to be sure the profit will cover it, but somehow i keep coming out negative due to fees. Can anyone help me out with this?

Or in short, how can i tell how much of a gap i need in buy/sell price to make a profit at a .60% trade fee?

Make sure the spread between your sell price and buy price is greater than .6%...

So i just take 1.2% of the usd I'm spending and make sure I'll profit more than that, correct?

Correct. In my previous post, I forgot about the whole getting screwed from both sides thing...so .6% on each side of the trade.

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▓▓ ONEDICE.ME ▓▓▓▓▓ BEST DICE EXPERIENCE ▓▓▓▓ PLAY OR INVEST ▓▓▓▓▓▓
▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓
BitFun
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February 08, 2012, 01:31:04 AM
 #7

cool, thanks!
Serenata
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March 16, 2012, 11:35:04 AM
 #8

Need to take into consideration the deposit/withdrawal fees as well (if you do that often).

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