(Day Trading) Keeping track of MtGox transaction fees.

[BitFun]

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?

[1715147783]

1715147783

[1715147783]

1715147783

[1715147783]

1715147783

[1715147783]

1715147783

[RandyFolds]

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%...

[anonymous5050]

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]

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. ;-)

[BitFun]

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]

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.

[BitFun]

cool, thanks!

[Serenata]

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