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Author Topic: https://bitdaytrade.com Bitcoin Gold & Commodities margin trading  (Read 17326 times)
bitdaytrade
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June 21, 2012, 03:07:04 AM
 #21

Sounds good.  I understand you are just brand new basically, but I think you have a really good start.  I have been waiting for something like this because of the margin requirements currently at the CME.  Just someway to trade while I am at school.

Just think like trading FX on an ECN compared to FX with like, well anyone that doesn't run an ECN.  Have you traded FX on Interactive Brokers, for example, or any other ECN?  Just saying.

I think you would gain a lot of credibility to your project/platform if when you placed a limit order, you could simultaneously see this on the DOM.  That way we know what is going on with the orders and you aren't playing games in the background.  Time and Sales window would just basically confirm these things.

If that doesn't make sense, please say so.  


*** ALSO ****

How are the btc kept once we send them to your website?  Are they staying in BTC or being converted to USD?  If BTC price goes down big time that is going to cause huge problems with margin calls if they are not being immediately converted to USD.  Especially because we are using one derivative to trade another derivative

We really appreciate all your feedbacks. We have had experiences trading currencies with various Forex providers and ECN platforms too, mostly with Gold and Oil futures.  What you propose does make a lot of sense, and it will be in the works soon. As per the bitcoins, they get transferred to mtgox as soon as they are received and converted to USD. When a withdrawal is requested, bitcoins are bought and sent via the Mtgox API. Please note that withdrawals are not automatic, nor istant.

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June 21, 2012, 03:10:04 AM
 #22

Bravo on a game changer 50x1 leverage trading gold future  Shocked

Bitcoinica still has not given me 50% of my claim of 600 BTC
INTERSANGO can go down with bitcoinica for abandoning customers
Alberto Armandi is a SCAMMER
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June 21, 2012, 09:32:27 AM
 #23

I am very interested in the possibility of trading traditional markets via BTC, but here’s my concern:

What if Bitcoin rallies a lot and increases in value by say, ten times in a few weeks? Since you sell the Bitcoins, you are essentially short, if I understand correctly, and would have to purchase them much more expensively if I wanted to withdraw my Bitcoins.

Do you have a way to hedge that? If yes, how?

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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June 21, 2012, 09:43:56 AM
 #24

I am very interested in the possibility of trading traditional markets via BTC, but here’s my concern:

What if Bitcoin rallies a lot and increases in value by say, ten times in a few weeks? Since you sell the Bitcoins, you are essentially short, if I understand correctly, and would have to purchase them much more expensively if I wanted to withdraw my Bitcoins.

Do you have a way to hedge that? If yes, how?

We have methods in place to watch for those circumstances and take appropriate action, i.e. Buy Bitcoin if price suddenly spikes up and use USD reserves to back up gold trading. We are also planning to add Bitcoin as a traded commodity itself shortly, just like Bitcoinica.

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June 21, 2012, 12:14:56 PM
 #25

Added basic charting functionality https://bitdaytrade.com/charts

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June 21, 2012, 01:38:16 PM
 #26

Please see the message,
https://bitcointalk.org/index.php?topic=88902.msg979814#msg979814
Regarding my current position.
//DeaDTerra
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June 21, 2012, 02:39:57 PM
 #27

BitDayTrade IPO announcement has been released Smiley
Have a look at https://bitcointalk.org/index.php?topic=88902.0
//DeaDterra
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June 21, 2012, 02:47:07 PM
 #28

Thanks a million to DeadTerra for all the support provided!

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June 21, 2012, 02:49:14 PM
 #29

Thanks a million to DeadTerra for all the support provided!
No problems, I am always up for helping Bitcoin companies off the ground Smiley
//DeaDTerra
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June 21, 2012, 06:16:49 PM
 #30

Congratulations on being the first to launch this service, I've been waiting for this day. It seems a little "too good to be true" which, in combination with the bitcoinica fiasco, leaves me skeptical.

I'd like to know where you hedge the gold positions, to have more confidence bitdaytrade isn't a bucket shop (with bitcoinica it was known they hedged at MtGox).

Also, why no MtGox codes for deposits? You claim to sell the BTC on mtgox anyway..

We have methods in place to watch for those circumstances and take appropriate action, i.e. Buy Bitcoin if price suddenly spikes up and use USD reserves to back up gold trading. We are also planning to add Bitcoin as a traded commodity itself shortly, just like Bitcoinica.

This seems like a disaster waiting to happen. If you buy bitcoin when price suddenly spikes, you'll have losses (bucket shop betting against the customers).

I like that I can stay long in BTC and open a gold position. Decreasing my gold position if btc falls, so that i take losses if its a losing position, is the right way to do it. Good job with that.

But if you're hedging/scaling the gold position then there should be no need to sell the deposited BTC (and again, you can't sell it without betting against the customer).


I deposited a few BTC, but I would've been able to short gold earlier if I didn't have to wait for the confirmations. I missed the big move down.. going to wait for a bounce up now.

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June 21, 2012, 11:54:50 PM
 #31

Congratulations on being the first to launch this service, I've been waiting for this day. It seems a little "too good to be true" which, in combination with the bitcoinica fiasco, leaves me skeptical.

I'd like to know where you hedge the gold positions, to have more confidence bitdaytrade isn't a bucket shop (with bitcoinica it was known they hedged at MtGox).

Also, why no MtGox codes for deposits? You claim to sell the BTC on mtgox anyway..

We have methods in place to watch for those circumstances and take appropriate action, i.e. Buy Bitcoin if price suddenly spikes up and use USD reserves to back up gold trading. We are also planning to add Bitcoin as a traded commodity itself shortly, just like Bitcoinica.

This seems like a disaster waiting to happen. If you buy bitcoin when price suddenly spikes, you'll have losses (bucket shop betting against the customers).

I like that I can stay long in BTC and open a gold position. Decreasing my gold position if btc falls, so that i take losses if its a losing position, is the right way to do it. Good job with that.

But if you're hedging/scaling the gold position then there should be no need to sell the deposited BTC (and again, you can't sell it without betting against the customer).


I deposited a few BTC, but I would've been able to short gold earlier if I didn't have to wait for the confirmations. I missed the big move down.. going to wait for a bounce up now.

Thanks a lot, more commodities, and bitcoin itself will be coming soon!  We will eventually integrate the missing  mtgox Bitcoin code deposit feature.
We do have a pretty large account at instaforex and we hedge all trades there. Don't worry for now about our methods to protecting from price spikes, they are tested throughly as they are an important part of the CFD trading system itself. Thanks for your smart feedbacks! hope you are satisfied with our platform, and for any problem refer to the support email on the site info@bitdaytrade.com. Thanks again!

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June 25, 2012, 12:10:28 PM
 #32

I didn't receive confirmation e-mail after signup (about 3 minutes). Waiting longer...

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bitdaytrade
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June 25, 2012, 03:10:34 PM
 #33

I didn't receive confirmation e-mail after signup (about 3 minutes). Waiting longer...

Check your spam folder, from a quick check it looks like there are no issues with your signup. Please post update here

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June 26, 2012, 07:02:57 AM
 #34

I didn't receive confirmation e-mail after signup (about 3 minutes). Waiting longer...

Check your spam folder, from a quick check it looks like there are no issues with your signup. Please post update here

I have no spam folder. I even went to the webmail interface of the email provider and looked around there and searched. No email from "*bitdaytrade*".

I received your test-email.

Thanks for manually confirming my account.

I have since changed the email address to another one. Nothing received there as of now (didn't expect a mail to be sent, of course).


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June 26, 2012, 07:34:26 PM
 #35

Hmm... very interesting... Im new to this type of trading so please forgive me.

I see that OP says .01 of a contract should cost around $16.  I deposited .1 BTC and set leverage option to 50:1.  This give me a Tradable Margin of USD 31.82080000

Why cant I buy .01 of a contract?

Also I noticed this

"You get charged or credited a carry interest for any position left open overnight. Long positions are charged the calculated amount. The amount is calculated based on your account exposure."

Could you elaborate on what this means for those of us who are new?
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June 27, 2012, 08:06:32 AM
 #36

hi,

i like your site and trying now with 0.5btc.

PUTS do work very well, but i cant open a LONG Position.
it shows (very shortly) in the "Your queued positions"-list but never gets to a position.

btw: if i have a short position and open a long one. will the short position stay or is it "eaten by" the long one.

regards
flower
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June 28, 2012, 08:36:37 AM
 #37

hi,

i like your site and trying now with 0.5btc.

PUTS do work very well, but i cant open a LONG Position.
it shows (very shortly) in the "Your queued positions"-list but never gets to a position.

btw: if i have a short position and open a long one. will the short position stay or is it "eaten by" the long one.

regards
flower

We are looking into the problem right now and yes, you can open opposing positions and hedge your trades. Thank you very much for your feedback.

Cheers

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June 28, 2012, 02:09:52 PM
 #38

So, You canceled my trades and took my gains... Now I can't get back my bitcoin... What do I need to do to get my funds out?

my withdraw took 1 day to get processed. i guess they are doing it manually.
bitdaytrade
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June 28, 2012, 03:15:51 PM
 #39

Hmm... very interesting... Im new to this type of trading so please forgive me.

I see that OP says .01 of a contract should cost around $16.  I deposited .1 BTC and set leverage option to 50:1.  This give me a Tradable Margin of USD 31.82080000

Why cant I buy .01 of a contract?

Also I noticed this

"You get charged or credited a carry interest for any position left open overnight. Long positions are charged the calculated amount. The amount is calculated based on your account exposure."

Could you elaborate on what this means for those of us who are new?



Reported bug should be fixed. Thank you for the head up. You should now be open a 0,01 contract position with 0,1 Bitcoin. If you leave an LONG open position overnight, the 3% carried interested is calculated over the total value of your position in USD and converted to Bitcoin, then charged to your account. If you have a LONG position for 0,01 contract at 1.570,30 it means you are charged 0,47109 for each night you keep the position open.
See calculation (1.570,30*0,01)*0,03) = 0,47109 USD

EDIT : Carried interest charge is not being enforced yet.

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June 28, 2012, 03:17:44 PM
 #40

Can you guys post any more information on this "bug" that made you undue my position and take away my gains?

will this happen every time I am up?


The bug has been fixed and we ensure you this will not happen again in the future, you have been credited 1 btc to cover your losses.  We do apologize for any additional inconvenience this might cause to you.

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