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RenascentMisanthropy

Bitcoin trading.....

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I know nothing.

 

But it doesn't seem that hard? I've been dabbling in this for the past week or so watching the trends of the market, place orders for when it's low, set stop losses as it rises above the opening price and take profits when it's high. I lost a bit at first because I panicked when I saw my open positions lose value and sold them at the wrong time, but I've since learned to have enough equity in my trading accounts to follow the market as it falls, I've been keeping my margin about 10-15%. Understandably there's always the risk of the market falling way beyond what my equity would allow for but so far so good and I've made more than half back in net profits on top of the equity I started with 9 days ago.

 

I see how people make careers out of this.

 

What are the atomicans thoughts?

Edited by RenascentMisanthropy

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Its not easy to hold off from panic selling, but if I've learnt anything from the ASX, treat this like a long term share holding and it really doesn't matter what you buy it for right now.

 

No one can time the Market perfectly.

 

Just don't dump all ur money into it now.

Keep some for when it crashes...if it does.

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Bitcoin comes across to me as the world's biggest pontzi scheme

 

One day somebody will wake up and realise it is based on wishful thinking

Then the whole thing comes down like a house of cards

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Bitcoin comes across to me as the world's biggest pontzi scheme

 

One day somebody will wake up and realise it is based on wishful thinking

Then the whole thing comes down like a house of cards

The same goes for investing in foreign currency of any kind, really.

 

But Yeah, the friends I've seen trying to drum up support and groups and commissions and etc all seem to be making it sound like a pyramid scheme.

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my sage advice on investing would be recognise it's always a gamble

 

if the market is bunta and you want to have the best outcome, gamble till you double your money, and then reclaim the original investment part... thereafter you can go nuts starting anew with the same amount as your original investment, as you are using money you didn't really have to start with - any gains (and the stake) are all purely "profit", so you are gambling with essentially a virtual nest egg... although it can be cashed in for real $ when you've got rich or lose your nerve

 

and if it all goes fubar, you still have the initial stake back already

 

 

leverage is the problem... people commit funds relying on the market to cover their borrowed capital, and if things go bad (ha! that's n inevitable but unpredictable situation): they're truly fucked and in debt for zillions

 

personally, i look at bitcoins and think "why not?" but to make serious money i'd have to risk serious money, and i'm risk averse enough to let my superannuation make a more sedate but relatively less risky 12% than "get rich quick, or possibly poorer even quicker"

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...gamble till you double your money, and then reclaim the original investment part...

Yes. Also, don't gamble what you cannot afford to lose.

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Bitcoin comes across to me as the world's biggest pontzi scheme

 

i would say that real estate is actually the world's biggest ponzi scheme, because nearly everyone has to play it

 

bitcoin is big, but it's a small fish in the big ocean of finance

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Real estate, not going to argue

But at least you own something

 

depending on leverage and eventual market corrections (even just slower price rise), if interest rates kick up again (as they do), many people will have an increasingly substantial ongoing mortgage to service

 

 

equity is comforting, but you can't live on it (something i presently understand all too well due to circumstances)... having a lazy million + surrounding you in the form of a comfy residence sorta loses on satisfaction... "you can't eat a gold mine"

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I ended up losing all the earnings and money in my trading accounts over the weekend as the price of bitcoin dropped about 2000usd. Ah well, maybe I'm not meant to be a bitcoin trader after all :D

Edited by RenascentMisanthropy

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I ended up losing all the earnings and money in my trading accounts over the weekend as the price of bitcoin dropped about 2000usd. Ah well, maybe I'm not meant to be a bitcoin trader after all :D

Keep the bc you have! If you possibly can, acquire more now when the price is low - it'll recover. Even if it never gets as good as it was (it'll probably surpass it) you'll make a better return than selling your now-cheaper ones.

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I ended up losing all the earnings and money in my trading accounts over the weekend as the price of bitcoin dropped about 2000usd. Ah well, maybe I'm not meant to be a bitcoin trader after all :D

Keep the bc you have! If you possibly can, acquire more now when the price is low - it'll recover. Even if it never gets as good as it was (it'll probably surpass it) you'll make a better return than selling your now-cheaper ones.

 

 

 

Unfortunately it doesn't work like that ... if you don't have the equity to match the market as the unit price drops it basically takes all your money and then kicks you out

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Unfortunately it doesn't work like that ... if you don't have the equity to match the market as the unit price drops it basically takes all your money and then kicks you out

 

 

 

"but, but.... it'll recover" said every gormless gambler who lost everything they had whilst maintaining firm belief that the rally would happen very soon

 

best advice ever ? - "no-one rings a bell at the top of the market"

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"but, but.... it'll recover" said every gormless gambler who lost everything they had whilst maintaining firm belief that the rally would happen very soon

 

best advice ever ? - "no-one rings a bell at the top of the market"

Except that with stocks (apparently not Bitcoins - thanks RM) you've already forked out for them (whether or not funds have been transferred yet), so if the market plummets it costs you no more to hang onto them, and every stock for a still-valid technology recovers at least somewhat. Unless you bought at peak, you're better off holding them.

 

As for selling... Yeah. Best you can do if you're going to play that game is learn how to accept a modest profit and get out. You might miss a bit or even a chunk, but it's the people who hold out for the peak who lose the lot.

 

Statistically, investors win in the long run, but studies have shown that (barring insider trading) a computer trading randomly does about as well as professional brokers over that same long run. Seems like that's a mug's game to me.

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Unfortunately it doesn't work like that ... if you don't have the equity to match the market as the unit price drops it basically takes all your money and then kicks you out

"but, but.... it'll recover" said every gormless gambler who lost everything they had whilst maintaining firm belief that the rally would happen very soon

 

 

Like i said, if you don't have the equity in your trading account to match the margin as the price drops and you hadn't been smart and set a "stop loss", it takes all your money and kicks you out of the position.

 

I'm taking the hit as a learning experience, I watch those videos "5 most common trading mistakes" and I'm seeing that that's what I did. I think in future I'll keep my margin around 10-15%

Edited by RenascentMisanthropy

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eeeeeeeeee, BTC is almost at $20,000 AUD

 

Who was it on here, who bought everyones bitcoins in 2009 for $30 each, or something?

 

Hopefully that Atomican is feeling rich right about now!

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