You are completely normal, 99.99% of people lose money trading, (anything, not just bitcoin) i have been a trader since 1978, online trading since 1996 and have seen it all. Some simple rules
1) no more then 10% of your capital in anything, causes less panic
2) continue to believe in what you bought for the same reason you bought it.. But set stop losses. Ie 10% loss get out
3) if you want to trade do it on a longer term basis over weeks never day trade until you have many years experience and technical setups you know how to use.
4) use technical setups you can learn and are comfortable
5) right now, with btc, you are trading against rookie carbon based life forms, unlike the big markets where is is all computers and hft trading, so fear and greed are motivating most live rookie traders.. Im currently making a killing trading btc and ltc (against guys like you , sorry ) ... Haven't had this much easy fun since shorting into the tech bust of 2000 :o)
Hope that helps you all move in the right direction and give me some more competition
People who are losing a lot of money trying to trade care, you are obviously not one of them
Setting up a stop loss of 10% on btc is probably a horrible idea given it can go +/- ~20% from day to day. Btc dropping 10% is not the same thing as (most) publicly listed stocks dropping 10%.
Not braggin' buddy i'm very good at what i do, and i'm trying to help out the young people here who are getting killed trading and may lose hope in btc , which i consider to be more important then the internet for the average person life , down the road..once of course exchanges open that use gold/silver and commodities for btc/ltc instead of the current bullshit fiat.
A 17 year old with absolutely no experience in trading of any sort or any knowledge of economics. I've almost the doubled the portion of my btc i used by daytrading.
It's all luck and a bit of anticipation, but anyone can do it. Be ready to lose big, it's highly risky. I only daytrade with a few mbtc for fun since i don't want to risk much, so i'm not "making a killing", i just do it for the excitement.
I'm very excited by your success, keep up the great work.. You have good instincts buddy.. Im 62 and been accumulating and trading/ dealing btc since they were at $8 bucks. Was the only btc powerseller on ebay for a year and cleared $40k, ( lost $5k of that to paypal scams but switched to skrill ) thought i was really smart buying at $8 and selling .15 of btc's to net $50 bucks each. Turns out that was really stupid
Are you trading btc and ltc back to fiat or btc for ltc? I expected tons of volume on the btc/ltc market on cryptsy and there is little. If you want a volatile coin with tons of volume to trade check out dogecoin.
Have done some of that for sure but have nice positions in half a dozen alt coins that im growing through trade only when volume goes off the board for liquidity on many different exchanges.
It may be.. But keep this in mind....there are 300 sites here, all over the world, using it as currency now, along with the 3,000 btc sites
Coinmap.org
Do you think using dollar cost average by setting to buy $100 of bitcoin at $600/btc, $100 at $550/btc, $100 at $500/btc is a good strategy?
For me i really believe this will be back to $1400 b4 you know it and could get to $10,000 or $100,000 or even higher.. Just ask the programmer, laszlo hanyecz, who first bought the first item for 10,000 btc.. A piece of pizza, that's worth $6.5 million today... A penny way back then (2010 lol) would get you a 1,000 btc.. I've got lots of ltc at a buck and btc at $8 and i will never let them go.
Yes, you can use dollar cost average to trade bitcoin and get profit in bitcoin not in fiat. Through the time you will accumulate more bitcoin in your account. Trader loves volatility. I wish bitcoin can go back to $1200/btc because i bought some bitcoins at $1200/btc price. $100,000 per bitcoin is too much because the bitcoin programmer can divide the decimal (0.00000001) to infinite.
Actually btc is locked in at 8 decimal points forever so when the final one is mined in the year 2140 there will be 21 million of them.. Each btc can be broken down to units that equal .00000001 at the max so there are really 2,099,999,997,690,000 (just over 2 quadrillion) maximum possible units in the total maximum bitcoin design. The value of "1 btc" represents 100,000,000 of these. There is only around an actual 1.6 trillion in printed usd around and currently and 60 trillion in debt http://www.usdebtclock.org/ so there is or will be by 2140, 2000 times more exchangeable bitcoin units then usd and then there are no more...mbits have turned up already and 1/1000 of a bitcoin and are used for small transactions and tipping on websites.
Once exchanges open that trade btc/ltc to gold/silver/commodities, all of which are real. .. This will make it possible that.
One day , when a hard working person in somalia ( or name impoverished country here ) receives the same pay as as anyone else in the world, doing the exact same job he/she is doing and then can take what he/she made and buy some rice at the same price ( all shipping handling for entire world is priced in ) with that same universal currency/asset he/she earned there will be no more poverty anywhere. I know tall order but ...
What many people really don't get yet is bitcoin/litecoin are the worlds first, very liquid, average persons, commodity/asset of exchange and, complete trust system, that doesn't need any governments or banks to exist and it's impact on the lives of the average person will be way bigger then the internet
You said that you sell bitcoin in ebay and using skrill to avoid charge back. How come ebay allows you to sell bitcoin in ebay? They can close your ebay account.
I was selling from sept 2012 to october 2013 and had no probs,, except paypal chargebacks where paypal actually enabled scammers by never finding in favour of a seller , i took that one to the top at both ebay and paypal with no luck , once i changed to skrill chargebacks dropped right off.. I had powerseller status (only one on ebay selling btc with that designation ) do way better trading them now , when i have the time, but at 62 im out, spending more time scuba diving, motorcycle riding and gold prospecting here on vancouver island in canada, where i live :o) i understand ebay britian is now allowing sales on the classified site and the u.s. May follow..
I am very impressed that you are at 62 and very high tech. I sold some bitcoin in ebay with paypal in the us. I had to mail the transaction paper to the buyer with tracking number. When the buyer claimed in ebay i gave ebay the tracking confirmation. Until ebay pulled out my bitcoin listing in ebay. Right now ebay doesn't allow to sell bitcoin in the us.
So hotshot how much have you averaged per week usd profit with how much operating capital?
I don't day trade, but i am converting btc to ltc in hopes of ltc blowing up
Seems like a great bet to me .. Good luck with it..300 sites here all over the world using it as currency now along with the 3,000 btc sites coinmap.org
I'm using an ema cross of 5 and 8 and a stoch/rsi of 28 28 6 6
I look at tea leaves.
I think we'll do about equal.
Setup works good for forex currency pairs and futures contracts like the e-mini.. On a weekly / monthly time frame, not so sure how the tea leaf thing would work for you in those markets, but hey whatever works for anybody is ok by me ... All the power to you buddy
Setup works good for forex currency pairs and futures contracts like the e-mini.. On a weekly / monthly time frame, not so sure how the tea leaf thing would work for you in those markets, but hey whatever works for anybody is ok by me ... All the power to you buddy
It's not possible to make money on forex. Eventually you always lose.
I've made several hundred thousand real dollars in forex trading , but market is absolutely f'd up now and has been since 2008, i wouldn't ever consider trading there again. I was trading online from 2004 to 2007 when the trading volume went from 1.9 trillion to $3 trillion using interactive brokers.. Wild wild west man .. Lots of fun.
I've made several hundred thousand real dollars in forex trading , but market is absolutely f'd up now and has been since 2008, i wouldn't ever consider trading there again.
It basically works like a lottery. How much did you start out with?
I started with $40k in that account and was very happy to find out it traded quite cleanly, from a technical point of view, a very big market, actually way better then any other exchange index at the same time ( nyse , nasdaq or cme futures contract. ) which were all getting really killed by front end bs , high frequency trading (skimming ) quote stuffing etc , that was also , of course, b4 every central bank on the planet started trying to devalue their currencies in 2008 and 700 trillion in world wide derivative, swaps etc contracts were created and hidden ( no public market ) between them all of them and big hedgies, jpm goldman and the gangsters, started floating around. Central governments change accounting rules to hide capital loss at every big bank in the world etc etc etc . Not only can't you trade the shit now, soon i believe it will all be gone.