Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Well, my motivation for trading it, is Bitcoin itself. I love the concept and was instantly fixated. This journal is an attempt to combine my two passions right now, trading and Bitcoin.
The reward is certainly there, and I personally believe in the fundamental foundation moreso than any penny stock, but that is speculative. The downside risk is measurable and volatile yes, but the upside potential is unfathomable from my perspective.
I aim to use my skills in trading to skip out in the speculative crashes, you'll notice my time frame is fairly high and I focus on context, as I am very aware of the manipulation that can occur. My goal with this experiment isn't to increase my USD valuation exactly but to accumulate more BTC, the only way to do that is to have fiat on hand after each crash.
I will remind you though that I only allocate a portion of my capital to this experiment, and it has already paid for itself. I do not rely on my BTC to pay my rent as yes, the volatility is one of the main issues of becoming more of a currency and less a speculative vehicle. We should see the volatility decrease with a higher market cap, and hopefully be adopted by more merchants.
For the volume profile fans out there, here is a shitty formatted profile since the run up at the end of March. Haven't had time to play with my Sierra settings much, i'll make all my charts cleaner....sometime.
I'll try and post some footprints of some of the sell-offs later, and blow your mind how much easier it is to spot walls than other instruments.
I spent some time looking into having my own ASIC rig built, mostly for novelty. No way was I going to pay the 10x resale prices . My plan was to buy into one of the group buys for a Avalon chip lot , some dude in Germany will assemble these for 100 EUR in 20pc array.
After comparing some Avalon lot #s I came to the conclusion that there are probably some 400 10k lots of these chips ahead of me, and 10s of thousands of backorders starting to get filled at BFL and Avalon. It definitely appears that the hash rate will tenfold or more by the time I would be able to plug anything in, reducing the margins too much for me to bother.
A visualization of Bitcoin being created, pulled it off Reddit, thought it was pretty cool. Price is still ranging between 100-110, im not interested in taking a trade until it breaks.
It didn't do what I was hoping last night, I sold my long at entry @ 112.50. I set a price alert on my phone for 115 to see if it could make it through that wall on the second test, the damn thing didn't go off, going to look into fixing that.
This is the chart that is causing me to be sketched out on longs at this level, a large wedge developing.
If for some reason we clear 115 area convincingly, I might get back in. Otherwise, see you at 80!
I ahve just found this thread, I am another Bitcoin fascinado. That doesn't mean I don't criticize it or I don't think it will have a spectacular blowup, nevertheless the volatility and technology and mystery are fascinating. In the maintime, it is an excellent trading vehicle...
There is going to be a new US "forex for bitcoin" site, currently in beta testing. kraken.com You can play there with fake money, I have been testing it in the last few days. Finally they got the quote fixed so it plays the MtGox data feed.
If you don't mind I will share here my strategies and trading here. If you do mind just let me know. Currently I am selling above 120 and buying below 95. The account starts out with 5K cash and 100 BTCs....
In the morning I put on a bunch of orders, and of course volatility slowed down right away...