Emotion is your enemy. Remember that. The only medicine I have for emotion is a plan, because I am unable to think clearly and objectively while emotional. It does no good to pretend you are not emotional.
I am sure you will not, but I recommend you get rid of the android app. The absolute best thing that happened for me earlier this year was losing net access at home. At the end of each work day I slaved over the charts, drew up a plan, and took appropriate action. I checked daily movement on my phone (very expensive from my location) and if prices moved against my plan, I either sat it out (relying on stops and orders I had previously set) or reluctantly skied several kilometers into town. I spent a few weekends studying analysis. I now make more money and sleep better.
Topic: Crash!! - page 5. (Read 10594 times)
Caston, make a plan BEFORE you trade. And stick to the plan. Your plan must include confirmation and invalidation. If the price does X, I do A. If the price does Y, I do B, if it changes above/below Z, I will do C.
I recommend that you start trading on paper first. Then if you believe your strategy works, trade with small amounts of money. It's always harder for real, getting the price you intend and actually following the plan equanimously; There is no lying to the balance sheet. Keep records of your plans, your rational, and your success and failure. Guard against lying to yourself - I'm serious. I post much of my rationale publically (to hell with dissenters) precisely to keep myself honest.
Never trade more than you can afford to lose and do not risk your entire basket on one trade.
I recommend that you start trading on paper first. Then if you believe your strategy works, trade with small amounts of money. It's always harder for real, getting the price you intend and actually following the plan equanimously; There is no lying to the balance sheet. Keep records of your plans, your rational, and your success and failure. Guard against lying to yourself - I'm serious. I post much of my rationale publically (to hell with dissenters) precisely to keep myself honest.
Never trade more than you can afford to lose and do not risk your entire basket on one trade.
Thank you this is good advice but I am more likely to do this on a spreadsheet because my handwriting is very difficult to read.
* Follow my own instincts especially those in regards to well known bitcoin price cycles
* Don't get emotional, or if I do get emotional control my emotions and don't make things worse
* Don't get emotional, or if I do get emotional control my emotions and don't make things worse
These two contradict. Your natural instincts are your emotions. Both are your cunning enemy.
I'll try to give an example. On the bus I looked at my short position on my android phone and it was still going up. For some reason I got angry. I knew that when I was angry I would make a bad decision and I would lose money. I was so angry that I didn't care and I just liquidated my position. I knew that if I waited for Sunday i'd at least break even but I didn't listen to my common sense. So maybe I have confused instinct with common sense. As it turned out if I had of held the position i'd be about $100 ahead!
I guess now I have a well defined goal: e.g. make back what I lost without adding more to my bitcoinica account.
and I know the consequence of letting my anger control my actions so hopefully I have a slightly more mature head on my shoulders now.
Caston, make a plan BEFORE you trade. And stick to the plan. Your plan must include confirmation and invalidation. If the price does X, I do A. If the price does Y, I do B, if it changes above/below Z, I will do C.
I recommend that you start trading on paper first. Then if you believe your strategy works, trade with small amounts of money. It's always harder for real, getting the price you intend and actually following the plan equanimously; There is no lying to the balance sheet. Keep records of your plans, your rational, and your success and failure. Guard against lying to yourself - I'm serious. I post much of my rationale publically (to hell with dissenters) precisely to keep myself honest.
Never trade more than you can afford to lose and do not risk your entire basket on one trade.
These two contradict. Your natural instincts are your emotions. Both are your cunning enemy.
I recommend that you start trading on paper first. Then if you believe your strategy works, trade with small amounts of money. It's always harder for real, getting the price you intend and actually following the plan equanimously; There is no lying to the balance sheet. Keep records of your plans, your rational, and your success and failure. Guard against lying to yourself - I'm serious. I post much of my rationale publically (to hell with dissenters) precisely to keep myself honest.
Never trade more than you can afford to lose and do not risk your entire basket on one trade.
* Follow my own instincts especially those in regards to well known bitcoin price cycles
* Don't get emotional, or if I do get emotional control my emotions and don't make things worse
* Don't get emotional, or if I do get emotional control my emotions and don't make things worse
These two contradict. Your natural instincts are your emotions. Both are your cunning enemy.
No of course i'm not the manipulator but other people that did the same or similar stuff as me probably made the market so volatile.
Just give everyone in this thread the rest of your $ since you're already throwing it away!
Actually, i'd like some advice on how I can turn my situation around to one where I am making money.
I think i'd just be better off if I:
* Follow my own instincts especially those in regards to well known bitcoin price cycles
* Don't hesitate
* Don't rush in either!
* Don't get emotional, or if I do get emotional control my emotions and don't make things worse
* Place orders rather than "quick picks"
* Get out of the house and socialise a bit more
* Get enough sleep
No of course i'm not the manipulator but other people that did the same or similar stuff as me probably made the market so volatile.
Just give everyone in this thread the rest of your $ since you're already throwing it away!
No of course i'm not the manipulator but other people that did the same or similar stuff as me probably made the market so volatile.
Yeah guys its probably my fault... really bad timing on bitcoinica and using the full 10:1 margin.
Shorted when I should have longed, liquated when I should have just held in there and finally longed when I should have shorted and went to sleep. Now I'm poorer and thinking about that Albert Einstein quote:
"No problem can be solved from the same level of consciousness that created it"
I can put it down to lack of sleep largely I guess. Too much isolation and not getting out enough. The annoying thing is the whole time my instincts were right but I didn't really follow them. My emotion made me make bad decisions. I need to learn more discipline and self control.
Now I don't know if I should quit using bitcoinica or should learn from my mistakes and keep using it. I've got a small long position now with what's left of my margin.
MANIPULATA? Shorted when I should have longed, liquated when I should have just held in there and finally longed when I should have shorted and went to sleep. Now I'm poorer and thinking about that Albert Einstein quote:
"No problem can be solved from the same level of consciousness that created it"
I can put it down to lack of sleep largely I guess. Too much isolation and not getting out enough. The annoying thing is the whole time my instincts were right but I didn't really follow them. My emotion made me make bad decisions. I need to learn more discipline and self control.
Now I don't know if I should quit using bitcoinica or should learn from my mistakes and keep using it. I've got a small long position now with what's left of my margin.
Anyone want to bet that the bidwall goes back up Sunday evening? He/she sold a few thousand BTC today, and will be able to pick 'em back up for cheaper at the end of the weekend.
What, so you are trying to say that the crash is your fault? Hmm...
How many btc are you trading with? Either a hell of a lot, or else you might need to get some more sleep.
How many btc are you trading with? Either a hell of a lot, or else you might need to get some more sleep.
Yeah guys its probably my fault... really bad timing on bitcoinica and using the full 10:1 margin.
Shorted when I should have longed, liquated when I should have just held in there and finally longed when I should have shorted and went to sleep. Now I'm poorer and thinking about that Albert Einstein quote:
"No problem can be solved from the same level of consciousness that created it"
I can put it down to lack of sleep largely I guess. Too much isolation and not getting out enough. The annoying thing is the whole time my instincts were right but I didn't really follow them. My emotion made me make bad decisions. I need to learn more discipline and self control.
Now I don't know if I should quit using bitcoinica or should learn from my mistakes and keep using it. I've got a small long position now with what's left of my margin.
Shorted when I should have longed, liquated when I should have just held in there and finally longed when I should have shorted and went to sleep. Now I'm poorer and thinking about that Albert Einstein quote:
"No problem can be solved from the same level of consciousness that created it"
I can put it down to lack of sleep largely I guess. Too much isolation and not getting out enough. The annoying thing is the whole time my instincts were right but I didn't really follow them. My emotion made me make bad decisions. I need to learn more discipline and self control.
Now I don't know if I should quit using bitcoinica or should learn from my mistakes and keep using it. I've got a small long position now with what's left of my margin.
WAIT WHAT?!
Who are you? Manipulator or his arch-nemesis?
Yeah guys its probably my fault... really bad timing on bitcoinica and using the full 10:1 margin.
Shorted when I should have longed, liquated when I should have just held in there and finally longed when I should have shorted and went to sleep. Now I'm poorer and thinking about that Albert Einstein quote:
"No problem can be solved from the same level of consciousness that created it"
I can put it down to lack of sleep largely I guess. Too much isolation and not getting out enough. The annoying thing is the whole time my instincts were right but I didn't really follow them. My emotion made me make bad decisions. I need to learn more discipline and self control.
Now I don't know if I should quit using bitcoinica or should learn from my mistakes and keep using it. I've got a small long position now with what's left of my margin.
Shorted when I should have longed, liquated when I should have just held in there and finally longed when I should have shorted and went to sleep. Now I'm poorer and thinking about that Albert Einstein quote:
"No problem can be solved from the same level of consciousness that created it"
I can put it down to lack of sleep largely I guess. Too much isolation and not getting out enough. The annoying thing is the whole time my instincts were right but I didn't really follow them. My emotion made me make bad decisions. I need to learn more discipline and self control.
Now I don't know if I should quit using bitcoinica or should learn from my mistakes and keep using it. I've got a small long position now with what's left of my margin.
Fking loser. Because of scums like you this world is fcked up.
Not about bitcoins but about everything in life.
Thank goodness! The normal Internet is back. For a second there I thought it was broken.Not about bitcoins but about everything in life.
pure awesome, I think I woke the neighbors ^^
kudos to proudhon for jumping his own shadow (if that's a valid saying in english).
thanks guys, you made my crash day
Fking loser. Because of scums like you this world is fcked up.
Not about bitcoins but about everything in life.
Thank goodness! The normal Internet is back. For a second there I thought it was broken.Not about bitcoins but about everything in life.
omg.. im laughing sooo hard...
this made my night.. Yep, I was similarly entertained by this thread... good stuff :-)
Fking loser. Because of scums like you this world is fcked up.
Not about bitcoins but about everything in life.
Thank goodness! The normal Internet is back. For a second there I thought it was broken.Not about bitcoins but about everything in life.
omg.. im laughing sooo hard...
this made my night.. Fking loser. Because of scums like you this world is fcked up.
Not about bitcoins but about everything in life.
Thank goodness! The normal Internet is back. For a second there I thought it was broken.Not about bitcoins but about everything in life.
Fking loser. Because of scums like you this world is fcked up.
Not about bitcoins but about everything in life.
Thank goodness! The normal Internet is back. For a second there I thought it was broken. Not about bitcoins but about everything in life.
It's credibility shattered, it's value in perpetual free fall - until the project will be tossed aside into the waste basket of novel internet experiments. Bitcoin will be lucky to make it as a footnote in internet history and if it does make it it'll be a case study on human greed.
Credibility shattered? Perpetual free fall? Case study on human greed?
This thread is about Bitcoin, not USD. Please keep it on topic.
In all seriousness, Proudhon, just because you've tossed the project into your own waste basket due to a price decline (though STILL up over 100% YoY), doesn't mean others have. We're not all as short-sighted. We don't all have time horizons of half a year.
You call it a "case study in human greed"... but you're the one who abandoned it because of a declining price. Others of us continue to build. It's more like a case study in perseverance and dedication - working on a project despite short-term price fluctuations, despite media cynicism, and despite convention.
Bitcoin is so much more than its spot price in a given month. Sorry that your understanding of it was so easily shaken - it must be somewhat depressing to be so fickle in one's endeavors. But cheer up mate, we'll keep working while you sulk and fuss about.
Quote from: ineededausername
Back in October, proudhon turned into a bear troll. I suddenly got the urge to look up his old posts...
On the way up, proudhon was an enthusiastic miner and also hyped the project a lot. On the way down, since he wasn't making any money anymore, he turned into the bear troll he is today.
Fun fact: before proudhon turned bearish and started posting in the speculation forum, his top two forums by posts were Bitcoin Discussion and... you guessed it... mining.
I think proudhon is a case study in human greed.
On the way up, proudhon was an enthusiastic miner and also hyped the project a lot. On the way down, since he wasn't making any money anymore, he turned into the bear troll he is today.
Fun fact: before proudhon turned bearish and started posting in the speculation forum, his top two forums by posts were Bitcoin Discussion and... you guessed it... mining.
I think proudhon is a case study in human greed.
Ok. Ouch. Those comments sting. I'm being serious. I'm going to think about what you guys have said and offer a sincere response. At least this much is clear right now, I want to tone it down. I've allowed myself to go overboard. So, before I say anything else, let me say this: Sorry. Whatever direction I think this project is going to go, I'm sorry for being so glib, flippant, and aggressively negative. A lot of people with honorable intentions have put a lot of work into bitcoin, and whatever I think is or is not going to happen, I need to reign myself in from being so disrespectful. Thanks for the wake up call. I'll post more later.
Fking loser. Because of scums like you this world is fcked up.
Not about bitcoins but about everything in life.
What is this? Sanity on the Internet. Maybe Bitcoin will change the world!
Jaw dropped... :O
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