Yup. Sitting tight.
I did take the precaution of closing my MtGox account. I'll get another one through CoinLab maybe, another day. One less temptation...
Topic: For everybody who is considering selling - Quote from Jesse Livermore (Read 3509 times)
April 03, 2013, 03:34:41 AM
April 03, 2013, 02:37:33 AM
I just had to bump this up.
Still feel the same way.
Still feel the same way.
March 22, 2013, 05:35:34 PM
This reminds me of a jim rogers quote:
"I just wait until there is money around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
"I just wait until there is money around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
If only ...
if you missed it ...it was an analogy to opportunities in market trading. He is saying you will know when the money to be made is as easy as picking it up (i.e. pushing a buy or sell button).
March 22, 2013, 04:52:15 PM
Why should we listen to that Livermoore dude, sure he probably made a fortune, but the choice of wife didn't seem the wisest (ie. widow after 4 husbands comitted suicide...) and he comitted suicide in the end too, wich meant all his trades were 'permanently sold out'..
Now, if he only lived on, retreated to some tropical resort, living the good life - and preaching how he got there.
Now, if he only lived on, retreated to some tropical resort, living the good life - and preaching how he got there.
March 22, 2013, 02:52:45 PM
+1 Paper wallet really helps with the sitting tight part. One caveat, though, is that Livermore ended up committing suicide, and penniless. Brilliant trader, but he had poor risk management.
Yes anybody interested can look it up on wikipedia. His lasts days didn't seem too joyful, he must've been pretty far down..
"On March 28, 1933, Livermore married 38 year old Harriet Metz Noble in Geneva, Illinois; there was no honeymoon. It was Harriet's fifth marriage; all four of her previous husbands had committed suicide.[10] Livermore would be no different."
LOL, are we sure this guy committed suicide? Holy shit.
People with assets on a brain wallet have less chance of suicide.
March 22, 2013, 01:16:33 PM
My trading strategy: whenever a paycheck posts to my checking account I immediately initiate a bitcoin purchase via Coinbase. When the coins are available on Coinbase I send them to an offline Armory wallet. About once per week I sell a small quantity of bitcoins via otc trades to cover my living expenses.
Using this method I've accumulated savings equal to eight months of living expenses in a very short time.
Using this method I've accumulated savings equal to eight months of living expenses in a very short time.
March 22, 2013, 11:52:06 AM
+1 Paper wallet really helps with the sitting tight part. One caveat, though, is that Livermore ended up committing suicide, and penniless. Brilliant trader, but he had poor risk management.
Yes anybody interested can look it up on wikipedia. His lasts days didn't seem too joyful, he must've been pretty far down..
"On March 28, 1933, Livermore married 38 year old Harriet Metz Noble in Geneva, Illinois; there was no honeymoon. It was Harriet's fifth marriage; all four of her previous husbands had committed suicide.[10] Livermore would be no different."
LOL, are we sure this guy committed suicide. Holy shit.
Oh dear! I would've been scared shitless of such a woman! Oh... my good...
March 22, 2013, 11:49:34 AM
+1 Paper wallet really helps with the sitting tight part. One caveat, though, is that Livermore ended up committing suicide, and penniless. Brilliant trader, but he had poor risk management.
Yes anybody interested can look it up on wikipedia. His lasts days didn't seem too joyful, he must've been pretty far down..
"On March 28, 1933, Livermore married 38 year old Harriet Metz Noble in Geneva, Illinois; there was no honeymoon. It was Harriet's fifth marriage; all four of her previous husbands had committed suicide.[10] Livermore would be no different."
LOL, are we sure this guy committed suicide? Holy shit.
March 22, 2013, 11:44:36 AM
+1 Paper wallet really helps with the sitting tight part. One caveat, though, is that Livermore ended up committing suicide, and penniless. Brilliant trader, but he had poor risk management.
Yes anybody interested can look it up on wikipedia. His lasts days didn't seem too joyful, he must've been pretty far down..
sr. member
Activity: 294
Merit: 250
This bull will try to shake you off. Hold tight!
March 22, 2013, 11:30:29 AM
This reminds me of a jim rogers quote:
"I just wait until there is money around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
"I just wait until there is money around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
If only ...
March 21, 2013, 10:59:29 PM
Everyone should read this book. What I want is suggestions for other books of common ilk.
March 21, 2013, 07:30:45 PM
This reminds me of a jim rogers quote:
"I just wait until there is money around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
Basically you will see the opportunity and when you do...it will be as easy as walking over and picking up the money laying on the ground.
"I just wait until there is money around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
Basically you will see the opportunity and when you do...it will be as easy as walking over and picking up the money laying on the ground.
sr. member
Activity: 294
Merit: 250
This bull will try to shake you off. Hold tight!
March 21, 2013, 06:22:58 PM
+1 Paper wallet really helps with the sitting tight part. One caveat, though, is that Livermore ended up committing suicide, and penniless. Brilliant trader, but he had poor risk management.
Indeed, sitting tight is required to become considerably richer. But sitting tight is also a way to the poorhouse.
Hence why I find the 'sit tight' strategy lacking a crucial part, ie: risk management.
Meaning, never risk it all, but do risk some.
Or sit tight - until - it becomes a too large percentage of your capital.
Or, lock in some profits for a 'rainy day'.
I argued this in more detail here.
But agreed with the OP his argument: the best way to speculate in bitcoin is to sit tight. Very difficult indeed.
March 21, 2013, 05:04:21 PM
There have been so many times this past month I've said "Man, $40/$50/$60 is definitely the upper limit. I should sell now and buy back in when its cheaper" but I sat on my bitcoins and it's worked so far.
Same here. Even now, I'm thinking we will have a good sized pullback before breaching $75, but who knows.
March 21, 2013, 04:39:23 PM
Just for the paper wallet part. I split my coins into several paper wallets and dug these into earth like treasure chests 
I also installed some bear traps nearby, just in case.. no kidding, don't go searching.
I also installed some bear traps nearby, just in case.. no kidding, don't go searching. 
March 21, 2013, 04:37:48 PM
I don't see how taking some profits is such a bad idea, if it helps you sleep better at night.
Nah: either I wake up rich as a Saudi prince, or destitute. No half measures.
March 21, 2013, 04:32:44 PM
A counterpoint:
When few want to sell because they expect the price to climb further, the market is sure to overshoot. So when people say "fools sell", what they are thinking is "I hope I catch the top".
This rally will peak and correct sooner or later. I don't know when, nor how far down it will correct. I doubt anyone else does, either. Given that uncertainty, I don't see how taking some profits is such a bad idea, if it helps you sleep better at night.
When few want to sell because they expect the price to climb further, the market is sure to overshoot. So when people say "fools sell", what they are thinking is "I hope I catch the top".
This rally will peak and correct sooner or later. I don't know when, nor how far down it will correct. I doubt anyone else does, either. Given that uncertainty, I don't see how taking some profits is such a bad idea, if it helps you sleep better at night.
March 21, 2013, 04:08:06 PM
Yeah, just as my signature says: Buy & hold Bitcoin is the best policy.
March 21, 2013, 02:51:42 PM
There have been so many times this past month I've said "Man, $40/$50/$60 is definitely the upper limit. I should sell now and buy back in when its cheaper" but I sat on my bitcoins and it's worked so far.
March 21, 2013, 01:26:24 PM
Heh, I was going to post this exact same quote last night. Definitely a must-read book.
Offline wallets + simply deleting your MtGox account help tremendously.
Offline wallets + simply deleting your MtGox account help tremendously.
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