Topic: Goomboo's Journal - page 33. (Read 281470 times)
At the time you could short sell bitcoins easily on Bitcoinica. 
Which was supposedly developed over the course of a week by a 17-year old,
and went on to get robbed no less than three times over the course of a month
making it one of the most fascinating and epic failures in the history of Bitcoin.
Which was supposedly developed over the course of a week by a 17-year old,
and went on to get robbed no less than three times over the course of a month
making it one of the most fascinating and epic failures in the history of Bitcoin.
...and to continue that story, in the course of (in the end unsuccsessful) attempts of the "Intersango guys" to clean up the situation, at some point the source code of Bitcoinica was leaked. Last fall, a new platform called "Bitfinex" was launched by a guy from France, and ths new trading site was initially very much "inspired" by Bitcoinica (judging from the feature set and the behaviour of the engine). In the following months, the operator of Bitfinex gradually reworked that platform; when you trade there now on leverage, you'll use the money of other users which place loans on market for loans, and the actual APY is determined by demand and supply. (Needless to mention: Bitfinex is a new platform, please assess the risk of using such a platform yourself. And never put any money into any Bitcoin related web platform which you can't efford to loose in worst case)
From my understanding so far, Long = Buy and Short = Sell in simple terms. Though the terms seem to be more advanced in that they indicate to "short" btc via the few markets that allow shorting transactions. Long still seems = buy in both cases. Is my thinking correct?
Yes it is.
The terms "going long" and "going short" are often used in a colloquial way.
Actually the terms relate to having a "position" of some kind.
More precisely, a long position is a position somehow constructed in a way that you gain when the underlying instrument's rate increases.
The opposite is a short position, which is constructed in a way that you gain from the underlying instrument's decline in value.
In a more specific way, you can "go long/short on leverage". This means then that you are not using your own money (or assets) solely, but also use borrowed money (or borrowed instruments in case of short) to increase the size of the position. An increased size allows for greater profits, but also increases the risks in case of a market development against your bet.
The way OP uses these terms here thus just indicates the general direction of your trading activities. How you actually manage to be "long" or "short" is not relevant for the sake of the trading strategy described here.
Kraken will allow margin trading when/if it ever opens.
As well as stop loss/take profit orders
As well as stop loss/take profit orders
At the time you could short sell bitcoins easily on Bitcoinica.
Which was supposedly developed over the course of a week by a 17-year old,
and went on to get robbed no less than three times over the course of a month
making it one of the most fascinating and epic failures in the history of Bitcoin.
Which was supposedly developed over the course of a week by a 17-year old,
and went on to get robbed no less than three times over the course of a month
making it one of the most fascinating and epic failures in the history of Bitcoin.
"Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
Why haven't I read your thread 3 days ago?
Better late than never, now I just have to wait out couple of weeks before the situation settles down.
Thank you for your common sense approach posts.
Out of curiousity, can you tell what your exit point price was?
Hey Silver... If you are talking about the Crash/Correction 2 days ago... If you follow the instructions on setting up the chart (first page of post... 6 posts down or so)... It looked like this system was calling for Sell at ~$230. Now the catch is... with the mtgox lag... how much your sell order would have been at that point? Since this method seems to get you in late and out late (can't tell the future!). The mtGox issues and lag could have cost serious change but then again probably better then the alternative. Then again, I barely know what I am talking about.
I have a really noob question...
I have seen previous posts by OP like:
1. Long Feb 1st - 3rd = +5%
2. Short Feb 3rd - 7th = +5%
3. Open long Feb 7th ~ unrealized PNL +1%
From my understanding so far, Long = Buy and Short = Sell in simple terms. Though the terms seem to be more advanced in that they indicate to "short" btc via the few markets that allow shorting transactions. Long still seems = buy in both cases. Is my thinking correct?
"Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
Why haven't I read your thread 3 days ago?
Better late than never, now I just have to wait out couple of weeks before the situation settles down.
Thank you for your common sense approach posts.
Out of curiousity, can you tell what your exit point price was?
I have found that the more simple and less elaborate I make my trading, the more profitable it becomes.
Well, he got one thing right. Buy and hold is the most profitable trading strategy!
I for one couldn't agree more.
Forex traders may be interested in my free MACD Turbo EA. It's actually a re-coded version of the mql4 'MACD Sample'.
See: http://www.xerofx.com/free-ea.html (Live Myfxbook stats. as well, trading 'default' values.) I'm still optimizing some new settings.
We've added StopLoss, TrailingStop and a ReverseTP (when in profit), TradeTimes etc. It is basically an automated swing strategy, nice and simple.
It also works with ECN brokers and 4 or 5 digit price feeds. Open code.
I should read this entire thread when I have some more time.
Thanks!
O hey Goomboo, hows it going?
"Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
Yes, so no pump yet. To pump and dump, you need to pump first.
I will believe it when I see the pump.
"Managing partner Gatis Eglitis claims they are now getting 20 calls a day from large asset managers looking to invest up to $100m."
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
- http://www.ft.com/intl/cms/s/0/b4be7d8e-9c73-11e2-9a4b-00144feabdc0.html#ixzz2PRJpnZqI
This smells like textbook pump and dump.
- There hasn't even been $100 million traded since this article was released, let alone purchased
I highly encourage all participants to ensure that they have an exit plan in place and the discipline to stick with it should price reverse.
You just took 2 hours of my life, very interesting easy to follow thread. Thank you.
Definitely. Glad you enjoyed it - best of luck in your trading.
Annnd... you should now be long BTC due to the 10/21 cross. Except, this time you're able to purchase 3 to 9% more BTC since you protected your USD from declining prices during the past month.
Followers of the system should still be long and sitting on an unrealized profit of 612%. I highly encourage you to view these profits with skepticism however - "The trend is your friend until the bend at the end".
Best of luck
You just took 2 hours of my life, very interesting easy to follow thread. Thank you.
This thread. I'll never forget it! When I see trend-followers, I tell the story of Goomboo, the guy with the trailing averages and his comfy chair. 
If I'm to predict the future, then after the next trend break, it'll be like after the last ones. Many of the loudest users now will have gone silent. Some new loud ones will appear, with a revolutionary method to get rich in weeks, posting how weak and stupid everyone else is. And, every once in a while, there'll be a post featuring a comfy chair.
If I'm to predict the future, then after the next trend break, it'll be like after the last ones. Many of the loudest users now will have gone silent. Some new loud ones will appear, with a revolutionary method to get rich in weeks, posting how weak and stupid everyone else is. And, every once in a while, there'll be a post featuring a comfy chair.
I have found that the more simple and less elaborate I make my trading, the more profitable it becomes.
Well, he got one thing right. Buy and hold is the most profitable trading strategy!
These are the best examples you have?
Best of luck with your trading
Haha
Thank you for such sage wisdom up there. Glad you could defend it.
These are the best examples you have?
Best of luck with your trading
*Except Bitcoin.
So was mining for gold in the New World, the consolidated trading of national debt, and derivative-backed tulip trading. You're probably still better off impartially following the trend and profiting from the crowd.
These are the best examples you have?
1) Was a material that has been around since the dawn of man. It also isn't technology.
2) Is a monopolistic, 1700's company
3) Is a flower that experiences death the moment you pick it
*Except Bitcoin.
So was mining for gold in the New World, the consolidated trading of national debt, and derivative-backed tulip trading. You're probably still better off impartially following the trend and profiting from the crowd.
Best of luck with your trading
If anyone would like some perspective in these times, here's some great resources:
Devil Take the Hindmost: A History of Financial Speculation
Extraordinary Popular Delusions and The Madness of Crowds
Just noticing the recent proliferation of "TO DA MOON" threads. On a related note, check the release date of this book and see what the DOW did afterwards:
http://www.amazon.com/Dow-40-000-Strategies-Profiting/dp/0071351280/ref=sr_1_1?ie=UTF8&qid=1365031410&sr=8-1&keywords=dow+40000
There really is nothing new under the sun.
http://www.amazon.com/Dow-40-000-Strategies-Profiting/dp/0071351280/ref=sr_1_1?ie=UTF8&qid=1365031410&sr=8-1&keywords=dow+40000
There really is nothing new under the sun.
*Except Bitcoin.
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