Topic: Husband does not want me to Day Trade BTC but it works well for some, right? (Read 8630 times)

haha basically this.

you should just have cash parked into the exchanges (Mt. gox, for cash) with a limit order at a favorable price.

You can use day trading to stabilize your position if you already have bitcoins. 
Say you have 100 BTC and they are worth $100 each.
Sell 20 BTC to keep cash in your trading account for the SOLE PURPOSE of re-buying if the price drops.
Then when it crashes again and you purchase 20 cheaper bitcoins, you have successfully "revived" 20% of the loss you would have had if you were only holding bitcoins.
The icing on the cake: If it ever goes back up to $100, you will be UP.

The only way you can lose with this strategy is if the price keeps going UP after you sell 20 BTC and never comes back down.
Oh well, your 80 BTC shot up in the meanwhile so you're still up.

It's really a win-win situation if you have bitcoins sitting around anyway.

Yes I do. What I mean is that the zero sum game always assumes a more or less semi-open system. But people like me, who sometimes simply pay to convert USD to BTC to pay for somethign, or the other way round, aren't necessarily included.
Also several people "sharing" a rally aren't really included.

That does not mean anyone should go crazy daytrading now, since the chance of burning yourself is pretty much there.

The majority of people will end up with less BTC than he started with when daytrading Bitcoin. I think you will agree on that.

Repeating this does not necessarily make things truer.

There are many thinkable scenarios, where you would only be able to argue opportunity cost, not real cost, that has been incurred on the loosing side.

Such as you buying something at 100 after a rally from 80, then selling at 120 to someone who just wants to exchange to buy something. Technically, no one here has lost anything. You might argue the seller has lost 20 bucks, but those were opportunity costs.

Depends on what you consider loosing. Almost nobody looses fiat with Bitcoin. It was at $14 at the beginning of this year. It was at $2 two years ago. If you invested for the first time ever in the last month and a half, maybe you lost some fiat. Otherwise, is just impossible.

That said, daytrade Bitcoin on a regular basis and you will very likely end with LESS Bitcoins you had at the beginning. Yes, you will have more fiat on your Gox account - but if you are not increasing your fiat AND your Bitcoin stash you are loosing big time in my book. At the end, you win this game with more BTC, thinking you are a great day trader just because you earn fiat with a commodity that went x10 in 4 months is just delusional.

I read a lot of newbies saying that is impossible to loose day trading Bitcoin. That reaping up profits is easy as taking a candy from a baby. The ones saying that are just delusional fools. Trading is a zero-sum game - you win the BTC somebody has lost. The ones saying that, are just clueless guys looking their fiat growing at Gox, and they are saying: "wow, I'm a smart-ass trader!". But they know shit. They are loosing BTC in the long term almost for sure, otherwise they won't say something that stupid. And remember you are fighting bots and automated algorithms.

Bitchick: if you want to win this game, forget about selling BTC to buy them back lower. Calling tops and bottoms seems easy - you will get it right ten times in a row, and the 11th time you will make a mistake, price will go up when you expected it to go down, you will wait for the correction a little longer, the correction will not come as you expected, and you will end up with less BTC than you had at the very beginning. You may end up with A LOT less BTC that you had at the beginning. Sure, at first sight your fiat winning will seem untouched and growing, because BTC will still be going up - but you will be loosing.

Or you just hold and wait it out worse to run out unless your certain it won't be back anytime soon

I don't know where this thread went as I didn't read it, but an important note to remember is this..


If you start with $2000 don't expect to make $200 a day. Just remember on a good day if you make 1% or $20 you can lose a weeks worth of profit in 1 bad trade.

Exactly.  How CAN you lose when you day trade, unless you bought at $260? Buy it at one price, do not sell it (or dollar-cost-average) until it reaches a price HIGHER.  How is that hard?  Even if its only a $1.20 higher, that is ONE PERCENT gain....in like one or two days. In the REAL markets, you are doing great if you hit 7-9% gains for the YEAR.

I chop up bit coins like cocaine and sling them on ebay, lol! they sell like hot cakes!

Wow!  Impressive!  It is hard not to get nervous when prices start moving up after I have sold BTC so I find I want to just jump back in even if it is at a small loss.  Do you just wait it out till it comes back down?  I assume it just takes patience then.

I do daytrading I never lost once. My technique never sell if you gonna lose. Only sell if you make profits. Just wait for the proper time. I made 20 times my investment in just 3 months.

That is worth a thought.    I guess people are willing to pay more because they do not know how to get them otherwise?  It can be tricky getting funds into Mtgox.

I have an ebay copyrighted selling logo, if you would like to use it. I will give you rights. I will change my avatar so you can see it.

Another thing you can do is sell on ebay, plenty of people will pay $1.00 for 0.001 (11 cents) Bitcoin all day long.

Just take the money you can afford to lose, send it to an exchange and set your bids. Use that money to buy more coins when it's cheaper, less coins when it's more expensive.

Do not sell coins, one mistake and you end with less BTC - that's not how you win this game. Just hold on them, and let's see where we are in x years.

Just don't put money you cannot afford to loose, its too risky and you know it so you will end making mistakes driven by emotions.

   I so hope you are right!  I keep thinking it should move that direction. 

The question then is do we sell half our stash and then keep the other half and then have no money risked in our BTC?  Then if it drops again buy more?  That is what we are considering.  The only thing I don't like about that is that we end up with less BTC and if it does skyrocket, we will be upset with ourselves for doing that.  It is hard to decide.

It will be $250.00 by June just be patient.

From a community perspective, it's better to use bitcoins than to hoard them.

To win at day trading you need to either have an edge or to be lucky.

For it to be worth the time is even harder.

To trade technicals a bot will help.

To trade news you'll need to analyse better than the average person.

The best way to get more btc is offer a good or service for them.

I'm on record since november saying btc is on it's way to 1000.  I'm starting to lean towards a 10,000 price target.  But this will only happen if the currency is a living one.

thing is how do you know what is the peak and what is the trough position. Easy when it's history, but in real time it's not so clear.

I guess you could recognize a bubble in the March/April appreciation of Bitcoin, but you still have to sell and buy back at the right time, or near enough.

And if you are day trading, you have to have iron determination NOT to re-enter the market when it's still overvalued.