Topic: I feel really dumb (Read 7852 times)

My thinking on it is if someone actually wants to be a professional trader, then they should not be thinking in terms like "bet" and "win". If there is an actual decent business plan - one with tested strategies & smart money management - then the terms should be 'profit' and 'loss', not 'win' and 'lose'.  If it can't be treated like a serious business, then it's just gambling and therefore should be avoided like a bad virus- imo.

If I wanted to look around for such a solution, then I'd go to Office Depot or some other office supplies store and look around.

Maybe you use an online email account (e.g. hotmail, yahoo..etc..) to store it. First encrypt your wallet and then email it to yourself at one of those accounts and keep it in archive. Of course, you will need to keep track of your password somewhere else, and don't let anyone know you have done that. Maybe, create a secret email account nobody knows about, but don't neglect it or else the host might delete your account for inactivity.

to the op. you need a different mind frame when you start trading again. pretend that you are trading play money and you dont care if you win or lose. you cant bet scared or you already lost. you might have just got in at a bad time when you had your losses. i am not trading coins because there are no rules. no short selling, horrible liquidity, gox going down, having 100 coins being bought or sold impact the price sometimes a dollar or two, ddos etc. I liken the bitcoin trading markets like a big poker game, and the majority of the people that get in have $500 in their pocket and they are at the $100 minimum table.

The average day trading income does not have to be 0, since there are other people in the market. People who are investing for the long term will just do a market buy, or people who are taking out their savings will do a market sell. The spread between the buy and sell prices allows the market makers to make money while holding the price relatively steady. Basically, the speculators are earning some profit for providing liquidity to the market for the other market participants.

Consider getting this USB stick. You may even bury it into the ground for future generations

CORSAIR SURVIVOR CMFSS3-32GB

Can anyone suggest some stickers I can buy to put on my Bitcoin USBs?

I gotta admit I think it's an addiction

Even when now the price seems to be climbing, I keep trying to pick the highs, and sell out.

Then I kick myself for doing it, then try to buy back in a a little lower.

Thank god managed to pass it off this time, but for what?

less than  $100 profit and a nice donation to the Gox foundation?

Heck, my trading rate is almost down to 0.4%, I can't believe I've traded anywhere near enough... But the numbers don't lie.

This is really a gambling problem in disguise.

I'm going to put 20 of my coins on a USB, and put it in a safe somewhere at least then I can't trade them

You did the right thing by complaining here, though.  Lots of people would be too ashamed to admit that they lost money, but these stories help keep people aware of the risks.  It's like the guy who talked about his SatoshiDice addiction; sure, some people made fun of him, but I bet more than a few people saw themselves going down that path, and avoided it.

Sorry for your loss!

It sounds like you are being very emotional about your trading. I've done it before - guilty - but consider it tuition. If you allow your emotions to affect your buying and selling, you will almost certainly lose. Try just holding for now. And paper trade for a while. Keep in mind, that almost everyone would have done better just buying and holding bitcoins. Many would just be breaking even after say six months or more. However, those that bought/held coins are ten times over their original cost - without the headache of running a rig.

If trading:
1. Have a plan on when to buy (this is the easier part).
2. Have a plan on when to sell (this is the harder part).

Buying:
Typically people enter a trade on breakouts or bottoms. Choose one, or make your own new plan. Paper trade it to test it.
Before you buy, know that losses happen. So, don't freak out if you lose.
Before you buy, know the price below your purchase price that will prove your entry wrong, and take the loss - no exceptions.
Before you buy, know your stop plan (e.g. trailing stop).
Avoid trading in choppy markets.

Selling:
Never buy unless you already know the price that your going to stop out (sell) at for a loss.
Let gainers gain, and keep a trailing stop. Don't let a gainer turn into a loss, so keep your stops moving up.
If the price hits your stop, then take it. Don't jump back in if it reverses - you weren't wrong to take the stop - plan a new trade.
If you are stopped out for a loss, you were right to take the stop, but your entry time was wrong. Again, plan a new trade.
You need to accept that losses will happen. So, take them, and consider it a good trade in the sense that you stuck to the plan.


Technicals:
The most valuable indicator are where prices reacted in the past. Support and Resistance.
New all time highs are when you should probably be holding.
New all time lows, are when you should be staying out of the market.

Don't trade on margin or borrowed property. You need a money management plan. Without one, you'll regret it and probably end up owing people property.

Stop trading if you feel emotional. It isn't a dishonor, because it really isn't for most people. I still think buying and holding are going to be smarter and better way in the long run.

Don't listen to anyone's trading advice, including mine.  

Maybe I should have waited the weekend for a dip...  Noup, happy with my decision.. waiting to the low 100s at least! 

If you're losing money in a bull market you are DEFINITELY doing it wrong.

Give up day-trading, I honestly mean it.

The value of my coins is almost at what it was at the peak of $266 thanks to stepping out of the worst of the fall but trading the last couple of days has been fruitless and I pay a LOT of attention to the BTC price and charts.

The market confounds even the best traders a lot of the time, what makes you think you can beat them or just get lucky?

You got lucky by knowing about Bitcoin, you got lucky by having some as the value went up.

Now make sure you don't miss out on any more luck: buy coins with all your cash, hold and watch the rise.

Even after we bounce back down from a new all-time-high, HOLD.

Eventually you will be wiser and richer

now or never i dont see uslooking back till the high hundreds. you could put in a buy order for 130 ish and get lucky or get bunned by the up  up up  up up. maybe talk half your fiat and buy now take half and put in a lowish buy order. idk my best advise

oi i kinda missed the train expecting it to drop back to 80ish again.. im not sure if i should buy in now or not.

$900 loss? Get a grip friend, you lost nothing, just 1s and 0s on internet, unless of course you used your CC then it's a loss + interest.

If you gonna trade anything do some reading first, there are few post in this section that are very helpful.

Art

PS: A loss is not a loss if you learned something, consider it your educational fund.

Good luck trading in this market. The brain is hard wired to NOT THINK in times of emotional stress such as caused by price movements when trading. It's evolutionary, survival mode - instant decision needs to be made, no time for rational consideration. Flee, fight, or freeze. This is essentially why most traders lose.

If you want to day trade right, trade on margin somewhere like BitFinex.

Screw buying low and selling high. Buy low at your money times 10 and sell high at your money times 10.

And be sure to short when you think the price will fall. Shorting on Bitfinex is cheaper because the loan rates are lower.

Go do it now!

Speculation is sin. But when sometimes I have filthy intention to do that, my goal always is to increase amount of BTC, not USD.

If you're a long-term bear, this only works like 0.01% of the time.

 

Most of people registered in this forums for 4 or more months have made a return between 300% and +1000% with "buy and hold" policy.

It looks like a good policy for BTC

haha yeah maybe but 80% would have been with a buy and hold policy.

Also it would be more like 20% if I didn't make a couple of panic sells like the OP.