Topic: I'm glad my BTC are in cold storage or i'd be getting twitchy (Read 2973 times)
Well I don't like the charts right now so I've closed the margin positions for a 50% profit and consolidated the profits (and principal) all into organic BTC. I will take new margin positions during a correction.
November 06, 2013, 03:31:39 AM
Ya. At this point where I've placed it results in a profit. 
I feel nervous for you. Like watching somebody else walk to the edge of a precipice. Good luck. Do you have a parachute (Stop) in place?
Got my margin position at $233.
I feel nervous for you. Like watching somebody else walk to the edge of a precipice. Good luck. Do you have a parachute (Stop) in place?
November 06, 2013, 03:28:16 AM
My strategy is simple. I calculated how much money I need for the lifestyle I want , then just calculated the price level needed for it, then just hold until then.
In my case the price is then 5000 USD per bitcoin.
In my case the price is then 5000 USD per bitcoin.
November 06, 2013, 02:52:58 AM
Got my margin position at $233.
I feel nervous for you. Like watching somebody else walk to the edge of a precipice. Good luck. Do you have a parachute (Stop) in place?
November 05, 2013, 06:03:31 PM
Got my margin position at $233.
November 05, 2013, 05:38:37 PM
I sold about 60% of my BTC last week when it started to dip as I wanted to recover my initial investment so what remained was pure profit.
Now the price is a lot higher and I really wished I'd held longer, but still I am sat on roughly 25BTC and that is all profit so I am relatively happy still
I do kinda wish I hadn't sold so many last year though, but thats life eh?
You have over a millionth of the total possible bitcoins there will ever be.Now the price is a lot higher and I really wished I'd held longer, but still I am sat on roughly 25BTC and that is all profit so I am relatively happy still
I do kinda wish I hadn't sold so many last year though, but thats life eh?Rich man you are.
November 05, 2013, 05:19:32 PM
Quote
He committed suicide in 1940.
This is why I just buy and hold.
November 05, 2013, 04:34:06 PM
I considered selling a big chunk of mine last night with the thought that it would go down.
I had to bring my client up to date which took most of the night.
Then I realized I am not ready to deal with the tax consequences of turning bitcoins into government money.
I will just continue to hold and spend.
I had to bring my client up to date which took most of the night.
Then I realized I am not ready to deal with the tax consequences of turning bitcoins into government money.
I will just continue to hold and spend.
November 05, 2013, 04:10:00 PM
thats a part of the reason why I bought casascius coins 
November 05, 2013, 12:35:37 PM
One of the best traders was Jesse Lauriston Livermore. He made and lost millions in the 1930's. He committed suicide in 1940.
edit:
I am not an experienced trader, but I very much enjoyed the book about his life. It taught me much of the fundamentals.
A good quote: "A stock operator has to fight a lot expensive enemies within himself."
edit:
I am not an experienced trader, but I very much enjoyed the book about his life. It taught me much of the fundamentals.
A good quote: "A stock operator has to fight a lot expensive enemies within himself."
November 05, 2013, 12:32:07 PM
But sometimes you are 100% confident in an up move. For example 140 after silk road, and 205 now, I was 90% confident in a massive breakout. I went all in both times but chickened out of margin. Now I know that I'm only making X per tick when I could be making 3X per tick, and I'm pissing away 2x for no reason. I feel like Im cheating myself out of getting rich and I'm this lonely bear that didn't even buy in the first place.
Greed will do you many bad things.
November 05, 2013, 12:22:47 PM
But in cold storage you cannot take a margin position.
We all know Warren Buffen and Charlie Munger. Do you know their third partner? Me neither, he traded on margin and git liquidated in the 80s having to sell BRK-A shares for about $20.
Buffet said his mistake wasn't wanting to become rich but wanting to become rich fast.
Actually I *do* remember reading about the third guy. Forgot his name though
Buffet also acknowledged that the guy was a brilliant trader and made huge profits at times, just not consistent enough. I should look up the article I read about this... Guess my point is, margin trading can work in a few special situations (like the aforementioned recovery after the SR flash crash), but it's probably not a good idea to let it become a habit.
November 05, 2013, 11:56:21 AM
I wish I had done the same and thought that the bitcoins I bought at $86 in the SR 'brief crash' were dead to me. But I didn't, I guess this is how you get experience.
yeah I bought at 200 then held while it crashed to 170, then sold at 205 right before it skyrocketed up to 250 now
FML HINDSIGHT WHYYYYY DID I TRY TO BUY LOW SELL HIGH WHYYYY
CAPTAIN HINDSIGHT TO THE RESCUE
November 05, 2013, 11:55:28 AM
I wish I had done the same and thought that the bitcoins I bought at $86 in the SR 'brief crash' were dead to me. But I didn't, I guess this is how you get experience.
yeah I bought at 200 then held while it crashed to 170, then sold at 205 right before it skyrocketed up to 250 now
FML HINDSIGHT WHYYYYY DID I TRY TO BUY LOW SELL HIGH WHYYYY
Buy low, don't sell
November 05, 2013, 11:52:26 AM
I wish I had done the same and thought that the bitcoins I bought at $86 in the SR 'brief crash' were dead to me. But I didn't, I guess this is how you get experience.
yeah I bought at 200 then held while it crashed to 170, then sold at 205 right before it skyrocketed up to 250 now
FML HINDSIGHT WHYYYYY DID I TRY TO BUY LOW SELL HIGH WHYYYY
November 05, 2013, 11:49:10 AM
I wish I had done the same and thought that the bitcoins I bought at $86 in the SR 'brief crash' were dead to me. But I didn't, I guess this is how you get experience.
November 05, 2013, 11:47:10 AM
But in cold storage you cannot take a margin position.
We all know Warren Buffen and Charlie Munger. Do you know their third partner? Me neither, he traded on margin and git liquidated in the 80s having to sell BRK-A shares for about $20.
Buffet said his mistake wasn't wanting to become rich but wanting to become rich fast.
November 05, 2013, 11:44:51 AM
If you have an edge, you will get wealthy quickly enough. I don't like margin.
November 05, 2013, 11:43:28 AM
But sometimes you are 100% confident in an up move. For example 140 after silk road, and 205 now, I was 90% confident in a massive breakout. I went all in both times but chickened out of margin. Now I know that I'm only making X per tick when I could be making 3X per tick, and I'm pissing away 2x for no reason. I feel like Im cheating myself out of getting rich and I'm this lonely bear that didn't even buy in the first place.
Maybe, but you still made the right decision, unless you have b*lls of steel and pockets a mile deep. And if you have those, then why bother with margin in the first place?
November 05, 2013, 10:51:11 AM
But sometimes you are 100% confident in an up move. For example 140 after silk road, and 205 now, I was 90% confident in a massive breakout. I went all in both times but chickened out of margin. Now I know that I'm only making X per tick when I could be making 3X per tick, and I'm pissing away 2x for no reason. I feel like Im cheating myself out of getting rich and I'm this lonely bear that didn't even buy in the first place.
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