Re: The Bullish Media Center (The 1 stop Bullish BTC news source)
I sold my 2,300 ETH (approximately 64 BTC worth at 0.0268xx to 0.0275xx + trading fees when purchased on BitFinex) earlier today when I saw it coming back down. I sold it a tad higher than what I bought it for and managed to only lose 0.2 BTC because of fees.
Since I am new to this thread, I remain a bit uncertain the extent to which Fakhoury tolerates it deviating from its main emphasis, but it appears from the content of your post that each of us are fairly bullish about bitcoin and are not attempting to distract from that perspective in terms of talking about the interplay of other coins (and coin de-jure seems to be ETH... hahahahahaha)
Yes, I'm VERY bullish on BTC. I'm all about accumulating BTC by whatever means possible. The main way I accumulate BTC is via other coins. I used to accumulate BTC via mining. I had enough capital to pay for my electricity out of pocket all through 2015 and first quarter of 2016. My plan was to continue accumulating BTC via mining without selling any of it to pay for power. I wanted to hold on to it to sell for higher returns at a later date. I also saw this as a means of insuring I met ROI on the rigs I purchased.
Most of those who mine have always paid their power as they go for lack of capital. They would dump what they needed to dump on the exchanges to pay for power with FIAT from month to month. I saw that as a losing proposition. Especially, with $0.102 (10.2 cents) per kWh here in Alabama.
I only have 6 x S7's remaining. I'm still paying power out of pocket and holding onto the BTC mined. I determined, even while mining, it is important to stay on top of trading BTC. A serious miner should not neglect moving their coins in and out with the market for optimal gains.
Personally, I think that whenever we are trading any coins, whether BTC or otherwise, we need to include the calculation of the fee whether we take a position and concerning at what point we exit a position. Whether you make money or lose money on each trade or overall, those are fairly personal calculations and risks, when going in and out of BTC, whether doing so through fiat or alts.
Totally agree. My wife is witness to how much I use my calculator on my iPhone to factor in fees for my trades. That's one thing I love about BTC-e... One can see how much they will spend in fees with their trade without using a calculator. I'm not sure if BitFinex has that feature. I have yet to see it. I've been on BitFinex since January this year.
I do like the ability to trade large amounts on Bitfinex at less a fee than BTC-e. The larger the trade on BitFinex, the less in fees you are charged.
And, yep, I agree that sometimes it is better just to exit a position at a bit of a loss, rather than continue the risk.. likely gets a bit easier to establish these kinds of trading strategies with more and more experience.
Exactly, it's VERY important to keep our losses minimal and our gains LARGE.
Yes, it does get easier over time. I laugh looking back at myself when I first started trading. I would lose often because of getting caught up in emotions and watching what was going on in the present instead of pulling back and looking at the overall picture of what may play out over a longer term. I was more caught up in the 5m, 15m and 30m chart and was ignorant of what the 1h, 4h, 1d and 1w could tell me. I was constantly in and out of trades out of fear and losing little by little mainly for the fees.
That's when I found tradingview.com and signed up. The people on their are very helpful. I learned from them and another guy at http://theinnercircletrader.com/Tutorials.htm. I got the link to inner circle trader from a generous person on tradingview.com.
I still have MUCH to learn!!! I believe trading is a field we never stop learning.