Re: Play by Play: Get GOX'd, Lose it all, come back IN the money...
15:21:06 BTC sold: [tid:1365621666827731] 10.95720000 BTC at $106.00000 0.00004330 BTC
CASH Balance: $1,155.07 OUCH! That's like HALF of what I started with...ugh.
CASH Balance: $1,155.07 OUCH! That's like HALF of what I started with...ugh.
limit orders are your friend. the ddos lag kicks in, it strikes me, the majority of participants hit the market sell and by the time the order enters the book, gets crossed, and you get filled the price could be ANYWHERE given the staggering amount of these market sell orders, the buy side gets flooded.
At least with a limit sell order you won't get sold any lower than that value you offer your coins at...
Ummm... so how do you do a Limit Sell Order on MtGOX?
When you go to enter a "Sell Order" enter the lowest price your willing to accept for the quantity of coins! The order will be placed into the order book as an offer:
For example, say you want to sell 10 coins, and the last quote is at 180, but the lag is some crazy high number (anything over a few seconds is a JOKE by professional standards but that's another thread), now you know you don't want to sell for less than $190 each, so enter, the quantity, 10, and erase whatever the quote is and put $190. Your order will be placed as "pending" until it enters the book, at which point your coins will be offered at $190 each. If someone is bidding higher than $190, you'll probably sell them to them at $190, if not, your order will remain until you either cancel, and replace it, or someone bids high enough for them!
Simple enough!