Quote from: seriouscoin on December 22, 2013, 03:05:54 AM

Quote from: Lloydie on December 22, 2013, 02:52:24 AM

Quote from: samsam on December 22, 2013, 02:42:27 AM

Quote from: Lloydie on December 22, 2013, 01:44:15 AM

Quote from: MAbtc on December 21, 2013, 10:35:21 PM

Agreed.

I'm just one of these little day traders trying to figure out WTF is going on, and what news might come out regarding Chinese exchanges (and accordingly what weight people will give it).

In the short term, I agree that there is selling pressure. I can see why you might be agitated by my comments. You are short term. I'm not.

You are worried about day to day or even hourly moves. I'm more like the next few weeks or months.

BTW, I have never come across a really wealthy day trader. The guys that are rich are insiders, macro guys, the buy and hold guys and hedge fund guys. Don't get me wrong, some day traders do well, but on the whole they survive. They aren't really wealthy. This is just my observation generally and is the reason why I chose not to day trade.

I have come across several wealthy traders in my life (energy traders, FOREX traders, bond traders, etc...). Traders are needed in order to provide liquidity to the market and for price discovery. Not everyone can be a "buy and hold" type person or there would be no liquidity in the market. If bitcoin ever becomes mainstream, there will actually be MORE traders than there are now since investment banks & hedge funds will have teams trading bitcoin on the open market. Not to mention there will be a robust bitcoin derivatives market as well.

This should be obvious to anyone with half a brain.

Nice. And I'm taking the bait. All those guys trading are living pay check to pay check. The guys that are making the real money setup the system that tells them how to trade.

The wealthy guys are buffet, soros, chanos, Paulson, ackman etc... They pay day traders to execute their strategies.

That much is obvious to my little half brain. Maybe I can learn from you.

Its no longer the case. Big guys use Algotrading.

Everytime i hear of day traders, i think ...."unemployed" champ. Yes since they can have live data feed and trade on computers, kids think they can gamble the market and make money. Then they start reading about trading, going to seminars that teach them "how to get rich - its so easy even your gramma can do it". Roll Eyes

Algotrading still needs human involvement. Hell, there is "algotrading" going on right now in the bitcoin market with bots.