Post
Topic
Board Speculation
Re: REAL market traders... are they here...?
by
Lone Wolf
on 31/12/2013, 01:20:38 UTC

Well, yes. I have about 20 years experience trading. Predominantly futures and derivatives, commodities, currencies, interest rates, energies, etc. I was an institutional/retail broker for about 8 years and owned my own firm for most of those. Now I am a hedging consultant and prop trader, which is nearly the same thing just don't do brokerage anymore because I don't like most people when they become clients. When they are just people I like them more.

I actually wrote a book on it, you can borrow it free if you have amazon prime

http://amzn.com/B0091XN1KS

Anyway my take on bitcoin is the exchanges are fubar so I won't trade it there yet. MTGox looks ok but then not really, BTCe is a disaster waiting to happen- they might be 100% legit and stay that way but who the hell are they and who gets your money back if they fly by night? US exchanges have slipped a notch since Corzine and PFG debacles but I can still sleep at night with my money at the CME. None of these exchanges are transparent or accessible enough to warrant the risk afaic. Not disparaging them, I don't know, just scares the hell out of me.

So, it's a buy and hold market for me. I may put small amount into coinbase to buy altcoins on spec. But larg bitcoin investment is strictly through escrow/localbitcoin face to face with my gun. And then I am camping on them. I'm very bullish, long term. I'd like to trade the action because the swings are great, and the trend is steady considering the volatility. But its not worth the risk of disappearing account to me. Just going to hold and trade commodities at the merc to grind out in the meanwhile.

Hope that helps...

This is *exactly* why i don't trade btc.  I hear way too many horror stories about people not being able to get their money out of btc exchanges, not getting good fills on their buy or sell orders or getting screwed somehow.  i just watch the btc charts and post on these forums out of curiosity.  I'll stick to trading stocks for the time being.  There's enough money to be made there that I don't need to risk my money at some fly by night btc exchange that is based in Bulgaria or some shady country like that.

And Mt. Gox was originally a Magic the Gathering trading site???  no thanks.