A word of advice to those who want to be traders.
Of course this isn't easy and more than likely the majority of people won't do it. My purpose in saying this is just to let you know that this is what it takes if you wish to have a sustainable edge in the market.
Another great post. I guess I am an investor. I've invested quite a bit of money, time, and effort into Bitcoin. I know I don't have what it takes to trade, but I often wish I did.
I'm afraid I'm too emotionally attached to trade Bitcoin properly. I find it fascinating watching other people trade, or attempt to trade though. I haven't seen many posts like yours in this forum, and I have to say it's a refreshing addition.
Thank you for the kind words Holliday,
Emotion really is a killer in the financial markets. I've lost thousands to emotional decisions. I used to trade "pink sheet" stocks - basically scam companies with share prices around $.0001/share. I did it because I became emotionally attached to the idea and realized that if it took off, I could make millions. At one time I owned 7,000,000 shares in a company...and I lost nearly all of my money.
A trader who was very influential to my thinking once said
"successful speculation begins with objective observation". He wrote a book called Technical Analysis Using Multiple Timeframes and it ranks in my top 3 best trading books ever written. If anyone desires to learn to trade, this is a great place to start. If not, the quote alone is worth thousands.
http://www.amazon.com/Technical-Analysis-Using-Multiple-Timeframes/dp/1598795805/ref=sr_1_1?ie=UTF8&qid=1327124041&sr=8-1You know, there is absolutely nothing wrong with not trading. If your objective is to profit and you realize that trading is not a profitable venture for you, then hey, you made a very wise trade. I will say though that if you are looking for something to invest in, I highly, highly recommend Currensee. I highly encourage you to look into it. Basically you allow professional traders to manage your money and the ONLY way they get compensated is if you make money.
http://www.currensee.com/