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To be honest I think that charts and stuff shows f'all in such wild market and if you're not very well studied in that stuff it's just going to confuse you.
My advice, though I'm in no way expert or too experienced with bitcoin, is to watch market all the time and see how it's going, week of market studying will do you more good then all these charts imo. With time you get some sense what some reactions means and where it might head though you'll never know that with charts, watching or whatever with so much manipulations happening on bitcoin exchange.
Try to not lose a lot-that's the first thing you have to watch as it might demoralize you and stop you to think rationally. Beside big loses put you back in your plans. When you earn something than you can make some high risks but on the beginning play on safe. It's better to earn one dollar in 5 consecutive trades than lose 10 in one
My advice, though I'm in no way expert or too experienced with bitcoin, is to watch market all the time and see how it's going, week of market studying will do you more good then all these charts imo. With time you get some sense what some reactions means and where it might head though you'll never know that with charts, watching or whatever with so much manipulations happening on bitcoin exchange.
Try to not lose a lot-that's the first thing you have to watch as it might demoralize you and stop you to think rationally. Beside big loses put you back in your plans. When you earn something than you can make some high risks but on the beginning play on safe. It's better to earn one dollar in 5 consecutive trades than lose 10 in one
some excellent tips here Seleme.
I am happy to sit and watch markets for as long as it takes - except I have no clue what I am looking for
Yes, I like the thought of small earnings over several trades. It's the better way to learn and build confidence and as you have said, it wouldn't be demoralizing.
I put together here, a simplified version of info that can be found around the net. It explains the important parts of Eliiot Wave Theory (used by many here) and delves into the use of Fibonacci retracements to determine likely targets.
https://community.bitfinex.com/showthread.php/45-Elliot-waves-to-Fibonacci
I wrote about trend lines and how to trade using them here:
https://community.bitfinex.com/showthread.php/171-Trend-Line-Analysis
You can also check out Goomboo's Journal here:
https://bitcointalk.org/index.php?topic=60501.0
These are all beginner oriented threads for three different but useful types of market analysis.
https://community.bitfinex.com/showthread.php/45-Elliot-waves-to-Fibonacci
I wrote about trend lines and how to trade using them here:
https://community.bitfinex.com/showthread.php/171-Trend-Line-Analysis
You can also check out Goomboo's Journal here:
https://bitcointalk.org/index.php?topic=60501.0
These are all beginner oriented threads for three different but useful types of market analysis.
Thank you for these - plenty to learn
So I am looking for someone to mentor me.
Do you really want to be a daytrader?
It's something that interests me and it is something that I'd like to do. It is not out of necessity.
I don't know anything about a mentor but I can offer a good start:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks
thank you for the link - very helpful
i recommend smoothie.
As I have said - I've been lurking for a few weeks
Ok, so I'm not sure if this is the right place or even if it is ethical, but here goes .....
I'll be completely honest with you, I am here to speculate and try to earn some extra cash by Day Trading.
I understand the point of Bitcoin is to be used as a currency, but since it is such a volatile market I see it as an opportunity to learn the skills involved in trading.
I have always had a fascination with markets, but I have zero understanding of them.
I read you guys talking about the volume and walls etc and I've made a couple of purchases and the price has dropped immediately - Hell, I could simply put a post here and tell you all that I am buying and that would be your cue to get ready to buy cheap.!!!
So far it has all been guesswork.
I have been lurking here for about three weeks now and my funds cleared at Bitstamp on the morning of April 10th. I didn't risk too much but I'm sure you can guess how it went for me
I don't know how to interpret charts, I have no historical knowledge. All I know is what I have learned from this forum - I may even have got that wrong and taken the trolls advice by mistake.
I read about doubling down etc - it's Double Dutch to me
So I am looking for someone to mentor me.
If there are any experienced and successful traders out there who would like to pass on their knowledge I propose to share profits.
I am not looking for timely tips on when to buy or sell. I would like to be taught how to interpret the data and make the decisions for myself.
If you are prepared to mentor one person then you could mentor others too - you could even have a subscription based blog training the new guys here.
This could be a real opportunity for someone who is prepared to put the time in. There are 28,000 accounts waiting for verification at Gox and a high percentage of those will be novices like me who have been captured by Bitcoin.
An automated daily training email such as can be set up at MailChimp could be a real money spinner for the right person.
I should really mention that I will need to be careful who I learn from and I need to be able to verify your good intentions and honesty - perhaps by other prominent forum members vouching for your good character.
So, any offers ??
I'll be completely honest with you, I am here to speculate and try to earn some extra cash by Day Trading.
I understand the point of Bitcoin is to be used as a currency, but since it is such a volatile market I see it as an opportunity to learn the skills involved in trading.
I have always had a fascination with markets, but I have zero understanding of them.
I read you guys talking about the volume and walls etc and I've made a couple of purchases and the price has dropped immediately - Hell, I could simply put a post here and tell you all that I am buying and that would be your cue to get ready to buy cheap.!!!
So far it has all been guesswork.
I have been lurking here for about three weeks now and my funds cleared at Bitstamp on the morning of April 10th. I didn't risk too much but I'm sure you can guess how it went for me
I don't know how to interpret charts, I have no historical knowledge. All I know is what I have learned from this forum - I may even have got that wrong and taken the trolls advice by mistake.
I read about doubling down etc - it's Double Dutch to me
So I am looking for someone to mentor me.
If there are any experienced and successful traders out there who would like to pass on their knowledge I propose to share profits.
I am not looking for timely tips on when to buy or sell. I would like to be taught how to interpret the data and make the decisions for myself.
If you are prepared to mentor one person then you could mentor others too - you could even have a subscription based blog training the new guys here.
This could be a real opportunity for someone who is prepared to put the time in. There are 28,000 accounts waiting for verification at Gox and a high percentage of those will be novices like me who have been captured by Bitcoin.
An automated daily training email such as can be set up at MailChimp could be a real money spinner for the right person.
I should really mention that I will need to be careful who I learn from and I need to be able to verify your good intentions and honesty - perhaps by other prominent forum members vouching for your good character.
So, any offers ??
Many people posting about personal purchases has raised a question in my mind.
If purchases of BTC are done 'on the street' so to speak, does that mean that a large purchase isn't recorded in the exchanges and that the price variable will not be affected?
Imagine I buy $1,000,000 in an exchange - this will affect the trading price.
Imagine I buy £1,000,000 in a face to face purchase. The exchanges will never know of it, other traders will never know so the value is not really affected.
maybe I have the wrong end of the stick
Is this a good thing or a bad thing?
If purchases of BTC are done 'on the street' so to speak, does that mean that a large purchase isn't recorded in the exchanges and that the price variable will not be affected?
Imagine I buy $1,000,000 in an exchange - this will affect the trading price.
Imagine I buy £1,000,000 in a face to face purchase. The exchanges will never know of it, other traders will never know so the value is not really affected.
maybe I have the wrong end of the stick
Is this a good thing or a bad thing?
Re: How to buy PPC and TRC – Newbies please be aware of Vicurex links...
Ah-ha .......
I happened to do a google search for something else but I was getting an error saying google was unavailable.
A simple re-start of Chrome resolved it.
I suppose that if chrome was unable to connect to the google servers then the CAPCHA couldn't work either.
Thank you for your suggestions.
I happened to do a google search for something else but I was getting an error saying google was unavailable.
A simple re-start of Chrome resolved it.
I suppose that if chrome was unable to connect to the google servers then the CAPCHA couldn't work either.
Thank you for your suggestions.
Re: How to buy PPC and TRC – Newbies please be aware of Vicurex links...
Have you had any problems signing up with Vicurex?
I tried to create an account but it throws an error saying that I haven't filled out the CAPTURE properly - there is no CAPTURE on the sign-up screen.
http://www.dancefestivalmusic.co.uk/images/vicurex.JPG
I tried to create an account but it throws an error saying that I haven't filled out the CAPTURE properly - there is no CAPTURE on the sign-up screen.
http://www.dancefestivalmusic.co.uk/images/vicurex.JPG
Does anyone know of any good resources for learning speculation for a complete novice??
I am prepared to put in the time and learn as much as possible but to gain the information through searches makes it so disjointed.
I'll admit it - I want to learn to read trends so that I can buy low and sell high.
Internet based resources are more favorable to me than paper books.
I am prepared to put in the time and learn as much as possible but to gain the information through searches makes it so disjointed.
I'll admit it - I want to learn to read trends so that I can buy low and sell high.
Internet based resources are more favorable to me than paper books.
I just bought £500 from a user called BTCMiner - very fast and an easy transaction.
Just a note to all the other new people from UK who are finding it hard to buy BTC, I would recommend this site and this user.
Happy chappy now - I'm on the bandwagon
Just a note to all the other new people from UK who are finding it hard to buy BTC, I would recommend this site and this user.
Happy chappy now - I'm on the bandwagon
aurumxchange.com - Anyone used it to fund MtGox from UK GBP?
I've just set up an account and waiting for the verification process.
Is this a good way to do it?
I am looking for simplicity as I am new to all this.
thanks
Is this a good way to do it?
I am looking for simplicity as I am new to all this.
thanks
[/quote]
Yes, you've missed the point. How easy is it for you to buy US $ in the UK? It is an easy transaction currency once you have some. Try starting an online business of some sort, and accept bitcoins. That's what is needed more than a better ways to trade government fiat for bitcoins.
[/quote]
Great idea, except for any business to succeed there needs to be cash flow. As long as I am unable to transfer BTC back to GBP the business wont last long
I am new to BTC and have done a little research and I am ready to buy some.
Trouble is that there are serious hoops to jump through for a UK investor.
So far I have been unale to find a way to fund my MtGox account since the information supplied is not compatible with the UK bank transfer system (ie, there is no Sort Code for MTGox and their account number is incompatible with our system).
So the flaw in my opinion is that buying BTC is such a pain in the posterior - this makes it only compatible with the investor who is prepared to perform financial acrobatics to fund his account.
The point of BTC is supposed to be an easy transaction currency - UK users and many more around the world are finding it too difficult to get involved and BTC will simply become an investment and not a currency for real transactions.
Have I missed the point ?
Trouble is that there are serious hoops to jump through for a UK investor.
So far I have been unale to find a way to fund my MtGox account since the information supplied is not compatible with the UK bank transfer system (ie, there is no Sort Code for MTGox and their account number is incompatible with our system).
So the flaw in my opinion is that buying BTC is such a pain in the posterior - this makes it only compatible with the investor who is prepared to perform financial acrobatics to fund his account.
The point of BTC is supposed to be an easy transaction currency - UK users and many more around the world are finding it too difficult to get involved and BTC will simply become an investment and not a currency for real transactions.
Have I missed the point ?