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Showing 7 of 7 results by BitFun
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Board Beginners & Help
Re: (Day Trading) Keeping track of MtGox transaction fees.
by
BitFun
on 08/02/2012, 01:31:04 UTC
cool, thanks!
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Topic
Board Beginners & Help
Re: Understanding Tradehill Commission Fees
by
BitFun
on 08/02/2012, 01:30:32 UTC
Aahh ok thanks, I'm used to mtgox I just switched over.
Post
Topic
Board Beginners & Help
Re: Understanding Tradehill Commission Fees
by
BitFun
on 08/02/2012, 01:17:29 UTC
Quote from: deepceleron on February 08, 2012, 01:11:41 AM
Tradehill always takes their fee in USD, likely so they don't make half their profit in Bitcoin, and have to deal with trading themselves and accounting weirdness this would cause a business.

If you buy dollars, you spend the amount in bitcoins you specify, and your fee is taken from the dollars you bought. If you buy bitcoins with dollars, you must pay additional dollars as a fee.

Obtained AmountObtained CurrencyPaid AmountPaid CurrencyCommission AmountCommission CurrencyFinal_Obtained AmountFinal_Obtained CurrencyFinal_Paid AmountFinal_Paid Currency
27.2160000000USD2.0000000000BTC0.1469664000USD27.0690336000USD2.0000000000BTC
1.0000000000BTC13.0000000000USD0.0702000000USD1.0000000000BTC13.0702000000USD

The beauty of exchanges is they charge both the seller and buyer a fee for the currency exchange, in essence taxing the same transaction twice.

Thanks so much, so if i buy my entire USD wallet's worth of bitcoins then it will just subtract the fee from what I'm purchasing correct? Also this means i can just take the transaction fee (doubled to include both buy and sell) from the USD buy amount, and as long as my profit will be larger than that I'm in the green correct?
Post
Topic
Board Beginners & Help
Re: (Day Trading) Keeping track of MtGox transaction fees.
by
BitFun
on 08/02/2012, 01:13:17 UTC
Quote from: RandyFolds on February 07, 2012, 12:51:47 AM
Quote from: BitFun on February 07, 2012, 12:43:21 AM
Hey all,

So I'm fairly new to day trading and something i'm having trouble with is keeping track of the fees that come with transactions on MtGox. I attempt to calculate the fee costs before making a buy/sell to be sure the profit will cover it, but somehow i keep coming out negative due to fees. Can anyone help me out with this?

Or in short, how can i tell how much of a gap i need in buy/sell price to make a profit at a .60% trade fee?

Make sure the spread between your sell price and buy price is greater than .6%...

So i just take 1.2% of the usd I'm spending and make sure I'll profit more than that, correct?
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Topic
Board Beginners & Help
Topic OP
Understanding Tradehill Commission Fees
by
BitFun
on 07/02/2012, 22:43:58 UTC
Hey all,

So I'm writing up a program to calculate the trade fees for me and spit out what I need to sell for to break even after a purchase. (For Scalping)

I'm a little confused on how to calculate the fees though.

So here's what my impression is.

When I buy bitcoin: tradehill takes the commission rate out of the USD you are spending then buys the bitcoin.

When i sell bitcoin: the Commission Rate is taken from my bitcoin then what's left is converted into USD.

Is this correct? Does it even matter which currency i take the commission from when i write the program?
Post
Topic
Board Beginners & Help
Topic OP
Scalping Bitcoin
by
BitFun
on 07/02/2012, 05:56:24 UTC
Hey all,

Can anyone give me some advice on scalping bitcoin? I keep ending up negative I need a solid strategy.
Post
Topic
Board Beginners & Help
Topic OP
(Day Trading) Keeping track of MtGox transaction fees.
by
BitFun
on 07/02/2012, 00:43:21 UTC
Hey all,

So I'm fairly new to day trading and something i'm having trouble with is keeping track of the fees that come with transactions on MtGox. I attempt to calculate the fee costs before making a buy/sell to be sure the profit will cover it, but somehow i keep coming out negative due to fees. Can anyone help me out with this?

Or in short, how can i tell how much of a gap i need in buy/sell price to make a profit at a .60% trade fee?