JA$ON

If this is not the best day trading opportunity ever, I don't know what is. I don't give a fuck if it goes to 500, 1000, 5000. Daily swings of 10%+!!! Are you fucking kidding me???

Its like having a $ tree attached to my keyboard, lol

RummyBoy

Where can you check the price of a bitcoin and how the hell do you buy one?

Im totally thick.

JA$ON

google BTC price

Bitcoin Wallet - Coinbase

RummyBoy

Do you think it could go under $100 USD?

420

Coinbase is the easiest place to buy. But, you have to pay a premium or wait a few days for the funds to clear before you get your coins.

Mutt

Are you cashing out regularly? Because if you don't the profits you accumulated day trading can just disappear because Bitcoin's volatility.

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420

He is probably selling on the pops then buying on the dips without adding more funds.

beenthereb4

So give me a example of one price you paid and then the price you sold the same coin for .

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JA$ON

I think if you attach a Mastercard you can do instant purchases

420

There use to be a 3% surcharge for that.

JA$ON

oh is there? I haven't looked at the details, just remember seeing that option

JA$ON

bingo. Any time there is a 10-20% drop, I buy. When it recovers at least 10%, I sell and wait for the next drop those 10% down, 10% bounce cycles happen more than you'd think, check the history

I do own a bunch that Ive had forever that I keep for long term as well

420

There was but last time I used it was almost a year ago. I would log in and check but my 2fa device isn't charged.

Anyway, to day trade bitcoins. I would buy them on coinbase then transfer to bitstamp and play the swings. Transfer back to coinbase when ready to sell.




You must have a lot of discipline or a well coded bot to pull that off.

beenthereb4

so you are adding all the 10% and making it 200% ? lol

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CaptainHowdy

You like money, you make money ... no need to brag about it.

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420

Start with $1000 and earn 10% twenty times. You'll have over $6000 because it compounded. I'm sure he means he started with 1000 for example and now has 3000.



They still have the fee for credit cards.

JA$ON

Its not bragging. Its a VERY, VERY simple way for anyone to make $. I though Id share.

If I wanted to brag, wouldn't I share how much Id made?

JA$ON

DEFINITION OF 'COMPOUNDING'
The ability of an asset to generate earnings, which are then reinvested in order to generate their own earnings. In other words, compounding refers to generating earnings from previous earnings.



I hope you;re not doing your own taxes, lol

Paul&John

Are there that many 20% dips?

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mineistaken

Guys losing (for some to profit some must lose) money should be VERY VERY VERY dumb if it is so easy

clickity click

Everytime I check the price its going down. On the occasions I do see it go up I find it doesn't stay up long enough to actually buy anything.

420

It's a little bit different here because some guys are generating bitcoins with hardware and electricity rather than cash. There is not necessarily one gainer and one loser per trade.

JA$ON

Thats not 100% True, its not a 0 sum game. And yes it is easy, ESPECIALLY with BTC. Most people just don't think about shot term trades unless that make a HUGE profit and jump out.

If Its at 300 and drops to 240 in a day and I pick up a bunch, thats not to say that the person / people I bought them from didn't buy them at 50 or 100. Every transaction need not have a clear winner and looser.

My experience with BTC (and I guess most securities now that I think about it) is that people by hoping for it to go up in a BIG way. If someone buys $1000 worth of BTC and it goes up to $1200, most aren't selling, they are waiting for it to really take off and double or triple their money. BTC, has been VERY, VERY volatile % wise. Go take a look at ho many times its dropped 10%+, then bounced back over the next week so during the last year

I don't play with BTC as part of any REAL investment strategy. Its for fun, but the truth is....its been VERY easy, anyone could have done it and can still do it. Its not rocket science.

420

You were watching back in October-November when it hit 300 then went over 400 within a month. You should set a goal (sell after 10% gain or 15% loss for example) before you start. Try to stick to that rather than trading with emotions.

edgeprod

The average GFY mind cannot wrap around this, I'm afraid. I've been trying to educate people on playing the swings, but it's a lost cause. Just enjoy your profits.

420

It's all pretty scary. We could lose our precious money.

mineistaken

Of course I know that, like Jason said it is not 100% (that some people must lose the same amount others win). But still big portion of that 100% won by some people is lost by others. So just wondering how come they lose if that was very very easy

420

mineistaken-
I don't think the majority are losing cash out of pocket. They might be losing some profit though.

I can say it was fairly easy to make money up until today. But you never know what will happen tomorrow. There is a lot of risk involved. At least you can't lose 200%.

Penny24Seven

Look at my post from a year ago when people were laughing at me, I told everyone how I do it. I have cashed out so many times now it does not matter if it crashes to zero.
I was spending 40K at a time but now I am just playing with 25K.
I buy low and just wait until it goes up and sell.
I cash out my profit and wait for it to go down again and spend 25K and wait for it to go back up and sell it and do the same over and over.
Last time I sold was right before Christmas and last time I bought was not long after New Years. When it goes back up to 3 bucks I will probably sell and make 10K give or take PIMP

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JA$ON

Im glad so many around here are doing the same. If we can teach just one !!!! LOL

edgeprod

The people losing consistently are of his relative level of intellect ... he would manage to lose money.

GFED

I think the volatility index would be better to trade.

Mediamix

I want to give it a try, so I made a Bitcoin wallet.. I will post the results if I make any money. If I lose my money I'm just going to fuck a hooker and forget about it....

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Sig too big

hadden

Protocol money

OneHungLo

Are you guys paying capital gains taxes on your earnings? Besides the risk (unless you have a crystal ball, you do not know when the price is going to go up or down) the capital gains tax, which could be as high as 39%, scares me away.

JA$ON

Crystal Ball???LOL

It goes up and down 10% plus every few DAYS!!! Its free money. I love how everyone ttys to talk us out of it, or poke holes.

Its down almost 7% TODAY, getting ready to buy again

420

You have to pay taxes no matter how you make money. I don't understand how that would keep you out.

I guess I was already paying that sort of taxes on stocks and such. So, it doesn't seem like a big deal to me.

OneHungLo

Not poking holes just stating the obvious. Let us know when you buy

edgeprod

Last two years, I did capital gains on the trading, and earned income on the mining. If the government decides to treat BTC like a currency (rather than a commodity), it'll be taxed as earned income as well -- which will definitely hurt.

The "up" and "down" don't really matter -- the volatility does. What my bots do with the various currencies are they buy in at X amount, and then sell at X+Y. If it drops by Z, they sell at a stop-loss price. They then wait for the coin to drop by W (or rise by V) to buy back in, and the cycle repeats. This happens a bunch of times per day (a lot more for volatile coins, or for busy days), and the +Y adds up over the course of the day.

BlackCrayon

i know edgeprod has his own thing going on but for us idiots who can't program is there an automated tool out there to do this with? i would imagine unless you have nothing to do all day you can't sit around and watch the price constantly.

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OneHungLo

The tax rate varies between short-term and long-term gains. It makes a big difference between buying and holding stock vs constantly buying and selling currencies.

OneHungLo

Ok that makes more sense. Do you ever run into issues with any limit orders being executed?

edgeprod

I don't trade coins below reasonable trade volume thresholds. I manually turn them "on" and "off" in response to news (that gets them moving), etc. Basically, it's a config-level variable (an array, actually) that holds the ids of the coins I want traded.

Essentially, if I can't trade out, or can't get my limit orders executed, there's no point -- it has to be sufficiently liquid.

edgeprod

You can set limit orders on most exchanges. The only real advantage the bot has over "live" trading is that it can do it 24 hours a day (I have to sleep). The disadvantages (not as smart as a person, trades have to be much more conservative) almost outweigh the advantages, but I would MUCH rather have it "automatic" than have to constantly babysit it.

SDSimon

Hi edgeprod,
Do you sell your bots? Is there programing for sale?
Thanks edgeprod.
Weren't you in a ufc ring several times?

>>>WINNERS WIN because they NEVER GIVE UP!<<<

edgeprod

Not anymore (no interest last time); I do contract programming at $225/hr; you're welcome; yes -- although it's a cage, not a ring; and good quote.

fappingJack

Great.

Paul&John

haha today it seems like more of a 10% drop then 3 more drops at 10% then a raise to 8-9%.. nope raise to 5% only then a 10% drop :D

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Slappin Fish

Shame it's so tricky to short, playing the swings could be even more profitable.

nikki99

I think Chris Paxum put a url were to buy bitcoins time ago, if u can put that link again Chris I might be interested in using it

also can I start with $100 ? it is too low

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