Deleted Thread

Scottex99

[Deleted User] said:

HansOndabush said:

I prefer roulette; at least it comes with pretty girls and free sandwiches.

You get Elon and dog memes instead of girls and sandwiches.

I opened a small short position at about $0.35. No leverage involved, and I am prepped to double down if the price pumps, Martingale strategy.

I will report back at some point with the resulting gain/losses. I agree this is a risky bet though, which is why it is a pretty small slice of my portfolio.

Nice, I was just thinking a short at 40c is looking good now (with the obvious risks already discussed)

Generally makes me happy to see the pumped retail stuff falling back too. Not good for the space when the likes of DOGE, XRP, TRX, BTT, SAFEMOON etc are the biggest gainers, just means more noobs getting rekt long term probably

Scottex99

[Deleted User] said:

Scottex99 said:

lardellion said:

HansOndabush said:

I prefer roulette; at least it comes with pretty girls and free sandwiches.

You get Elon and dog memes instead of girls and sandwiches.

I opened a small short position at about $0.35. No leverage involved, and I am prepped to double down if the price pumps, Martingale strategy.

I will report back at some point with the resulting gain/losses. I agree this is a risky bet though, which is why it is a pretty small slice of my portfolio.

Nice, I was just thinking a short at 40c is looking good now (with the obvious risks already discussed)

Generally makes me happy to see the pumped retail stuff falling back too. Not good for the space when the likes of DOGE, XRP, TRX, BTT, SAFEMOON etc are the biggest gainers, just means more noobs getting rekt long term probably

Yeah, those are some bad coins. CHZ looks like trash also, and to a lesser extent THETA/TFUEL. And of course there is BSV. So many pockets of craziness.

Forgot about BSV, might as well throw BCH in there too.

Funnily enough CHZ I got last year to farm some of the football tokens, didn't plan to keep hold of it but it then went and did a 30x or so. It also just got listed on Swissborg today, an app and team I rate very highly. Doesn't mean Chilliz is good but probably gets it out of the trash column at least.

All subjective in Cryptoland I suppose

Scottex99

[Deleted User] said:

Malthusian said:

I will report back at some point with the resulting gain/losses.

I agree this is a risky bet though, which is why it is a pretty small slice of my portfolio.

Please do (genuinely). It'll be a much larger slice of your portfolio if the price goes up by 10x or even 3x.

As promised... I have closed the Dogecoin short. Entered at ~$0.35 and exited around ~$0.19, and am up 40%.



Things did not go smoothly. I took some unnecessary risks making some trades during the last few minutes of the dip to $0.16, those trades just about balanced out to nothing though.

Congrats, well played.

[Deleted User]

I put £10 in now work £7

Thrugelmir

The inherent danger with short selling is that a large player with deep pockets decides to squeeze the market. Although prices aren't disclosed the volume short sold is, for all to see. . 

Scottex99

[Deleted User] said:

Well I have a conclusion to my Dogecoin shorting attempt, I got liquidated. Here's my #1 reason not to short Dogecoin: if you are not an experienced margin trader, you will not manage your trades properly and will get blown up.

There was a big Dogecoin dump from ~$0.40 to ~$0.22 today caused by Bitcoin crashing. I made a heavily leveraged sell near the bottom, having sold all the way down for big gains.

In my haste I made some fatal errors adjusting my stop losses... after my final big sell, I cancelled my old stop-loss buys and tried to enter some lower ones. However the exchange would not accept any orders I entered, even market orders (showing "network error" messages etc). So I was stuck helplessly watching the price rise until I was liquidated.

Nasty. Exchanges shouldn't be falling apart every time the market goes wild either though. Can guarantee most had some outages earlier

HansOndabush

That's the problem with speculating or gambling; when you're up it is only a loan, you always give it all back with interest!

Grenage

[Deleted User] said:

Well I have a conclusion to my Dogecoin shorting attempt, I got liquidated. Here's my #1 reason not to short Dogecoin: if you are not an experienced margin trader, you will not manage your trades properly and will get blown up.

There was a big Dogecoin dump from ~$0.40 to ~$0.22 today caused by Bitcoin crashing. I made a heavily leveraged sell near the bottom, having sold all the way down for big gains.

In my haste I made some fatal errors adjusting my stop losses... after my final big sell, I cancelled my old stop-loss buys and tried to enter some lower ones. However the exchange would not accept any orders I entered, even market orders (showing "network error" messages etc). So I was stuck helplessly watching the price rise until I was liquidated.

Well kudos for being honest about it going wrong.  Most people are very vocal about their successful punts and very quiet about the ones that went wrong.

Steve182

You can have a bit of fun on the exchanges with minimal risk, if sufficiently disciplined.

Presently I'm betting on gold. A lot of institutions are forecasting it to rise this year -
https://goldsilver.com/blog/gold-price-forecast-predictions/
Of course they may be wrong.........

So if you think they are right, open a SMALL "buy" position, say 1 point or 5 points or whatever, don't go silly. If the POG you buy is $1850 put a stop at say $1800 so your potential losses are limited.

Wait a few days, if the POG has moved up to say $1900, buy the same amount again, with a stop at say $1850

Keep adding new trades periodically as the price increases, and periodically review (and move up) your stops with the rising price. However once in a good profit position don't keep the stops too tight as you will shut down the trade with normal fluctuations.

If you have called the trend correctly you can make a few hundred or a few thousand pounds over the cycle, which may be many months, or longer. If you called it wrong and are losing then just stop and look for a better opportunity elsewhere, or take a break.  Only bet if you are confident there really is a trend.

No need for big risks or big losses.

I doubt the 85% or whatever of retail traders who lose money on the spread betting platforms use such discipline.

HansOndabush

Are you in the 15% group in profit over the long term then or have you only recently started?