Real Trading #8 Trade on the board!
Trade on the board
So... we have a first trade on the board but its not something you might expected. The market have been quite hot lately, generally due to expectation that SEC will allow Chicago Board Options Exchange to trade Bitcoin ETF's. This decision will of coarse be make it or break it for BTC and crypto in general. There is almost no middle ground here. A positive decision will send BTC skyrocket in value; many predict upwards to $20,000 USD price point. While the negative news will surely result in a wipe out.
Because this decision will affect crypto markets in general, I made a trade to fiat. Here is my trade:
Going forward, I will use 100 BTC as a starting point and just calculate trade gain and losses on that. The reason being is I mine, and all my funds use the same wallet, this distorts the profit figures of coarse.
Given the developments, I think my new strategy is scoop up BTC at a more reasonable price and wait for the decision of SEC. Reasonable price is a price within 4% (normal monthly delta for BTC). So for me, I will place an order for $10,180.80 CAD. I wanted to get another screen shot of my order hanging but i cant figure out coin square. Maybe in the future ill do my ranking of exchanges. Hope you found this helpful, leave questions below.
Hey @sososerious, the markets are pretty crazy right now. Crypto is back to a weird space but I know long term it's still what we're all hoping it will be! Cheers
Long term yes. Im not sure most of the crypto would make it. Its like dot com companies back in the day. Yes eCommerce is great but it doesn't mean all companies survive. There is a lot of volatility in crypto. A good trader should exploit it to maximize the profits.
ive been telling everyone this is an identical repeat of the dot com. All you have to do is know something about both and its a complete mirror.
Update: Seems like BTC is on a sell off right now. Adjusted bid offer to 1030 CAD (7,715 USD)