BitPirate
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November 20, 2013, 04:41:51 AM

Alright its time I jump in and ask my obligatory "worried guy" question:

Bought 1BTC @ $717USD.  Do I hold or sell?

I have no strategy, no system, and most definately not a day trader...

FYI, I've "bought in" at a couple of diff price points so my weighted average cost per BTC is about $475...so that combined with my "greedy" nature is telling me to hold even though I'm staring at the blood-red candle sticks on this graph.

Help!  Talk this wanna-be Bull away from the Bear ledge! Cry

Hold. Hold, hold hold. Do you have a bot? Then forgot about trying to trade for profit, you're going to get steamrolled by people who know what they are doing.

The market may bleed money over the next days or weeks. Do not worry about it. Look at the 1-year chart and take a deep breath.

Thank me in six months.

I've got several bots but sadly I'm not "smart" enough to quite get them configured right. I bought the HaasOnline bot and the Butter Bot.  The various configs I've tried the past couple of times on each have ended up costing me -- so clearly I'm not getting the right variables configured in these to capitalize on the swings.  

I've got 7BTC left...after my bot misfortunes...of which 5BTC is "frozen" in my freezer into an block of ice.  The remaining 2BTC is what I planned to try and work with if it makes sense to try again wth the bots or just to manually trade for myself...

I think you should probably cut your losses, man, especially if you're new to trading. I've been doing this successfully in the real world for years and I still don't like technical trading.

But it is fun to watch.

The block of ice is hilarious, BTW. Laminated paper wallet? I might even do that.  Cheesy

I would have laminated it but I dont' have a lamination machine.  I just got the paper double bagged in two ziplocks.  That is then folded and put into a small tupperware container...which is water tight...and then frozen.  My bank was asking too much for even their smallest safety deposit box.  I'm actually thinking of thawing it out and sending a copy to my family as a backup...  ONe thing I hadn't thought of is if my apartment building burns down or somethign...or if we have another Hurricane Sandy, I might lose the private keys...so I guess i know what i'm doing this weekend.

A properly encrypted wallet stored on a few LUKS encrypted USB keys is the best bet IMO. Higher up the priority list is obviously, using a secure operating system, and only doing sane things on the computer you use for encryption.

Anyway, as to your original question: You're asking the wrong question. The real question should be, when do you start buying again in order to dollar cost average. My opinion -- we have a long way to go down yet. Initial bounce was to $500. We'll likely see a floor of half that, briefly. So anything above $300 isn't all that attractive right now.