re: Official CryptoTalk Thread

quote:

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nly consider doing this if you are single without kids and/or you are already worth 7 figures.

Bitcoin is going up forever, but the swings make people emotional.

Can you stomach seeing it drop down to $40,000 and sitting there for years before shooting up to $250,000?

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Sound advice and I appreciate it. I wasn't expecting this windfall so I'm not really that emotionally tied to the outcome. I don't want to squander it mind you but I'm also not counting on it for life.

Futures contracts in at $87K, out at $92K. Closed automatically when I was at the barber.

Trying to close BITX after hours.

If I trade this weekend it has to be spot.

I have no idea what's going to happen, but I think the pre/post election easy money might be over. It might be time to start trading volatility again and picking up physical on whatever large correction we might (or might not) get.

The weather is cooling down up here, and it's a bye week, so chances are I'll be bored (and maybe undisciplined) and trade spot over the weekend.

Full disclosure, I lost all my short hedges (insurance) and I tried to go long SBIT for a hedge but accidently bought calls that expired today instead of Maybe 2025, so those expired worthless. In total I lost money on three trades, mostly hedges, and did o.k. on everything else. Which is pretty good, over 80% win rate. I've done this long enough to know 80% win rates aren't forever (at least never have been for me), and my instinct is to slow down a bit.

I think the next major trades I made will be around the reserve currency news. Tricky to try to time that and figure out what direction all that is going to go.

These are all trades, and these are all in a different category for me than my buy and hold physical BTC.

None of this was easy. It was a bunch of work.

Trading stock is trading against computers and professionals. Trading BTC futures and options I suspect I get to trade against some (not all) less sophisticated traders. I haven't really actively traded stock for over a decade. I don't really actively make trades on BTC either. Election season is an exception.

I view MSTR as a stock I wish I had bought (and held) a long time ago. I didn't. I missed it.

MSTR does appeal to me as I could hedge unrealized gains easier with protective puts, but as it is, I own physical BTC, so I'm not that motivated to get into MSTR.

On my futures and options BTC trades I'm largely copying the other gentleman's volatility trade where he uses BITX. I have enough hedged physical BTC that I can trade multiple contracts outright with no margin. I set stop losses and I'm comfortable with what I'm doing.

It's not for everyone. The numbers sometimes are almost like a dream. I'm going to get downvoted. I'm not bragging. I did buy BTC early and often, so I'm fortunate. I've missed countless opportunities in my lifetime, BTC is one I didn't miss. You can see how concerned I am about locking in unrealized gains.

My stated goal is I don't want to have to work as hard any more. I'm 58. I paid off a business (7 digits) and ate Raman noodles for years. I worked 12 hour days. A couple hours on both Sat. and Sun. mornings. I enjoy working, I just don't want the stress of debt and having to grind. I'm not quite where I want to be. Mostly due to large condo assessments in Florida where I own rental condos on the ocean. The insurance is through the roof down there. At some point that will settle down and I have large gains there also.

To get from point A to point B hasn't been easy. I've done what I've done by bunting and hitting singles. This is why I post my losing trades. I know one thing that works for me. That is consistency outperforms occasional brilliance if you're a guy like me. I've been a grinder my entire life, and my investments have been the same. When I tried to hit home runs I got burnt more times than hitting one out of the park. I have more success when I just keep chopping.

Practically everything on coinbase is up significantly over the last 24 hours

OG ETH guy checking in

Still holding.

Yeah robinhood and etrade and I think every app makes you do the same thing. The IRS makes them

Didn't expect this so quickly:

CNN

Trade the rumor (news stories) sell the news (whatever actually happens).

I still have a frick load of SOL from the stupid NFT days. Need January 1 to get here to offload some of it