Im often a touch early on trade entries – but rarely am I late. This being said, I don’t expect to nail it on the first shot – in fact not at all ( as my entry strategy is always a scaled approach ). So when that first stiff jab or solid right cross “pops me in the face” – I’m ready for it. I learn from it.
Considering the volatility in Forex in general (let alone when things really get heated up) it is virtually impossible to nail an exact level, thus I have always suggested when drawing lines of support and resistance – use a crayola crayon not a laser pointer. You’ll take a shot here and there no question – but by keeping your original entry position relatively small, you’ll be able to get a better feel for your opponent, and have lots of gas in the tank for the knock out coming in round 3.
The important thing is not to “punch yourself out” early – and to be able to take a bit of pain, then get back out there.
These markets are ugly and mean…..lots of pain coming.
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Are you looking at BTCJPY in the long-run?
Help me out man – what cho talkin bout willis?
bitcoin/yen currency pair
those japanese will surly switch all their yen to bitcoins
I wouldn’t even consider trading it – if it existed at all.
Where / which broker / nuthouse lists that as a trading pair?
mt.gox of course
Here’s a link from a bitcoin forum outlining what you’ve suggested.
As it stands – if you ( or anyone for that matter ) wants to go through the hassle – hats off to you, but as I understand it – there is no “easy” way to trade BTC for Yen.
https://bitcointalk.org/index.php?topic=14886.0
the arbitrage opportunities are endless http://bitcoincharts.com/markets/
The total lack of liquidity ( not to mention the tiny wobbly legs the entire platform stands on ) , not to mention the volatility – has kept me a spectator of the entire Bitcoin community.
I think it’s a marvel idea, and watch with great interest – but I’m not at all interested in getting involved.
I’d love to hear more of your experience, so let us know!
That link was old – sorry.
Otherwise…I’m having another look at the entire thing here over the weekend , and will get back to you – as there are some very interesting opportunities no doubt.
Perhaps as things move along a bit further with its support / tech etc – I will dip my toe in the water.
Thanks!
I have not speculated in bitcoin as I am young and have no money therefore I couldn’t get in when it was under $10. My opinion on the matter is that since bitcoin is tapped at 21 million btc and most countries print billions of their currencies a year then bitcoin should go up until digital currency competition heats up. If I had a few hundred dollars that I could speculate with I would buy bitcoin. As it is now I am but an armchair analyst.
I hear you Mark – It’s something to keep an eye on for sure. I am very confident we will see much lower prices in BTC should you decide you want to get involved.
Your rational makes perfect sense in “theory” however – in real world application another story. I don’t see BTC making a move on “paper money” anytime soon.
not nuff bills(ions) in play homie (btc)
My feelings exactly.