I’ve checked back in on my portfolio and see that I made a mistake trying to short. The market has moved back and was not phased by my short sell off attempt. This happened another time back in 2013 for me and Copperbars. Lesson learned, I’ll stay away from trying to pull market moves. I ended up selling a nice chunk the last time around in June for about 30K latoshis, te last round, towards the beginning of July, I had actually sold about 2/3rds of my EZcoin (currently the largest share of alt-coin balance in my portfolio in terms of value) into BTC and LTC to short the market and attempt to pickup the rebound buy for the cheap cheap. Long story short: I sold them down to 10K latoshis to rebuy them, and currently the lowest price offered to sell them is now they’re being bought around 20K Latoshis. In other words, I priced my margin to large and there’s no way I can reach that unless I keep my coins locked in for another negative event to crash the market or someone has to cash out and sell down their shares to reach my 10K latoshis price point , skimming roughly 1-4K latoshi per sale. Keep in mind I sold a lot of EZ coin before when the price was higher so this was a move of pure greed. It knocked my holdings back approx. 50% and at the moment the trading portfolio is worth just under a couple bitcoin. I took out about 100 LTC a few months back as an insurance to hold onto them in case there is a speculative bubble around the halving event, occurring roughly 30 days from this writing.
Oh well, that’s fine (ish). Moving on, lets look at the market:
This chart is the best kept secret of cryptsy. Use it to read through the markets and find the ones with liquidity and price movement. Do you have a profit objective? I didn’t before, now I think I’d like to try to shoot for earning .15 or more between posts. (That’s rich coming from someone who just squandered half of the perceived value of his portfolio trying to play shorts on an alt-coin right?)
To mitigate things, I have closed my EZ coin buy position with BTC so I now have a little over .2 BTC to play with. Off to LTC!
We can even see the sam pattern reflective in today’s performance too:
I see a pattern of LTC being oversold at the moment. I’m going to purchase some EXTRA LTC with that newly freed BTC. Even if we zoom the chart out to all time:
We can see here that LTC is due for another speculative cycle. See that huge green bar signifying nearly 300K trade volume? I think the market was oversold you guys. I’m going to go on ahead and make the trade.
The Goal: Sell on the next spike of .044 or more for this bounty I’ve just acquired. To cover any possible action, I’ve also taken the liberty of setting up a trigger for this strategy too:
We’ll see how this pans out over the next few days and I’ll share my findings! Do you have a specific trade strategy? Do you use Triggers when trading? Let’s discuss in the comments!