What's going on there with the fees? 6 digits behind the decimal? That is 1 millionths of a dollar! Dude, the US Mint doesn't make money that small! What's going on over there, I smell funny stuffs, Lebowski!
Baron's Crypto Trading Journal
- Thread starter Baron
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What's going on there with the fees? 6 digits behind the decimal? That is 1 millionths of a dollar! Dude, the US Mint doesn't make money that small! What's going on over there, I smell funny stuffs, Lebowski!
I'm surprised to see that the fees for these trades are so high: 40 USD for a 10 k USD position size. Much higher than what I'm used to in trading futures and ETFs.
It is because you are lost in illusion.
When he bought the 10K in BTC, he owns the 10K in BTC. When you buy 10K worth of a futures, you own NOTHING. YOU become the middleman behind the futures trade! Oy!
The question is: who is lost in an illusion?
If you buy 10K worth of futures, you own the right to sell that position during a certain time. So telling that he owns nothing is completely wrong.
The cost should be compared with the potential profit on the investment. Because the cost has to be earned back by making a profit. So the potential to make a profit defines if the cost is expensive or not. ROI is important.
if you think this is expensive, it is nothing for crypto world. Some exchange when you trade shit coins charge 10% or more to get in and same to get out.
His fees would be ~75% lower if he used limit orders rather than market orders.
Long-term positions though so a few bucks won't matter.
Although generally you are correct, nobody ever worried about those when investing in a mining company. People do that because they want to get rich quick. And one can diversify among 3-4 stocks to avoid risk of one going down. So if one is weakly or strongly bullish on crypto, these can be better strategies than actually holding crypto, depending on the investor's prediction/expectation:
Expecting:
1. Sideways: selling CSP
2. Slowly up: owning mining stocks.
3. Quickly up: buying calls on these stocks.
Assuming your prediction was correct in each version you make more than just holding the crypto...
Anyhow, I am not debating the issue, just pointing out that other approaches to being bullish on crypto do exist. Good luck with your investments!
Baron
ET Founder
They have that many decimal points because they have price quotes in all types of currency pairs. So for example, if you wanted to buy 1 Polygon Matic token ($1.48) with your bitcoin balance, it would cost you
0.00002460 BTC.
yeah,man...so that you can spread news about your site..now,I'd send you a p.m.
but I don't see the right button..so be so kind and check people who clicked 'unsubscribe' on your site and plz don't send me stuff I don't want to see anymore..
thx
Baron,great journal,really inspiring!
Baron
ET Founder
Ok, I just initiated another $10k deposit into FTX so I'll have some firepower on hand to deploy as things unfold. As you're probably aware, Bitcoin is pressing against the all-time of $64,888.99 from April and I'm anticipating a breakout above that within the next day or two. Once we get above that level, the naysayers and fomo'ers will be jumping in from everywhere, which will put Bitcoin on a strong upward trajectory. The new BTC high be in the mainstream news everywhere which will pull in a bunch of new money. If we already have positions in bitcoin, which we do, this is exactly the market behavior we want.
They all hated it at $50k, and $40k, and $30k, and even $28k a few months ago, but now that they have "confirmation" via their technical charts, they will be coming out of the woodwork to push this beast upwards and onwards once we hit the breakout point. And while the focus of everyone will be on Bitcoin this week, this will be the time when we start turning our attention to some of the other opportunities in the crypto space while nobody is looking.
They all hated it at $50k, and $40k, and $30k, and even $28k a few months ago, but now that they have "confirmation" via their technical charts, they will be coming out of the woodwork to push this beast upwards and onwards once we hit the breakout point. And while the focus of everyone will be on Bitcoin this week, this will be the time when we start turning our attention to some of the other opportunities in the crypto space while nobody is looking.
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