The biggest trade of the century

NoEmotionTrader · Feb 29, 2020

I've shorted bitcoin since it went below $10000 with my entire life savings. I've even thrown in a bit of CFDs for good measure. At the moment, I'm up ~$40000 on CFDs alone. If Bitcoin even hits $2000 this year, I'll be able to retire to my dream country: Monaco. Apparently, the word is that Bitcoin could decline as much as 90% from it's current peak.

gaussian · Feb 29, 2020

NoEmotionTrader or NoBrainsTrader? Hard to tell with this post.

ZBZB · Feb 29, 2020

You need to read The Rules by Larry Hite before you go bankrupt. Also, you may be on the wrong forum, try wallstreetbets on reditt.

nooby_mcnoob · Feb 29, 2020

You're dumb and you will go broke.

The trade of the century is not shorting Bitcoin. It was buying bitcoin at $1 and selling at $20K.

CALLumbus · Feb 29, 2020

S2007S · Feb 29, 2020

NoEmotionTrader said:
I've shorted bitcoin since it went below $10000 with my entire life savings. I've even thrown in a bit of CFDs for good measure. At the moment, I'm up ~$40000 on CFDs alone. If Bitcoin even hits $2000 this year, I'll be able to retire to my dream country: Monaco. Apparently, the word is that Bitcoin could decline as much as 90% from it's current peak.

How do you short bitcoin?

Cuddles · Feb 29, 2020

I think it's cute you think a 20% drop in bitcoin is somehow special & not as likely to go the opposite way.

guru · Feb 29, 2020

S2007S said:
How do you short bitcoin?

He wrote that he is using CFDs.
You can also trade Bitcoin futures.

easymon1 · Feb 29, 2020

NoEmotionTrader said:
with my entire life savings.

keep us posted. thx

https://elitetrader.com/et/threads/bitcoin-price-thread.315402/page-250

Snuskpelle · Feb 29, 2020

nooby_mcnoob said:
You're dumb and you will go broke.

The trade of the century is not shorting Bitcoin. It was buying bitcoin at $1 and selling at $20K.

You can rebalance in a down trend to achieve far more than 100% potential. Especially, if Bitcoin goes from $20K to $1 you can do the same in reverse... Of course, when (not if) Bitcoin starts one of its bull moves that will flatten you if you're sitting on a leveraged short.

OP may actually be smart and putting on a single high conviction trade that will let him retire, but that depends entirely on how his exit plan looks like. If it just is "hold until Bitcoin hits $2000" his chance of success is far more limited.