Still.....

Okay so it has been 20 days and Mtgox has still yet to verify my account so I can start trading bitcoin with them. This is very disappointing they say they are number one in the Bitcoin Exchange, but this is not looking good. I already filled out a ticket for help on this, and I haven't had a word back. They say they are open 25/7 365, but they don't get back to you. updates will be posted when I know something more keep reading, and I am sorry for how long it has been since my last post.
Share +1 Enjoy - Hunter Maxwell 

Day 11 of said 20

I'm on day 11 of 20 of the verification process by Mtgox, and still no word on anything. I will have money the 6th of February to start my real trading, and I would like to be able to send my Bitcoin directly to mtgox to avoid transaction fees.. well see fingers crossed. Share +1 Enjoy - Hunter Maxwell 

The Three Main Risks

       The Three main risks I see in Bitcoin trading are Volume of Bitcoin available sometimes the amount of BTC available can be kind of low. If this is the case you could cash out for fiat currency, and a "Well" (Big investor) could come on and buy all the BTC. This is a problem that would make it hard to get back in, because when there are BTC available you would have to wait in line to be able to buy them, and the price WILL go up simple supply and demand. The second is when you cash out and you are holding fiat currency you risk the price jumping extremely high, and then you can't buy back in with out losing a lot of money. Now the third risk is that when you cash out for BTC over night the price could drop to an extreme low, however this is not the worst thing that could happen if you cashed out your earnings the day before because you have that money in your pocket. The other positive side to that is you can still trade, and we have seen time and time again in the past few months that even with these big "corrections" to the price you still can trade, and the price will usually come back so you would be making a killing! Share +1 Enjoy - Hunter Maxwell 

Mtgox Simulation

Starting at 5:00pm Jan. 14^th I begun trading with 2000 Usd, by 5:20pm that = 2.159827214 BTC I had made 44 dollars and 26 cents in 20 mins only five mins later I made 15.51 dollars, Id say that is pretty darn good! And I cashed out at 5:50 with the same amount of Bitcoin I started with 2.159827214 making .1166526091 BTC that equals about 140.4 on the lower exchanges, not to shabby for one hour of listening to music, and well the heart going up and down. Day trading anything is a rush, and that is the truth. Day trading Bitcoin may be one of the biggest rushes in my opinion. Im out, and will be back with another probably longer day at the BTC Trading Station This was typed in action and was all calculated on spot while recording transactions.  Share +1 Enjoy - Hunter Maxwell 

Mtgox

Mtgox is as you all may know the "Number 1" Bitcoin exchange. I decided that I was going to go ahead and try to use them to start trading, because I recently got the ID I needed for it. They also have the fastest change in the price, and that is GREAT for daytrading. I scanned the all the stuff, and uploaded it. I didn't have time to check what the estimated date was that it would be ready. Well I logged on when I had wifi again, and it was a 20!!!! day wait. Most the exchanges do only a week wait at the most. I don't know why it will take so long to look at 2 photos, but I thought that it was ridiculous. Also I'm still waiting on my Bitcoin Mining rig contract to kick in, and for us to start mining...... Cointerra is WAY behind on our order. Share +1 Enjoy - Hunter Maxwell 

No Updates today...

Still waiting on my Bitcoin to be mined, annoying as can be! If you want to Donate FEEL FREE to! I would love to be trading! Share +1 Enjoy - Hunter Maxwell 

The Don'ts

Don't wake up and do a Bitcoin trade! I have been doing pretend Bitcoin trades for the like week maybe two weeks, just making sure I got this down before I go in with real Bitcoin. And let me tell you I have lost so much "money" by waking up rolling over and seeing a price that was much higher than the night before when I cashed out for Bitcoin. This is a feeling you DON'T want to feel. Watch the price before you go in for the day, because a lot of times I have done that it was the low price of the day. Share +1 Enjoy - Hunter Maxwell 

Bitfinex

      I found out today, after waiting about 5 days for an answer to my question that you can't do any trades under 0.01 bitcoin. This is a little annoying because they charge you a fee after doing so many trades a week/month so why charge you a fee for each trade, I understand that the Bitcoin network only takes some transactions  but the limit is much lower something like 0.0001. The only reason that this is a problem for me is because I wanted to do some trades at a Micro level while I wait for my Bitcoin. I have been doing pretend trades on my phone with my calculator just seeing what I could stand to make, and I wanted to do it with some couch change. Oh well I guess that isn't happening. Other than the costumer service this is a great exchange. Share +1 Enjoy - Hunter Maxwell

Picking An Exchange!

     Picking an exchange is the first thing you have to do, and this part is the most time consuming thing in the world. There are so many to pick from but they can vary greatly depending on your needs. Some of them like MtGox make you go through a rigorous verification possess that can take weeks to complete. They say Bitcoin is anonymous, and it is UNLESS you use an exchange. There are however a few places to trade Bitcoin that don't ask for such detailed info as long as you don't cash out with USD or any fiat currency. Btc-e is a good exchange with all the coins in one place, but the problem is if you don't verify the account they put a month hold on cashing out. However they do offer a Bitcoin payout option with a daily limit. If you do verify your ID then you can cash out with a wire to your bank account. With Btc-e the UI is very simple, and the price changes very well from a day trading view. I have tried to use Bitfinex it is currently in a Beta phase, but is very good so far from what I have noticed. You can cash out in Bitcoin very easily with no daily limit. Of Course tho there is a verify process to cash out with fiat currency. At Bitfinex the price doesn't change that much so as a day trader it is difficult to use in some sense. I will keep you all updated on what I pick when the Bitcoin I am in a contract to mine are deposited to my Wallet. Share +1 Enjoy - Hunter Maxwell