While folks went shopping on the Friday after thanksgiving, I put a few hedges on that paid off the last 3 trading days. Looking at 1/2 dozen events over the next two weeks that should make premium selling in options work through 12/15. In the crypto space, thinking about dumping my bitcoin and etherium and switching to futures. Just want see how the details on futures before jumping in bitcoin futures. Just got my daughter using Nicehash for mining cryptos, hoping she gets the bug for this space. Her Day Jobs is disking out ice cream in winter. want her to try a bit more and get a little cashflow in her life..
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Awsome, where do you think Bitcoin is going short term? I see a massive correction coming, price action looks very unsustainable.
Agree with you on correction.. Bitcoin has been almost mechanical on the pull backs to 50% or 68% fib retracements. However, when Bitcoin blew threw all the Short Sellers at $10,000 on GDAX in two days, I knew the institutional investors had finally arrived. On Sunday, I quitely dumped at $9,990 to avoid the in mass sell orders that Monday/Tuesday. I remember 2008 an panic selling. So while I want to dump the rest, thinking they will run this rocket ship through the 12-18 opening of CME futures at least. Remember both CME and CBOE must deliver real bitcoins when contracts expire. So guess it really buying in preparation for futures. Markets in general try to punish the most people, so with 99% of investor being long expect a catastrophic drop at any time. As a retail investor, I can not hedge my bitcoin now, so I am playing it small. When the futures and options are here, will probably split my Gold portfolio to be half Gold - half Bitcoin/Etherium. But I expect to 20% a week on future/options bitcoin trading....
Interesting opinion, I was under the impression that the CME futures would be settled in cash, did I read that wrong??
Not sure, I trade futures daily. Actually like doing the options on futures contracd on /ES, /RTY,/CL. Got away from trading /GC gold after banksters were caught colluding a few years ago.Going to paper trade the bitcoin stuff through end of year to get the details. if they settle to cash should be easier on CME and CBOE to bring their markets online. CBOE has teamed with the Winklevoss twins who probably own 1% of outstanding bitcoins today. Nevertheless, /Bitcoin should have a calming effect on bitcoin price movement and country arbitrage
Hopefully it can reduce volatility a bit and gives altcoins some room to breathe.
By the way, I've checked the bitcoin contract specs, will be settled in cash:
http://www.cmegroup.com/trading/equity-index/us-index/bitcoin_contract_specifications.html
thanks tradealert, Sunday evening should be pretty exciting from now on...
Indeed :)