Well my first weeks trading on my restarted account at First Global Credit and we’ve had a good start, up over 30% on the account from our 10 BTC starting point (Currently sitting at 13.0163).
The short BTC position is definitely carrying the burden at the moment, showing a gain of over 3.5 BTC with the short stock position showing a small loss of about 0.5BTC. Currently I’m happy with both positions and that’s one of the benefits of this platform, I can take positions in both BTC and stocks using the same collateral so I get 2 bites at the cherry.
I’m expecting both BTC and the stock market to spend a few days consolidating after their sharp falls before continuing down later next week so I’m continuing to hold both positions.
Reading the various BTC trading blogs over the past week it looks like a lot of players in the bitcoin community are/were long on the expectation that if carnage hits the regular markets cash would flood into bitcoin as an alternative investment – don’t be fooled. If you look at the traditional behaviour during a financial crisis money will flood out of all assets as people liquidate assets to meet margin calls, I don’t expect bitcoin to behave any differently. The difference, I believe, is that once the dust has settled cash will rapidly move back into Bitcoin – but we may be $80 lower before then.
Just my opinion, Good Luck.