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Offline wesphily

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Short Assistance
« on: August 26, 2014, 01:59:54 PM »

Hello,

I placed a short on bitusd. I would like to cancel/cover the short but it says I have insufficient funds. I have 122,000 btsx. The shorts are a total of 18,000 btsx. How can I cover/cancel the short?

Short   21.15   420.5001   8,893.57712
Short   21.20   500.00   10,600.00
« Last Edit: August 26, 2014, 02:07:25 PM by wesphily »

Offline wesphily

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Re: Short Assistance
« Reply #1 on: August 26, 2014, 02:28:09 PM »
nvm. I figured it out! For those that want to test it out this is what you do

Step 1) pick a price that you think it will continue down from.  If you think price of one bitshare will go down from the current price of 22.00bitusd then place short at 22bitusd per btsx
Step 2) Place a buy order where you think it will stop going down. If you think it wont go down past 19bitusd then place buy at 19bitusd
Step 3a) If you were right and you bought at 19bitusd then you cover you short position that started at 22bitusd and profit!!!
Step 3b) If you were wrong and you want out then you need to buy at the higher price and cover your bitusd :(:(:(:(:(

Finding this out only cost me 1,000btsx. Hopefully this saves somebody from losing more!!!
« Last Edit: August 26, 2014, 02:30:56 PM by wesphily »

Offline mf-tzo

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Re: Short Assistance
« Reply #2 on: August 26, 2014, 02:37:23 PM »
I haven't traded yet since I just hold and see where it goes but i am not sure about the margin call.

The system will not initiate a margin call of your BTSX automatically correct? It is up to you to choose when to exit if you take the wrong direction.Or I misunderstood something? If that's the case and the system doesn't a margin call of your BTSX can someone just leave the order open for infinite time?

Offline wesphily

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Re: Short Assistance
« Reply #3 on: August 26, 2014, 02:41:39 PM »
I did not leave it in long enough to know if a force sell is made. I had to manually cover my short with bitusd that I had to buy at a price higher than the original short.

Offline mf-tzo

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Re: Short Assistance
« Reply #4 on: August 26, 2014, 02:42:57 PM »
ok but do you know if a force sell is initiated?

Offline bytemaster

Re: Short Assistance
« Reply #5 on: August 26, 2014, 02:43:32 PM »
ok but do you know if a force sell is initiated?

It will show up as a transaction in your wallet if you are forced to cover.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline mf-tzo

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Re: Short Assistance
« Reply #6 on: August 26, 2014, 02:56:16 PM »
Quote
It will show up as a transaction in your wallet if you are forced to cover.

So it will be like a negative balance and the wallet will not allow me to withdraw my BTSX? I need to give it a go at some point...

Offline bytemaster

Re: Short Assistance
« Reply #7 on: August 26, 2014, 02:59:49 PM »
Quote
It will show up as a transaction in your wallet if you are forced to cover.

So it will be like a negative balance and the wallet will not allow me to withdraw my BTSX? I need to give it a go at some point...

No.  When you enter your short order and it is matched you will have a "cover" order on the books.  If you cover you get BTSX... if margin is called you get less BTSX.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline mf-tzo

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Re: Short Assistance
« Reply #8 on: August 26, 2014, 03:06:38 PM »
Thanks BM..I guess if I don't try it I won't learn it..

Offline xeroc

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Re: Short Assistance
« Reply #9 on: August 26, 2014, 03:20:52 PM »
Thanks BM..I guess if I don't try it I won't learn it..
Yhea .. think so to .. but need to read more before going into offensive active mode ;-)
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Offline wesphily

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Re: Short Assistance
« Reply #10 on: August 26, 2014, 05:37:25 PM »
Just an update. I've utilized the system to regain my loss :)

Offline bytemaster

Re: Short Assistance
« Reply #11 on: August 26, 2014, 05:40:11 PM »
Just an update. I've utilized the system to regain my loss :)

+1
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline changematey

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Re: Short Assistance
« Reply #12 on: August 26, 2014, 05:49:59 PM »
nvm. I figured it out! For those that want to test it out this is what you do

Step 1) pick a price that you think it will continue down from.  If you think price of one bitshare will go down from the current price of 22.00bitusd then place short at 22bitusd per btsx
Step 2) Place a buy order where you think it will stop going down. If you think it wont go down past 19bitusd then place buy at 19bitusd
Step 3a) If you were right and you bought at 19bitusd then you cover you short position that started at 22bitusd and profit!!!
Step 3b) If you were wrong and you want out then you need to buy at the higher price and cover your bitusd :(:(:(:(:(

Finding this out only cost me 1,000btsx. Hopefully this saves somebody from losing more!!!
This part..markets work like this EUR/USD is how much 1 EURO is worth in USD.  so it should be 22 BTSX per BITUSD ie how much 1 BITUSD is worth, not other way around. Example if BTSX/USD is 0.04 then BITUSD/BTSX = 22 means BITUSD is worth 0.88 $.

 

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