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Keiki Lemieux
I make HUDDLES
Join date: 8 Jul 2005
Posts: 1,490
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05-09-2006 01:05
Don't you think "crash" is a bit of hyperbole when we are talking about a 2% drop in value?
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mcgeeb Gupte
Jolie Femme @}-,-'-,---
Join date: 17 Sep 2005
Posts: 1,152
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05-09-2006 01:12
I would call it a crash. There were maybe 10 million Lindens above 290 and now there is 17 million above 290. I'm a bit unhappy tonight with all of this. Thankfully it is only 2%. The amount at 300 is scary. I wonder how long before any of that 300 is sold. Too large and will be undercut constantly, no one will be willing to wait a month for it to be sold.
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Gigs Taggart
The Invisible Hand
Join date: 12 Feb 2006
Posts: 406
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05-09-2006 10:14
From: Svar Beckersted Yes, this has been a huge dissapointmnet to me. I told you so. Your attempts to manupulate the market by telling people to slow their trades are futile. The whole point of a free market is that it goes up and down. People panic. People trade cyclically. People do things that might seem dumb to you, but I'm sure it makes sense to them (unless it was a mistake like some of the obvious ones, e.g. 70,000/1USD trades).. And announcements from the federal reserve, or in this case LL, can and will affect the market. There's no fighting it, unless you want to sink a few hundred thousand USD in to drive the Linden way down. It might still pop back up and you will lose a lot of money. |
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Svar Beckersted
Registered User
Join date: 14 Apr 2006
Posts: 783
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05-09-2006 11:33
From: Gigs Taggart I told you so.
Your attempts to manupulate the market by telling people to slow their trades are futile. The whole point of a free market is that it goes up and down. People panic. People trade cyclically. People do things that might seem dumb to you, but I'm sure it makes sense to them (unless it was a mistake like some of the obvious ones, e.g. 70,000/1USD trades)..
And announcements from the federal reserve, or in this case LL, can and will affect the market. There's no fighting it, unless you want to sink a few hundred thousand USD in to drive the Linden way down. It might still pop back up and you will lose a lot of money. Yes you did and I appreciate your comments. I see a lot of inexperience out there and part of what I'm attempting is to educate those who may not understand the free market process. I have no experience in currency trading but have been buying common stocks on the NYSE since 1974. The first thing I learned was that patience pays huge dividends at least in the stock market. I managed to take an initial investment of $4000 and run it to $7000 in six months. Then when I tought I was smarter than everybody else I managed to run the $7000 all the way to $3000, yes that's right I lost $4000. I learned that the big fish drive the market and I was just along for the ride. I now invest very long term and didn't lose any money in the crash of 1987 because I never sold. If you aren't familiar with that crash, the DOW went from 2700 in August to 2300 in early October. On a Friday the DOW lost over 100 points and that panicked the market, the next monday the Dow lost 508 points. I know a lot of people who sold that day and lost their ass. The sad thing is by August of 1988 the DOW was back over 2700 again. This currency market is different that the NYSE but the psycology that drives both markets is the same and a little patience should reap benifits here as well. If the majority of sellers can wait even 1/2 of a day to execute their trade they can all make more money. It makes no sense to post 2 million in trades at ever increasing exchange rates during a time when only 1 million Linden will be bought. |