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It's Christmas, so thought I'd share a tip that paid off for me last year... To the tune of around 20,000USD.
Always keep a ridiculous limit sell on the order book when holding an open crypto position. Always keep a ridiculous limit buy when holding a Fiat position.
Exceptional trading events are rare, and how they are honored varies by exchange and circumstances... However they aren't at all unheard of in the crytpo space. Many examples of huge momentary market movements historically, resulting from both technical glitches and monumental trader error.
In my personal example of where this strategy worked out to my favor, when BCH split form BTC, I ensured I had several BTC on GDAX (now pro.coinbase), so that I'd get easy access to tradable BCH once it became active on the platform. Eventually the BCH book came online, and I wasn't interested in holding BCH but I also wasn't ready to liquidate outright - so while I considered my best route to exit I put up a limit sell for around 5000USD. I forget what the market value of BCH was at the time, but it was WAY less than that.
Some of you know where this is going already. For the rest, GDAX had a technical glitch, BCH spiked to 9500USD for minutes before trading was halted and they sorted their shit out. Those trades were honored however, and my ridiculous limit sell of 5000USD filled... And I was thrilled. Like finding money in the couch.
I've been trading crypto for maybe five years, BTC directly and OKCoin Futures. I've seen these same sort of momentary events happen across multiple exchanges and markets... not often but it is a recurring issue. It can happen whether you are on the buy or sell side. Huge movements like this almost immediately self correct, so if you get lucky you are scooping up coins dirt cheap, or you are selling them at outrageous levels. And it's a quick flip for huge profits when you get lucky.
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