“Sums up crude oil & crypto pretty well, IMHO!”
Any way you want to slice the oil trade, it’s nothing but a continuation
day-after-day of the same shit … blow the shorts out and rally, then blow the
longs out with a “Thelma & Louise” … pick your poison ... geopolitics, OPEC, oil
inventories reports, etc., it doesn’t matter cuz the market won’t discriminate in
screwing you … it’s been so long since oil has been in some kind of trend, I
forgot what it looks like … simply back & forth between $52 - $60, with the
occasional blimp on either side to hunt stops, it’s nothing but a “meat grinder”,
best left alone … and quite frankly, given the trading conditions versus other
markets, for example NDX100 at PRIMEXBT, you have a much better shot of
making money in an “88/6/6” market with better trading conditions than you do
in oil … and I don’t see oil getting any better anytime soon.
For crypto, specifically BTC, it’s simply too expensive to trade … if you’re wrong
on the trade, that $10 - $13 cost is gonna bite … quite frankly, given the cost
structure of crypto exchanges, and taking into account the need to hedge and fill
customer orders, I don’t see the costs coming down soon … someday they will,
but for now most places that trade crypto heavily have a -0.025% “maker fee” and
a 0.075% “taker fee”, and that’s if they are aggressively competitive for traders
… PRIMEXBT comes in at 0.05% on each trade, so they simply cut the middle
… that’s not gonna change until factors outside their control within the industry
change as well … so don’t look for crypto to get much cheaper this year.
… until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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