Bitcoin Trading Tools Overview
Actuellement sur Mt. Gox (translated: Currently on Mt. Gox) provides a real-time price chart (trade history) and an adjustable depth chart, including a cumulative depth view as is shown in this post’s photo. [Note - after loading the site it takes tens of seconds for the data to finish loading before the initial view is presented. - Editor.]
The site uses Websockets technology so a browser that supports Websockets, such as Google Chrome is needed to see the charts. Another useful Websockets-based depth chart is MtGox Live.
Those using a browser that does not support websockets might find useful the mtgoxUSD Market Depth chart on Bitcoin Charts or an alternative where the depth height is adjustable, Warpi’s Accumulated Depth Chart.
A commercial charting option is the Sierra Chart MtGox Bridge which feeds trade data from the exchange to the Sierra Chart software.
Traders might use advanced tools but the bitcoin does not fit any model that currently exists. Though bitcoin is not the first commodity to experience volatile price swings of 15% in a matter of hours, traders are attempting to make sense of how this innovation’s trading price moves and generally become quite frustrated by selling at inopportune times.
Forex traders, for instane, generally have available margined leverage. Margin trading is not something available to bitcoin traders, at least not yet. Although forex trading is generally open 24 hours a day, most commodities and forex trading operations are closed over the weekend. Bitcoin trades on multiple exchanges, 24x7 — with decent volume over the weekends to boot!
This characteristic of having exchanges open 24x7 allows a merchant who is not yet comfortable holding bitcoins to be able to determine the right price to charge (in terms of the number of bitcoins) and to then be able to accept payment in bitcoins. A trade can then be automatically executed to convert the funds received out of bitcoin immediately.
Those expecting Bitcoin to begin to emulate the familiar are learning instead that an extensible open financial system like bitcoin is where the puck is headed. Start skating!