Homework task season 2 week 3 by professor @alphafx, trading and holding

Hello Everyone,

I am thankful for this lecture. I did my best to my ability to understand the lecture and produce my assignment. Thank you prefer @alphafx for this opportunity

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Question 1.

Yes i do hold some coins. I just started holding coins not long ago and i have been holding and switching between coins. This helps me to understand the pattern and trends of different coins. i have hold in BTC, ETH, Doge, Tether and currently im holding in Dash. I started holding with BTC with Paxful wallet which i was scammed because i didnt have much experience how it works at then. That made me loose interest in trading. I resumed since i joined @steemitcryptoacademy, i have gained a lot of knowledge and experience for which i have been grateful for.

Coins I’m Holding currently

Before i talk about my wallet type i prefer, lets get to know what crypto wallet is. Crypto wallet is a medium to store and retrieve coins value. An individual needs a wallet to be able to access a token. Just like our daily money handling, we need our wallets to hold and keep our money safe and clean.

I prefer to use Binance wallet and i have some few reasons for that. Before i choose a wallet i i check on its security. i love to have a feeling of safety with my digital asset with the wallet i choose. With binance it is almost impossible to be hacked especially when you process all the security measures in place. Another thing amazing about binance wallet is its low fees rate. it is one of the wallet in the globe with the lowest fees with 1% for each transaction.

Question 2.

I will be spot trading with Dash coin to USDT thus DASH/USDT. i will go step by step procedure on trading with Binance exchange.

step 1.
i launch Binance application

step 2
Navigate to my wallet where i can see my holdings in the various coins.

Step 3
Here is my holdings in various coins. In this case I click on Dash coin.

step 4
i choose the pair i will like to trade with. In my case it DASH/USDT so i click on it.

step 5
So we are selling Dash for USDT. So click on the sell column and adjust the amount. When everything is set go ahead and sell the Dash coin for USDT.

step 6
Order should be created and should be completed in some few minute. you might need to refresh the page in intervals of time.

step 7
DID it just disappear? yes it did telling you the order has been successfully sold and so you need to check on your wallet to confirm it.

step 8
Here we can see the amount has gone to $0.00 and the amount of USDT has increased, confirming the trade has been success.

Question 3.

They are both good method to make profit, but to choose which i will prefer will depend on the type of investment i want involve in. We have tow types of investment which are short term investment and long term investment.

Holding a coin requires so much patience and you should be able to manage your panic. Holding a coin should be a long term investment. The coins are very difficult to understand and so its hard to know when they will rise or fall. So to make profit you will need to hold it as long as possible.

I will personally will trade only for short term investment. The prices of the coins are volatile, they fluctuate so its a good idea to buy when they get low and sell when they get high. I will this method is good for a day to day investment. This method makes you a reasonable amount of profit which is not bad.

CONCLUSION
Before anyone to choose a wallet that suits you, you need to check on it’s security. The value of your token is what enable you to trade. If it’s compromised you have nothing to trade with, so always check on the security first.

To choose between holding and trading depends on your investment plan to determine the one that suits you.