What a Litte Steem Will Do
Checking in on My Coin Balances
In late November, I decided to stop sitting on the fence and try to get a little money into the cryptocurrency trading game.
It has been 27 days since I posted my article, Dipping My Toe Into Cryptotrading.
Luckily, part of my strategy of depositing STEEM and Steem Dollars(SBD) has helped add to my tiny initial cash investment. And that cash investment was just to see if I could buy BitCoin using PayPal.
I am currently only in Bittrex and Binance. There are some exchanges that USA citizens can't even get into and there are exchanges that I don't want to even go to the web page. That also goes with some coins.
All of my conversions of STEEM and SBD or my deposit of BTC have first gone into Bittrex. Then, I have moved some BTC to Binance for trading over there.
My Deposits
As you can see, I have converted 10 STEEM and 38.4 SBD. And as I said, I took about $20-25out of my PayPal and took the long road to convert it into BTC. So, let's say, I have deposited about $75 so far. Of course, due to ups and downs in the cryptocurrency market, the STEEM and the SBD have been worth more and I'm not sure I can figure out all the calculations of how much I have put in based on the information given in the deposit history. I hope to figure out that later. But, since Steem is basically free to me, I feel like I have only invested about $25 of real money.
$409.25 + $159.82 = $569.07
or
0.02644342 + 0.01083526 = 0.03727868 BTC
No, like I said, this is just an overview and doesn't take into account the price of STEEM and SBD when I converted it. But, for the cost of a night of dinner and drinking, I think the return has been pretty good.
I'll keep selling on the high and buying on the dip, but there are some coins that I want to try to build up and HODL!
HODLin’
Verge(XVG) -- Cordana(ADA) -- Ripple(XRP) -- Stellar Lumens(XLM) -- Digibyte(DGB)
Let the positive energy sing!
More Power to the Minnows!!
Trading on Bittrex and Binance
HODLin’
Verge(XVG) -- Cordana(ADA) -- Ripple(XRP) -- Stellar Lumens(XLM) -- Digibyte(DGB)
wow very nice site bitcoin...!!
and good..!!!
@riad420
very good.
but remember there are two kinds of folks who deal in crypto ..
investors who HODL...
and traders who don't...
Traders don't typically form an emotional attachment to what they trade.
But...I'm a HODL and a Trader.
schizophrenia means never having to say you're lonely.
...but always complaining about the company.
ain't that the truth.
you've perhaps read some of my books?
a recurring theme.
I'm about to try to be a small time trader and I have no emotions in this game except happiness. I'm an accountant from the fiat world and I know I have stumbled into a candy store :)
a piece of advice...
worth exactly what you paid for it.
ONLY USE STEEM.
in other words..don't invest any fiat.
That is the exact same approach I am taking.
good man.
there are several advantages to that approach.
never invest more than you can afford to loose.
you're going to be doing SOMETHING with your time no matter what..why not Steem on?
and
all you've invested IS your time.
time is not taxable.
the only taxes you need worry about is when you convert to fiat.
I think I will just HODL forever -
My friend, 100% power up is doing yourself an injustice in the rewards you will receive for this post. With the large disparity between SBD and Steem prices currently, and the likely future disparity, 50-50 is your best bet.
HODL until you need to Trade, that's my action. Buy dips, move between less volatile assets and more volatile assets as you feel is appropriate, and pick some winners for long term HODLings.
Don't forget to take some profits every so often. You don't need to liquidate your positions, but make sure that you are covering yourself from the unexpected.
Well, that difference isn't going to last. I don't make enough off of my posts to deal with trying to figure out the best time to trade SBD to Steem.
I am still too dry in Steemit to deposit anything.
I have Bittrex but I don't think I have Binance ...
I will take a look into that.
Based on experience, Bittrex might have stringent criteria for the coins they list, but Binance is cheaper to trade and a better user experience.
Awesome post. I sure am happy I was finally able to get Bittrex all set up. Verge has been a great coin so far.
But, you can buy Verge(XVG) on Binance.
But, you can't buy BURST on Binance.
But I could not transfer Steem to Binance.
Ahhhh....right.
My Binance account is up $8 since my screen shot.
Excellent. I bought $15 IOTA and $15 EOS on Binance .... and then they gave me a whole bunch of Free alt coins for some reason. Probably from Referrals and Hardforks ... Super Bitcoin ?
Well, dang.
The two I have on Binance are in hopes of getting the free coin or just ride the wave as everyone buys during the competition.
I see some people have referrals there and have earned 60 + Bitcoin from their referrals ???
Wow. That's crazy.
Just learned a little bit about AirDrops. But, apparently you need to be on yet another exchange.
On Binance I sent about $30 of Litecoin + $15 ETH and bought IOTA and EOS ... and it is now worth $70
Damn! You are my hero and doing just what I plan to do whenever I figure out how to get some of this money out of here. I planned to put a small amount on a few coins and play the numbers each day.
Check out the daily crypto contest by @maarnio if you want to learn about various coins. He talks about them when they are "breaking out" so you can get in right then. So fun!!!!!
Except for yesterday, I've been doing a FOMO of Today, talking about coins that are pumped and if they are worth it.
As far as I know, Brittex is the best option for send STEEM/SBD directly to an exchange and then buying BTC.