bitshares trading strategies
So I'm finally dipping my toes into the bitshares ecosystem. Bitshares seem immensely popular on steemit (I guess because it also has a Graphene blockchain and low fees?) And I'm starting to be a fan as well.
So I want to share and hopefully even learn some good trading strategies for the bitshares DEX.
I know that about 90% of the cryptocommunity is saying to just buy and hold, but I want to learn a bit about trading in the meantime.
So far I've been trying to play the spread on bts-bitUSD (which seems to get smaller and smaller everyday...)
So basically I want to grow my bitshares stake, so that's my base currency.
I've chosen bitUSD because it has a high market volume.
So I place a buy order just over the highest bid and immediately place a sell order at +5% profit, and for now I'm doing it without a stop loss and prefer to wait it out since anyway I only buy bitUSD at cheap-ish prices.
I just manually oversee the trades and sell back if I start to panic completely, but I'm convincing myself that I'm only investing pocket money so I'll be fine even if I should have had a proper stop loss.
So what do you think about this approach?
Do you have a killer trading strategy you want to share? or maybe even a bitshares buying bot that actually works?
I'll be grateful for any tips and comments!