RE: Steem Dollars are $8 EACH??!?!?!! Sell as much as you can!!
If you have the funds on Bittrex I would just keep it there for now. Otherwise you're paying a lot extra just to withdraw it again and get it on Binance.
But yes, week-trading, let's call it that, can be profitable and a lot of fun to do. The same risks apply though.. It's just very hard to time the markets right, so it is a bit like gambling. Could gain a bit but could lose a lot.
Just look into the coins that you like and find a few that you're sure that no matter what, these are going to go somewhere. Maybe they have big partnerships, maybe it's a great product, maybe it's Bitcoin. It's a good thing to diversify and spread it around.
I started out just like you: with a couple hundred bucks of crypto, wanting to trade it and see if I could get it to grow. But trust me when I say, when you start down this road... it sucks you in and it never lets you go!!
By the time that $400-500 gets to be $2000-3000 you'll be looking differently at things.. I did, anyway! :)
It has now become my main hobby... I cannot put my blockfolio down (great app to install on your phone to keep track of your funds) or tear myself away from the screen
alright, sounds good to me. The only thing I sort of find frustrating about bittrex is how the "amount" is always relative to bitcoin from a % perspective. For instance, what I would love is to easily see the $ associated with each % as well. For instance, I will bid .000034452 and I would like for it to say that's $8.45; I know it says it on the actual page, but I want to also see it other places, like on my orders page or my transaction history on the SBD page instead of just showing the crazy percent that I have no idea what $ value that equates to. Do you know of a way to fix this? So I exported my orders in csv and put into excel to then put a dollar amount on the percentages, but the annoying this I still don't know the exact $ amount I bought or sold for because the percent changes based on what the current Bitcoin $ amount is (at least I think this is how its working....) I want to see the actual $ amount I bought and sold for at the time of buying or selling.
I'll have to check out that app.
Nope, the only way to trade in dollar values is to trade it in dollars. Usually this means USDT (which is not USD, but a crypto tethered to USD.. lots of distrust going around it currently). Bittrex lists only a handful of coins in USDT.
The way I do it is that I keep an eye on coinmarketcap.com and write down the dollar amounts when I buy. It's not perfect, but it's something. Unfortunately the Bitcoin price makes everything look like it's going down, but really Bitcoin is just going up a lot.
The fact everything is traded in Bitcoin is also the reason why Bitcoin is valued so much by the way. It is like how dollars are worth a lot because that is what oil is sold in, Bitcoin is worth a lot because that's what you use to buy other crypto. Oftentimes you can also trade in Ethereum, by the way.
cool, thanks for the info. Yeah I bought one Ethereum, then sold about athird of it to buy smaller stuff for my "weekly trading". I also bought 1 Litecoin which I plan on just holding.