Steemit Crypto Academy Season 2 Week 3: Trading and Holding - Two Sides of a Coin

darwinking (59)in SteemitCryptoAcademy • 4 years ago

I hope you are very well hello my name is @darwinking and today I come with much enthusiasm to perform the task of the teacher @alphafx I want to thank him for doing such a kind work within steemit. I want to say that there are many wallets but you are the only one responsible for your assets no one else so today you will learn how to use the wallet if it is your first time or how to create it if in this almost I will talk about the wallets and what you can do with them however I have seen that many people use wallets that do not correspond to your need so keep in mind clearly for what you will use it you want to do and look for the most correct.

Which wallet is my favorite and why?

I'm working with Binance for some time is a hot wallet in which we must work with great caution because it really is centralized and depends on a third party, abecés when they do maintenance do not let operate and that really is tedious, but you can make transactions and buy some coins with fiat money as Binance is a very good intermediary to perform these procedures at the start asks you an ID to verify your account is called KYC after having it gives you attributes that are for verified users.

It also allows access to leverage futures and make profits if you know how to analyze the market well or if you are already a professional in the subject. I am often studying everything related to trading and hold. but everything always leads me to a direction studies, patience and time. this is what I think the Binance spot wallet offers a number of benefits that will help us to develop better in terms of security and interaction.

There are also cold wallets but those are not my favorite at the moment because of all the operations I do it is easier for me. if you want to save for years I recommend a cold wallet there are a lot of them such as Metamask is a wallet that does not ask for identification is a decentralized wallet able to perform multiple tasks like selling or buying other cryptocurrencies but in terms of security if you get to lose your 12 words you lose the account forever.

I will explain how to trade in Binance spot wallet

1# Login to your Binance account
2# Select Spot wallet

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3# Type the desired currency
4# Select Trading
5# Select the pair to be traded

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6# It will open a buy and sell window and we will also see the current market value.
7# If you want to exchange right now FIL/USDT you must select the current market value.
8# Set the amount of tokens to be exchanged and click ok.
9# Congratulations, you now have FIL and you can view it in your Binance Spot wallet.

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The best method for my Hold

I really like the Hold when we are in uptrends as it allows me to get profits and place stop limit in case the price is returned to buy much lower and thus be accumulating more and more coins. it is also a long process where you have to wait but always generate good results the idea of the HOLD is to buy at low points and sell at expensive someday reach the value of some important resistance.

Through a good study of the market charts good benefits are obtained remember that in the study is to win or lose little as this is where we rely on those who operate with this type of currency there are many markets that use the hold or trading but I particularly like the cryptocurrency market even if it is volatile they say that the more volatile the more you win but also lose. So it is necessary to handle it with great caution so it requires both technical and social analysis, events, everything that can change a trend in the market as an example the fall in the price of the dollar, gold, oil, a weather event, tornadoes, or political events such as interest on private equity etc. are factors that exist and there to be taken into account for large and small operations all count equally.

Conclusion

We must be clear about what kind of capital we are going to keep if it is our life savings or some capital that we need to invest that way you will choose your favorite portfolio which suits your need at the time remember that there are decentralized cold wallets that are operated and give you full access to them, the hot wallets which are fully centralized and serves as a bridge between Fiat and digital currencies also helps you to "protect" your assets and you could recover the account in case if they were to be lost. in short i love to do hold and trading i am in the process of learning thanks.