Crypto Academy Season 2: Week 3 || Homework post for @alphafx||

Hello everyone, and welcome to week three of season two's homework post. Respected Professor @alphafx gave a detailed lecture on trading and holding on Twitter. In this post, I'd like to respond to the questions posed.

Question # 1.

In this part, I'd like to share a traumatic experience that has left me in a panicked state when I recall my investment and the fact that I've lost everything. In 2018, I put my hard-earned and saved money to good use by purchasing 30,000 Dogecoins and storing them in a wallet provided by Dogecoin. My goal was to save and invest these Coins until I could profit handsomely from them. After a few months, however, my wallet was hacked, and I lost everything.

Dogecoin had previously reached around $0.40 in the previous week or so, and I was thinking that I would have made a lot of money. My money would be 30,000 x 0.40 = $12,000, and I would buy a car that is far more than necessary for me because I am in desperate need of one.

I was unable to invest in any cryptocurrency as a result of this experience due to my limited financial capital. But now that I've started Crypto Academy, I'm overjoyed, and I have around 1,200 steem in my account. I'm waiting for steem to rise in value before I try to cash them out. I also have around 370 SP, so I'm in a good spot and hoping to make up for what I've lost in previous years.

I'm not going to any wallet because of my bad experience, and I'm just going to keep these coins in my account. I recently installed Trust wallet on my phone, and I'm considering using its services. I'd keep my steem and wait for a better opportunity to cash them out.

Question # 2.

As I previously stated, I am not a trader but rather a holder. As a result, I do not prefer to trade because I risk losing a portion of my hard-earned money by blogging after putting in too much effort. However, as the task requires, I will provide screenshots demonstrating how to do spot trading, and I will do so using the Binance app.

I opened the Binance app and selected the "Trades" button, which is circled in the screenshot below, for spot trading. It takes me straight to Spot, where I chose Sell and entered the amount I wanted to exchange or sell. Then, in order to complete the transaction, click Sell Eth.

A screenshot of how to buy using spot trading is shown below. First, choose the coin pair you want to purchase with the coin you already have. Then select Buy and type in the amount of coin you'd like to exchange. Simply click Buy after entering the required information, and your transaction will be completed in this manner.

I've tried to demonstrate how to buy and sell using spot trading with screenshots, and I hope I've succeeded in making it clear enough for you to understand how to sell and buy.

Question # 3

Modes:

6
Trading can be very profitable if done with proper knowledge and price forecasting techniques. As we have learned from cryptoacademy lectures how to trade successfully with the help of Technical and Fundamental analysis, using different tools to determine the trend of market and some other technical indicators, it can be very profitable.

But on the other hand, a trader can lose his money easily, so keeping in view all these points, I am not a trader and I will prefer to Hold my earned money and wait for good opportunity to cash it. I have gone through a bitter experience that I stated in the beginning of this post, I will prefer holding rather than Trading.

Why I am chosing Holding for me, because we all have seen the rapid growth in the price of Bitcoin and now, in my opinion, alt season has set in and I hope, steem will be on its way to moon and I will cash my steem on that way to the moon. In simple words, I expect steem price to go higher and it has recently shown its trend to be positive as it touched $1.40 price and it will move higher according to my analysis and expectations. So, Holding Steem is the best option for me right now.
If you have the right experience and market forecasting techniques, trading can be a very profitable endeavour. It can be very profitable, as we have learned from cryptoacademy lectures, to trade successfully with the help of Technical and Fundamental analysis, using various tools to determine market trend and other technical indicators.

However, a trader can easily lose money, so considering all of these factors, I am not a trader and would rather keep my hard-earned money and wait for a good opportunity to cash it. After the traumatic experience I described at the outset of this post, I will prefer to hold rather than trade.

Why am I choosing Holding for myself? Because we have all witnessed the rapid rise in the price of Bitcoin, and now, in my opinion, alt season has arrived, and I am hoping that steem will be on its way to the moon, and I will cash in my steem along the way. In simple terms, I expect the price of steem to rise, and it has recently shown a positive trend as it reached $1.40, and it will continue to rise according to my analysis and expectations. So, for the time being, holding Steem is the best option for me

Conclusion

Trading can be profitable or lose money, but it all depends on the trader's personality. How much a trader is willing to risk, but holding is also a viable option; however, a Holder will have to wait longer for an opportunity.

@alphafx

Thanks in anticipation.

Regards
@hamidsab