Steemit Crypto Academy Contest / S3W4 – Cryptocurrency Trading by @jasminemary

Hello Friend

Noble greetings to you friend and welcome to post. In this post, I have discussed about cryptocurrency trading as regarded to the questions that was asked in the Season3 Week4 Crypto Academy Contest. Trading is something that has to do with exchanging of one items for another items In a layman understanding. Let's take a look ar what cryptocurrency trading is about.

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Discuss in your own words what is cryptocurrency trading? And tell us what type of trader are you or do you see it more effective? Justify your answers.

Cryptocurrency trading is simply the act of buying digital asset when it's low and sell it when it's high for profit. Cryptocurrency trading occurs when a trader like you and I buy or sell digit asset (crypto) with the main aim of making profit from the increases in value of the underlying digital asset.

In a nutshell, cryptocurrency trading is define as the process by which a trader buy and sell cryptocurrencies in an exchange that supports buying and selling of cryptocurrencies. In order for anyone to start trading cryptocurrency, the person need to first choose a cryptocurrency wallet and crypto exchange that is very secure to trade on. Today, at it stands right now there are over more than 1,500 cryptocurrencies that is in existence in the crypto market, which everyone most especially beginners need to be careful on the type of coin they're trading on since cryptocurrencies is highly volatile.

The type of trader I am

Scalper trader is what I am. As a scalper trader in the crypto market, my work involves the buying and selling of cryptocurrencies within just a short period of time in order to make an assured profit after selling the cryptocurrency.

As a scalper trader, I don't involves myself that much in the market because of time, instead, what I usually do is to monitor my trade and make sure that I have understand how the crypto market changes and the trading fees. However, as a scalper trader, sometime my cost is higher than my profit and I most say that is the type of trading that I enjoy doing because I am good in decision making.

Although, as a crypto investor, I prefer long term trading than short term trading since I am someone that can patiently wait for any good thing.

Have you tested several time units? What Timeframe and Crypto Asset Pairs Are Best for You? Why?

Yes I have tested several time units as a trader before sticking to the time units I am currently using. My timeframe is 15minute timeframe using the crypto asset that is best pair for me. USDT is the crypto asset that I love using as my pairs.

The following are my crypto asset pairs that are best for me.

• BTC/USDT
• STEEM/USDT
• TRX/USDT
• ETH/USDT
• XRP/USDT

The reason why I love using USDT as my pairs is that USDT is a stablecoins that doesn't fall like BTC. Leaving my profit or money in USDT is more safer to me than leaving it in BTC or ETH that can easily fall. When I want to trade my coin I prefer USDT because is a coin that doesn't devalued like other crypto asset.

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To acquire some trading experience, it is important to trade regularly. Have you had regular trading activity over the last few months? Tell us what you learned from this experience. ( eg: Over the long term, do your gains exceed your losses? Do you have a method of recording and reviewing your trades to improve your performance? refined your trading system after being dissatisfied with its results?)

Yes I have had regular trading activity over the last few months which I have learned so much from it. Some of the lessons that I had learned are as follows:

I had learned how to buy more coin and hold for some days whenever the coin has falling down to 10% and above so as to make quick profit once it has rises back. Infact for the past few months I often enter the market when I have seen a deep bearish in the coin that I want to buy. This strategy has help me a lot to maintain a good profit and avoid losses in the crypto market as compared to before that I often wait until the coin has started rising before I can buy.

Also I had learned how to be patient enough in the crypto market since whatever coin that fall will surely bounce back.With this understanding alone I had learned how to invest for a long term, instead of shirt time.

As for gain, I haven't gains exceed and also I haven't loss exceed, but the truth is within the last few months of me applying the strategy which I have just discovered I had been having a good night rest and rest of mind as compared to before.

Finally, my method of recording and reviewing my trades to improve my performance is checking my trade history before entering the market again. Firstly, once I buy anuy crypto asset I usually write down the exact price, fees and date down on my joter and equally the same thing apply when am selling.

I also make sure that I go back to my trades history for the past five days and checked my performance as to know the amount of profits and loss that I make and the coin that gave me the most higher profit.

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What impact does artificial intelligence have on crypto trading in the short and long term? Have you used before or want to handle an automatic trading robot? Tell us the causes of your choice.

Artificial Intelligence have a lot of impact on crypto trading in the short and long term trade. We all know that monitoring of trade is never easy because it's always time consuming and stressed sometime. Sometime, a trader will have to carryout several technical analysis before entering the market which isn't easy at lot. But with help of artificial intelligence a trader don't need to be spending time and forcing his or her brain to know if the market will move up or fall down.

With artificial intelligence,traders will have time to attend to other things instead of spending more time monitoring a trade. Artificial Intelligence can help minimize losses when trading because buying and selling will be done by robot.

I have never used robot before in my trading and as it stands right now I don't have the capital to employ a robot in my trading. There was a time I wanted using robot for my trading which is a popular robot known as Royal Q for my trading but the fees was too high for me to subscribe to. Eversince then I haven't think of using robot because of how expensive it is.

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Conclusion:

Cryptocurrency trading is very sweet and cool if you really know how to trade you will definitely make a lot of money from trading cryptocurrencies. I wish you the best of luck in your trading my dear friend.

Thanks for read my post.

I am inviting @yakspeace, @temitopef and @chenty to also take part in this contest.