Steemit Crypto Academy Season 2 Week 3: Trading and Holding - Two Sides of a Coin
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Introduction
WALLETS PREFERENCES
there are a lot of hot centralized wallets and cold decentralized wallets both are very good and serve us for many tasks I really like the 2 to have more capital I like more the cold ones because it allows me to access them at any time and I am the one who will have my secret master key of security of 12 words this key must keep it where no one has access but I do not lose it because I could never enter my decentralized wallet so I am currently working on one of Binance my spot wallet, this wallet helps me to exchange my coins plus I can store my assets inside it without any problems. I can send, buy, receive and even trade within it. thanks to it works as a bridge between fiat and digital as you can acquire coins by credit card, debit card or bank deposit you can buy many coins.
such as USDT, BTC, TRX, BNB, BUSD, and many more.
The Exchange is centralized which has full access to your assets which is a pretty big disadvantage I'm not saying it will go away but nevertheless in that gap that exists between a climate change a meteorite falling or some natural disaster Binance would stop trading and we will not be able to recover our money instead in a cold wallet will always be safe. eye "safe" it's all up to you.
With screenshots, show how to make spot trades on any pair of your choice.
Log into Binance and go to wallet then click on Fiar and SPOT.
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When you enter FIAT & SPOT you will find a box in the lower left corner where you will enter the name of the currency you are going to trade, for example BTT.
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Once you have selected the currency, click on trade and the pair you wish to trade will be opened, in my case BTT/USDT.
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It will open a trading box where we will trade buying and selling in this case we will give USDT and we will receive BTT but we have to know at what point we are going to buy by the trading chart indicates an entry we must take advantage and buy.
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In this case we are going to buy with 1000USDT we are going to acquire 138753 BTT and then wait for it to go up or accumulate it in our spot wallet in binance.
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WHICH METHOD IS BETTER TRADING OR HOLD ?
For me both are very and totally acceptable for me there is no better and worse but if I like more The HOLD hold as btc is very volatile I just focus on waiting for the lowest support points and when it arrives at that point by sentimental analysis of the current market I buy. If and only if it has a bullish opening in that case I buy and place a considerable stop limit to protect myself from any unexpected fall almost never happens but remember that it is very volatile. I like the way to hold a currency as it gives me time to do my extra activities such as research and study now the fever of the nft that is giving much to talk about and I hope very soon to make my personal one I hope to share it with you.
The hold has its disadvantages and is the waiting time we can determine through calculations and statistics in what time relatively the trend of a market will change but not quite 100% certain if any of these factors were to fail we are liquidated and the waiting time is practically useless so we must start again from the bottom of course with fewer losses that can then be recovered quickly.
As for my tolerance for waiting is low and I do not go stressed by any situation that happens in the market there are many people and like this we are not all the same some have very good tolerance others do not have even the slightest tolerance so there are in the market infinite investments in addition to the hold and trading for example is staking in binance gives you the passivity to place some coins in stop for a while thus harvesting more coins is just an example for those people who do not tolerate losses.
Conclusion
In this conference we gave as an answer the questions of the professor in general I really liked the explanation of my hot wallet of course in these wallets we have to be very careful because remember they are centralized and our assets are in their power and can block even disappear from the market so if you do not trust in this type of wallets you can open a decentralized cold wallet where you will find the best way to store your assets and you are solely responsible for what happens with it thank you all for reading my homework assignment.
Cc: @alphafx
by @jensys888
Thanks for participating