Steemit Crypto Academy Season 2 Week 3: Trading and Holding - Two Sides of a Coin_Homework Task for Professor @alphafx

masumrbd (66)Beginner[2]in SteemitCryptoAcademy • 3 years ago (edited)

^{Designed by @masumrbd}

Thanks to Professor @alphafx for sharing such a beautiful informative lesson. I learned many unknown things from the lesson. Now I will complete my homework task. I will answer each question one by one. Let's get started:

Question: Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in.

Yes, currently I am holding three cryptocurrencies STEEM, LINA, and TRX. I think the price will go higher than the current market price. That's why I am holding tight. I believe, If you can't hold, you can't be rich. There are many ways you can profit from cryptocurrency. Holding is one of them. But some people do trading. It depends on your choice.

I always prefer Exchange Wallets for my holding. Now I am using Binance exchange wallet without facing any problems. Sometimes I also use Trust wallet for my holding. If anyone wants suggestions for holding cryptocurrencies I would suggest hot wallets. It seems to me hot wallets are trusted and secured than any other wallets you found.

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Question: With screenshots, show how to perform spot trading on any pair of your choice.

Spot trading is much easier. To do this, you must first choose an exchange site. Here I will show you the most known and widely used Binanance exchange site spot trade. After selecting the Exchange site, you have to select any one pair. I first clicked on the market then selected spot market> BTC Markets. Then I entered the search by typing steem from the search box.

Now I can order. Since I will sell steem, I went to sell order. I selected Price 0.00001800 and gave 100 instead of the amount. I clicked sell. My order was created. Currently, the market is running 0.00001560, when the market hits 0.00001800 then my sell will be successful.

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Question: Holding or trading, which do you prefer and why?

Holding or trading is actually very difficult to say in unison. Because it is based on one's will and strategy. From this point of view, I would say that both have some advantages and disadvantages. When we are holding, our cryptocurrency is not used. So we don't get any profit from it. But on the other hand, if you trade with that cryptocurrency, but it is possible to make a lot of profit. We usually hold for a long time when the price of the coin goes up to make a profit. Now no one can say how long the price of a coin will go up. So it is not clear how much profit will be made from it in the future. On the other hand, if you trade, some or the other profit is instantaneous, again there may be a loss. It really depends on your strategy. I am trying to explain with two examples:

Rahim is a person. He does business. He has enough money to invest. He can't pay much attention to anything other than his business. At the same time, he has a lot of interest in crypto. He has some ideas about price forecasting. Understand that the price of this coin may increase in the future. Then it would be better for him to hold the coin. There is no need to give him extra time here.
Shafiq, on the other hand, is very curious about cryptocurrency and has the ability to forecast its price, he can do everything he needs to know to trade. He also has enough time to spend there. So it would be better to trade for it.

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Conclusion

Finally, I would like to end by saying that from this lesson I have learned about different wallets. I learned about trading and spot trading. It was interesting to know about leverage and margin also. I also learned a lot more by completing homework tasks. I have done relay trading myself and also shared its screenshot. All in all, it was a very helpful lesson.

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