Crypto academy Week11- Homework Post for [@alphafx]
I got into the crypto game a year back, the beginning of 2020 to be precise. I was and still am a student, so i didn’t get much money to make big investments .I started small with about 30,000 naira which I borrowed from my school savings. I bought 30k worth of btc which I held till the end of the year making a profit of about 100000naira due to the massive bull run that period. Unfortunately, due to some poor investment choices, I made a lot of loss but picked my self up. Although not much I hold a couple of crypto currencies such as, BTC,ETH,LTC,TRON,STEEM. The amounts of each coins aren’t necessarily significant but it helps with my savings and profit margins.
I store my coins in hot wallets specifically the desktop/mobile wallet. I always wanted to use binance but its quite tricky for me and most people I ask to help me out with it usually turn me down but im working on it my self, I hope to get into trading soon. Personally I don’t mind which wallets I use but being asked between cold wallets and hot wallets ill pick the later.
How to perform a spot trade
You open your exchange wallet, I will be using binance, im not necessarily an expert in trading but with what ive learnt from the lesson this is my best.
Step:1 open your exchange wallet Binance)
Step2 click on trade on the icon below the homepage
Step3: above youll see another icon named spot. Click on it and then you place your trade using any pair of your choice, ill be using BTC/USDT ( ensure your spot wallet is well funded). Select a limit for the price you wish to buy. Input the amount you want to buy and then click on buy BTC
Holding or trading?
Well preferably the reasonable answer I could give is trading since its very lucrative, short term and very profitable. Asides the glamours covers it’s actually really risky and involves precision. I haven’t received such training yet and can’t currently dive into it at this moment so all I can do is hold. Even as such, holding too isn’t an easy task because emergencies could come up at any moment. for example i stay at home currently and due to crisis around I don’t neccesrily get money from my parents for some certain things like my data, transportation or something I need to buy , even my phone isn’t currently good and I would have no choice but to take from my savings. At this point its basically like a savings account and im sure there are other people out there who can share the same story. So for the main question I actually prefer trading but due to necessities I’m forced to hold. Holding is alot better when you use a reasonable amount as the profit would exceed your expectations. Although using small amounts would be good for altcoins but you can’t possibly predict when itll have the blow up and if you can resist from touching it.
I look forward to another engaging assignment such as this. Thank you for reading
Cc
@alphafx
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