Trading and holding two sides of coin@alfhafx ||answered by@suboohi
Hello steemains!!
Hope you all are good and doing well . Take care of yourself and others in this pandemic situation of covid 19.
As we are learning many new things about crypto world through the lectures of professors. Now I'm trying to give the answer of @alfhafx that was given in homework Task.
Do you have coins? Talk about the type of wallet you prefer / would prefer to keep.
Coins that I have:
I have just lended to this crypto world, so my trading journey is not long. I have a portfolio of USTD, ETH at Binance . I have bought these and just holding in my Binance wallet. I choose Binance wallet for holding my cryo Beacuse it is safest wallet and offers many advanced transaction types peer-to-peer trading, spot limit trading market order and limit order.
As I'm doing work with steemit so I have STEEM , SBD too. These two currencies are stored in steemit internal wallet. I mostly buy Steem through my SBD using polinex wallet . Some times I transfer my liquid Steem to my local currency pkr . I'm holding trx in tronlink wallet that consider as safest Tron wallet and used for holding and trading
While I just put some investment in USTD and ETH.
Wallet type I would prefer holding in?
I prefer Hot Wallets for holding my cryptocurrency. Hot wallets are connected with internet at every time and you have complete assess on your wallet. you get fresh updates of your trading .You can buy and sell coins and tokens online through hot wallets any time anywhere and your transactions have done within 5 minutes of time. This trading can be easily done just by sharing your QR code in your Hot wallet. As I mentioned I'm holding my crypto at Binance hot wallets. I have polinex wallet too
With screenshots, show how to perform spot trading on any pair of your choice.
I'm showing you spot trading at polinex wallet as currently I'm using polinex wallet for trading and Binance holding my assets.
- open the polinex app and go to spot trading.
- select the crypto pair in which you are going to trade.
- Now do the trade with that pair.
- Start trading with the currency in wallet you have.
Holding or trading, which do you prefer and why?
I prefer holding instead of trading because I'm new in the crypto world. I'm learning how to trade for short term trading you should have knowledge of all aspects, you should be active and keen observer. I have two wallets at Binance in holding some crypto currency. I will do trading when I get enough knowledge about trading. Actually once I have lost my Trons during trading , so I'm learning properly then will start trading
Advantages of HODL :
Like me all who don't have more knowledge about trading should invest their crypto at HODL. When you putt money in HODL you get returns by long term investment and you do not have to worry about the fluctuations and selling or buying of your coins. You just have to wait for the target and in this way you get ride of all the time consuming and concentrations you need.
In HODL you don't get the daily stress of high rate of fluctuations in the prices of the currency and do not have to worry about the daily fluctuation and will just wait for the target till end.
You may have morevprofit in HODL if you buy a penny crypto currency and hold it for long time and its prize increases in future and you get a really good profit.
Disadvantages of HODL
As its long term investment, so sometimes due to its long term strategy many users forgot where they have actually kept their assets and loss all their investments.
If you need some money and than you can not get advantage of HODL because it does not give you quick profit and takes long time to become profitable.
CONCLUSION
In my opinion for new trader Holding can be much more profitable if they have invested in a right currency and are sure of its prize to get high in future.
But those who have knowledge and experience trading is best option. Trading gives you lots of profit by time to time in buying and selling the cryptocurrencies. By means of short-term investments you can keep your self away from the high fluctuations of the coins and play smart in trading than you can get profit.