CRYPTOACADEMY SEASON2 WEEK3 - HOMEWORK POST FOR @alfafx //TRADING AND HOLDING - TWO SIDES OF A COIN // DONE BY @xkool24 //

Hello everyone in steemitcryptoacademy, hope we are all doing well? Thank you once again Prof @alfafx for your lectures this week and homework task on Trading and Holding.

Question1: Do you hold coins? Talk about the wallet type you prefer/would prefer holding in.

YES: As a newbie who is barely four (4) months old in the cryptocurrency world, I will categorically say I did hold coins and it was really a great idea despite the little strategic and targeted withdrawals made so far. My idea of holding was to save for the future with respect to making profits from anticipated price changes and also limit damages from risk of trading since I'm yet to know the technical-know-how to navigate through the cryptocurrency market. Anyway, I currently hold Steem, TRX, SBD and a very little amount of BTC used while I transacted in the Binance exchange.

Preferred Wallets: HOT WALLETS
I currently use these wallets, the Binance exchange wallet, The Tron wallet and the steemit wallet. For now, I will say that I am familiar with the Binance and steemit wallet which are currently my holding arsenals for the time been prior to when I get acquainted with the blockchain system and the intricacies.

(Binance exchange wallet)

These are both hot wallets and that gives me the "On the go" approval to transact especially when emergencies arises. I think I am better safe with them provided I maintained the secrecy involved in safe guarding my keys unlike what is seen in the cold wallets which are prone to environmental hazards which sounds like a double enemy. But wait, I think Binance have the required security measures put in place for an unnecessary system hack. But I know when it happens, who says they won't bear the loss of assets with me🙄?

Cold wallets, just as mentioned by Prof @alfafx may seem safer and more of an off-chain system of keeping keys, but its risk in the off-chain environment may seem devastating if they happen. This time around, your enemies may not be the online hackers/scammers anymore but hazards caused in man's environment. Perhaps, the need I made the choice of going for the hot wallets since I already had a reasonably control over how I login with my keys on my devices, how I save the hard-copies and also a cloud keys upload as the third layer backup. They are more convenient for me, with much more user friendly interface to navigate my way round.

Question: WITH SCREENSHOTS, SHOW HOW TO PERFORM SPOT TRADING ON ANY PAIR OF YOUR CHOICE.

I will be showing us this with the use of the Binance Exchange. I have few TRX in my exchange account and I feel BTC have more potentials to add more value to me base on market predictions. Though there are appreciable growth seen so far in the TRX value which I know I still need to build and HODL more of the TRX in my Tron wallet. Okay, let's see to the process immediately.

• Login into the Binance Binance Account
• click on your wallet below the right side of your screen
• click on the spot icon at the top side of the screen

• click on the selected pair you intent to swap on the spot. For the purpose of this spot trading, I will be clicking on the TRX/BTC

• the next step is the interface displaying the buy and sell icons. Select the sell icon since we want to swap our TRX for the BTC

• You're already set on limit, some may prefer to choose other options from the dropbox
• you can also see the limit figure also set
• Input the amount you want to swap for the other (In this case, 50 TRX was selected)
• the conversion is already there for your view.
• click on the sell option now...

• from the last image (screenshot) you can now see an order has been opened and processing.

Question3: HOLDING OR TRADING, WHICH ONE DO YOU PREFER AND WHY.

HOLDING/HODL
For now as a newbie with about four (4) months of crypto related experience, I will not say trading is best for me now due to the risk seen in the market due to the very highly trade volatility. I will give us a real life example on why I think for now I should continue with Holding prior to when I've gotten the requisite skills to start up intense trading. I started holding steem when the price was N86/steem with 2000SP in December'21, and now the price of steem at this point of publishing this article is N420/steem. This is to say I have a whooping N334 price difference to my advantage for just holding for a period of 3months with a price valued at N670,000 profit. It worth the wait and I am still waiting as i expect a strike price of N1000/steem ($2) in the nearest quarter of the year. This is purely an evidence that holding pays and should be practiced for some of us who are still not conversant with the trading perspective.

Secondly , another experience of User A that I encouraged to invest N50,000 in January when the price was sold for N96/steem and we were able to purchase 520.8steem, then User A decide to sell off when steem price went bullish sometime beginning of April (when it was N600/steem). We all know User A has already made a N312,000 in less than three (3) months (which is about N262,500). This could only be achieved if we HODL.

For others, Trading may be the magic stick as they may not have the required volume of resources to HODL, hence they need to engage in trading so as to multiply their stipends. But less we forget, this could be achieved when we are guided in applying all market principles and technicalities. From my last lecture experience from Prof @fendit on "Making your cryptocurrencies work for you" on flexible/Fixed savings and Dual investment, I think I should get started to engage trading gradually.

In conclusion, it is necessary we either HODL or engage in trading or both base on factors within our space. Some may have Liquidity without the trading knowledge or time, that means they can HODL till whenever. In other hand, some may have trading experience with little liquidity and intentions to multiple liquidity, hence this group would have tendencies of doing well in trading. For those that have both experience, time and Liquidity, they would do well in all (trading and HODL).

Thanks Prof @alfafx, this is my entry.