Forays into Crypto Currency Trading
To date the extent of my cryptocurrency experience has been:
- Faucets
- Steemit rewards
Suffice to say that I'm pretty much a newbie when it comes to all this.
However, I do have a history in (traditional) finance, having previously worked 12 years at a multinational corporation. I didn't do investment stuff, but I've been managing my own retirement portfolio and dabbling in various trading strategies. I even plied my time with a little forex trading back in the day, which conceptually isn't that different from trading digital assets. Right?
Anyway, my friend @dmaddock1 has been prompting me recently to do a bit more with the Steem I've earned through good, old-fashion wordcrafting. So, when Steem recently started taking off, I decided it was time to dip my toe into one of the exchanges.
For no real reason other than I had heard of it, I decided to use Bittrex as my exchange of choice. Perhaps there's a better one to start with, but it seems fairly easy to use, and I was able to access the charts I wanted without too much searching around.
Earlier this week, I transferred about 222 Steem – all that I had liquid at the time – to my Bittrex account. After studying the charts for awhile, I placed an ask at 0.00085 BTC. A little while later it was filled, earning me a little more than 0.18 BTC after fees. Booyah!
Of course, from there, things could've gotten worse. And for a little while, they did. The price of Steem relative to BTC continued to rise, making the BTC I was holding a little less valuable comparatively. But I held onto it, and eventually the price fell again. Long story short, I re-bought Steem at 0.00075 BTC for an approximate gain of 12% more (250 STEEM) than I had before.
Today, I was watching the charts again, and it appears that Steem has once again risen compared to BTC. I submitted an ask for 0.000987 BTC – nicely near the top of the day's trading range – and it was filled in two lots almost immediately. Since then, the price has hovered above 0.00092, and I'm keeping an eye on it. Hopefully I'll be able to buy more Steem back than I traded for.
I don't really have any specific goals at this point, other than to keep increasing the amount of Steem that I have. Of course, that's the goal of everyone here on Steemit as well, right? If nothing else, this has given me some useful in reading charts and the mechanics of making a trade.
How about you? What trading have you done? What has the experience taught you?
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