How I Tripled My Steemit Rewards by Day Trading and You Can Too!
This is not financial advice and is a method filled with risk but if you are into learning about trading using crypto currencies this method of using Steem earnings to trade on financial markets can be a great start. I received some liquid Steem earnings from a few posts and decided to try and increase it before powering up. We aren't talking big bucks here but it was a great way to more than triple my original payout rewards.
The first step was to send my Steem earnings over to Poloniex to sell my liquid Steem and SBD for Bitcoin. If you aren't familiar with how to do that you can check out my previous post here Poloniex How To
Now that I had some Bitcoin to trade with I sent it over to my trading account with 1Broker.com. They allow you to margin trade on traditional financial markets using Bitcoin. If you aren't already familiar with 1Broker check out my previous post here 1Broker How To
Alright so my small Bitcoin deposit is now in my 1Broker margin trading account now it's time to trade! I'm not going to lie it was a boring first few days, I took a few positions that went sideways and spent much of the time just avoiding bad trades. Then it arrived right on time. The US Federal reserve was set for a rate hike finally an opportunity for some movement. I decided to go long on USDCAD meaning I was buying USD on leverage with my small amount of Bitcoin in the hopes of selling it for more later.
The image above shows what happened today. The USD price went up and up and up. I was happy with my profits and closed my trades. After that it was a hop, skip and a jump back to Steem Power. I withdrew my earnings from 1Broker to my Poloniex account where I was able to purchase some Steem for a bit less than I sold for a few days back then sent it from my Poloniex account to my @contentjunkie Steem account and powered it up!
If you aren't familiar with how to buy Steem with Bitcoin and send it back to your account to be powered up check out my previous post here How to buy steem on Poloniex.
Of course results may vary depending on market conditions so trade safe and use a stop loss!
Make sure to follow this profile @contentjunkie to stay up to date on more great posts like this one.
Nice, I've been day trading XBT/GBP over on Kraken for a tidy little profit; not converting back to Steem though.
Cg
I would never ever invest in USD or CAD regardless of profitability. They represent all that is wrong with the world.
a very informative post that's already undervalued although it's less than an hour old. There's real info here for those wanting to trade on margin or learn how it's done
Very nice tutorial !
Trading Steem daily since it's going up and down alot.
Congrats!
Sorry to hijack your post. I want to thank you for your excellent ladder.net service -> Draft Your Steemit Posts With Ladder And Publish Them At Exact Time Of Your Choice.
Thanks!
This post has been ranked within the top 25 most undervalued posts in the first half of Dec 15. We estimate that this post is undervalued by $10.05 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Dec 15 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
Good stuff. USD long vs. any currency seemed to work past few days. I traded USD/JPY long a few times in past 48 hours.
Coming soon: How I got 1/3rd of my rewards by playing martingale at the markets. :p