Crypto Academy Week 11 - Homework Post for @alphafx

Hello everyone welcome to my home work entry to this week 11 lecture from @alphafx our steemit professor who lectured about Trading and Holding - Two Sides of a Coin.

Home Work Question

1). Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
2). With screenshots, show how to perform spot trading on any pair of your choice.
3). Holding or trading, which do you prefer and why?

I will be answering every question to the best of your understanding so let's begin.

1). Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in

Yes indeed i hold coins but the main question is in which wallet well the wallet falls under the Hot Wallet section and i am going to briefly talk about this my wallet that i am using to hold my coins which is Trust wallet.

Hot wallets:
Hot wallets are digital wallets that can be connected to the internet basically they are wallets that works with the internet like Trust wallet.

Why i am using Trust wallet?
Trust wallet acts like a link or bridge that connects individual blockchain through their nodes, i came across trust wallet many times but i didn't download it until the launch of pancake swap then i had no choice but to download it because it makes sense that if you are using Binance a an exchange you can now use trust wallet as a wallet to hold your cryptos long term because it is supported by binance and as for the coin i currently store in trust wallet is small because all my crypto are in binance but i own a fraction of bnb in my trust wallet, i will show you guys screen shot of my trust wallet.

2). With screenshots, show how to perform spot trading on any pair of your choice.

I will be using my binance account to complete this task by using my account to trade Doge/usdt pair, i will be taking steps to show you how it is done.

• open your Binance application and login to your account.

• secondly click markets which you will see in the bottom of your app.

• thirdly click on the search button and type doge.

• make sure you are in a spot a spot market.

• Select the pair you want to trade but in this tutorial i will be selecting Doge/usdt.

• click buy in the next page that will pop out after selecting your pair.

• Finally make sure it is still in spot market, type in the number of doge you want then click buy.

• Trade is successful as you can see below in order history.

3). Holding or trading, which do you prefer and why?

The answer to this question is holding but it is important to talk about both of them and i will explain the reason why i prefer holding.

Holding:
This is the process of buying crypto in a price which you think is low and holding it in your wallet until the price increase so that you can sell and take profit.

Trading:
This is the process of using your crypto to buy or sell against other crypto to take advantage of the price movement with the plan to multiply the crypto and earn profits.

Why I prefer Holding
I prefer holding because it makes sense to me unlike trading that is more risky you can just buy an asset that you know has a good fundamentals and then hold till it reaches a certain price that you want and then take profit.

Conclusion:
If you are a newbie it is best you buy and just hold don't jump into until you know what you are doing not that trading is bad no in fact you can make more money in trading but because for instance if you sell thinking that the price will come down but it doesn't then it goes up then you buy it might continue going up or start coming down or you trade leverage which you can loose all your money so i advice you newbies to stick with buying and holding untill you fill like taking profit finally i want to thank our professor @alphafx for a great lecture.