Trading Bitcoin Cash on Binance Exchange

I have been thinking of getting back on actively Trading in the Binance exchange for a couple of weeks now to earn extra earnings and do it as another side hustle. That is why I decided to start trading again last May 16 with the help of my cute earnings in staking my CAKE holdings on the Pancakeswap pool, which I have shared before through an article titled "As a Small-Time Trader". I started trading with a cute amount first to test the waters with only $13 and to see if I will have a good strategy in trading and if I'll be patient enough. Then when I felt like I could earn better if I have bigger capital to trade, that's when I decided to use the coins that were already just sitting in my Binance account like CAKE and BNB that was in the vault.

Then I thought about my Bitcoin Cash holdings which were just stuck and being lazy in my Bitcoin.com wallet. I thought I should make it as a capital too in trading so that I could still gain some profits from my BCH holdings by trading them since the price is still so low right now and the price is kinda volatile too.

That's the reason why I started Selling all of my SmartBCH Tokens (Eirolfeam2 Wallet) and Selling All of my SmartBCH Tokens on My Main Wallet for me to have not just enough capital but also to take advantage of the BCH that was spent in buying these SmartBCH tokens since I'm not that updated and no longer making any profits from them anymore.

And when I finally got to accumulate a total of 10 BCH on my 2022 10 BCH wallet, which is one of my main goals this year, I decided to send them all to my Binance account to trade them already.

And just looking at My 2022 BCH Wallet having none or 0 BCH in it encourages me that I should be more careful with my trading moves and be patient enough so that my efforts won't be wasted.

The trading of Bitcoin Cash begins:

After receiving the 10 BCH that I have sent to my Binance account yesterday, May 31, 2022, I immediately made a sell order for those 10 BCH at the price of $200 each. Even before I decided to trade, I have been waiting for BCH to reach that price again because the price has been stable and just playing below the $200 price level.

Then when my sell order got filled, I immediately made a 10 BCH buy order to buy back my holdings and I set the buy order at the price of $199 since I don't want to be left behind just in case the price pumps afterward. Then my buy order was filled giving me a $10 profit.

Before I slept last night, I thought I should make a sell order again but I decided to cancel it because I thought that the market might be pumping already when I woke up in the morning. And I'm glad I followed my instinct since I was right. Since the BCH price was pumping, I made a sell order again right after I woke up and I sold my 10 BCH at the price of $205 each. I was a little regretful when I saw the price kept climbing up to $207 and I thought I won't get to buy back my holdings anymore if the pump continues.

But because I know the price will dump somehow so I immediately set a buy order for 10 BCH at the price of $203. And after around 30 minutes of waiting, my buy order was filled already giving me a total of $20 profits from this trade.

I know my profits are just small to others but I'm already happy because I'm seeing good progress with my trading journey. I just want to have extra income so I'm not really aspiring to have huge profits.

For now, I'll stick with my strategy of getting a buy-back order that is just around a $1 to $2 difference from the price that I sold my coins so that I won't be regretful if the price continues to climb up. This way, I'll have my bags intact and still get to earn some profits.

I know some of us here are also into trading so I just hope that the crypto market will not go against our favor.

Cheers to more profits to come!