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My Lossing Trades: Holding and Staking Instead of Selling Them.
The start of the second month of this year's second quarter has been a very good time for me to have a very good profit in trading. In just a week I got almost $1,000 profit just by simply buying low and selling high in my Spot account in Binance and a few dollars in my Futures account.
In the first week of May, BAKE and TKO tokens were my favorite coins that I have traded and fortunately they really gave me a good return. And in my Futures account, the biggest profit I had is with Bitcoin Cash BCH, it was the time when Bitcoin Cash were having a momentum and breaking previous resistances and luckily made some bucks jumping on it.
Everything was good in my way and in the market and I have decided to diversify my portfolio and to buy some coins that in my opinion are worth to invest and could generate me at least a little passive income.
I've been eyeing to buy some CAKE tokens and because I had a good profits in my previous trades, I decided to buy at least 2 CAKEs at the price of $37 each. I was very sure that CAKE, or should I say BSC DeFi tokens were having a momentum in the market and the possibility of going down below $35 were unforeseeable, personally.
But after some days, the market looks like not doing well and I told to myself that it's just a little correction and it's a good opportunity to buy more at a much cheaper price. So when CAKE's price was below $35, I bought some more CAKEs and thinking that I have already bought its dip.
Unfortunately, this past few days, lots of FUDs have been circulating in the crypto space and CAKE's price drop down to $25 making me loss a huge value from my buying price or investments with CAKE.
So with what happened, I have decided add my CAKEs in my Binance to my staked CAKEs in Pancakeswap.
Gladly, I have generated around 1 CAKE already for 1 week of staking in Pancakeswap's automatic restaking with with around 130% APY, which change when the price of CAKE changes too.
Venus protocol have announced that they will be having an airdrop of VRT tokens for all VXS holders.
When Binance announced that it will support the VRT aridrop, I took the risk of participating it and I was lucky that I have some XVS at a cheaper price before it pumped heavily.
I bought 8.5 XVS at a price of $120 each at pumped hard to $140 making me in profit and was very sure that it can't go back $100 anymore.
But, like I mentioned above, because of the FUDs that have circulated in the crypto space, XVS were not an exception of dropping and it dropped down very hard to $90 price and bought more of it. But And it dropped down once again to $75. And once again, I was in a huge loss.
The dropping of the price was also because of people selling their XVS after the Binance snapshot but because I am at loss, I didn't plan on selling them.
It's a mortal sin for me to sell a coin when I am in a very huge loss, and since I believe so much in DeFi tokens and BSC, I decided to stake it in Harvest Finance with 25% APY. This is better rather than just holding it because it would generate you a little bFarm tokens that you can also sell if you wanted.
All in all, I have 11.5 XVS tokens and I staked 6.5 XVS tokens in Harvest Finance and holds my other 5 XVS tokens in my Trust wallet. I didn't staked all my XVS, simply because that's how I managed my risk.
After all, we don't know what would or what might happen in the future with these kind of staking or farming platforms, so at least keep some for yourself.