Crypto trading of any kind is not easy. Although I am new to the world of trading, I do not have a very good knowledge. Most of my trading is BCH / USD. In other words, when the price of Bitcoin Cash goes down, I buy it and when the BCH rate goes up, I turn it into a stable coin. This is how my trading goes, sell high and buy low. I started buying and selling when I first learned trading, that is, the basic knowledge of trading. But when I started, there was a profit of $2, $5. But for some time now I have not been able to take advantage of trading. Everything seems to be turning upside down. Want to know how things are going?
Suppose I have 0.8 bitcoin cash with a current value of BC $600 BCH at $420. I will trade that 0.8 bitcoin cash. Now if the bitcoin cash rate increases by 1% or 2%, all I do is convert it into stable coins. Suppose my $10 worth BCH profit came because Bitcoin cash increased by 1%. Now if I convert it into stable coins, it becomes $430 stable coins. After a while I see that it has increased by 2% or 3% more. Then I think maybe it will go down to $800 but the rate goes up to +600 +, but my bitcoin cash is converted to stable coin so I think I bought bitcoin cash at $700 because the rate is going up. Buying at a higher price reduces the amount of my bitcoin cash, moves to about 0.75 BCH, and has to pay a loss of 0.05 BCH.
However, if the price of bitcoin cash goes up more, you can buy stable coins and if the price goes down, you can buy bitcoin cash again. But my predictions are always wrong. Because when I buy Bitcoin Cash at a higher price, the price of Bitcoin Cash starts to decrease. Then I have to buy Bitcoin cash with stable coins (USDT, USD) with some loss. In this case, even if my loss is not according to the rate of Bitcoin cash, if the rate decreases, there is a lot of loss. But the rate at which I sell my bitcoin cash never comes back, it is a little higher than before, because bitcoin cash on the way to the moon. In that case the amount of bitcoin cash is a bit less. From 0.8 BCH to 0.78 BCH or 0.77 BCH.
Then What I learn from trading?
I learned a lot in this first trading journey. Some of the points are-
The more you trade in the hope of smaller profits, the greater your loss. It's like gambling and you're going to lose because you can't predict the future of any cryptocurrency.
If you have a lot of money, you must do long-term trading, never change the currency without a large profit.
Of course keep an eye on the movement of the currency you are trading on, do not set the value in advance, you will be more likely to lose.
Which site or apps is best for trading?
Since I am new to the world of trading, I do not know the names of many trading sites. However, there are some notable sites that are very famous for trading. e.g- Binance, Coinbase.ph, Gemini, eToro etc. Binance tops the list with the highest exchange score of 9.8, followed by Coinbase pro with an exchange score of 7.9.
Which platform do I use for trading?
To me the other platforms seem quite complex. And since I only use bitcoin cash and use payeer wallet to store that bitcoin cash, I trade on payeer platform. Because I think the payeer platform is easy for trading. But payeer platform is always show the exact rate of any crypto very lately, that's might be cause of payeer platform's bad side.
In conclusion, to be a skilled and successful trader, one has to be a little restrained at first and make some mistakes. Because we learn from mistakes.
I'm not new user in this platform, I have 2 more accounts for writing different topic. Hope everyone will appreciate my writing and love it. Thank you.
You should learn from your mistakes