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Securing my Bitcoincash profit tru Buying and Selling
Bitcoincash is pumping again and has set another record of All Time High which is $1477 this year. According to coinmarketcap.com the highest ATH that Bitcoincash reached was at $4,355.62, year 2017, December 20 or just 3 years ago. It would be awesome if that also happen this year. A lot of Bitcoincash hodler will surely celebrate because of this.
Anyway, are you one of us who take advantage with the pumps of coins? Because I am, and I am selling my profit by doing the buy and sell method or in Binance is in Spot Trading. I only learn about this from madam @Jane and to @Eybyoung. They explain to me the greatness of doing the buy and sell method once it pumps. And now, I am also doing it to accumulate more Bitcoincash.
Some are actually wondering why we are doing it, what's the use when the price goes down the money I have on my wallet will also go back into it's original price. This is also my sentiments before, I rarely use the Swap feature of Bitcoin.com wallet because of that sentiments. But Eybyoung explain it to us by creating her article about: How to Buy & Sell (Spot Trading).
I didn't listen into here in her previous explanation to me because I am so stubborn and I didn't really analyse it. Even when I'm doing a spot trading in Binance before I still don't have any idea of what I'm doing that's why instead of gaining profit I actually lose some of it because I only look at the value of BCH and not really on Bitcoincash. This is for a newbies who's still afraid to try it.
Don't look at the value of Bitcoincash, but look at your Bitcoincash. If for example you have 1.18577 BCH in your wallet and then because you gain profit on it because of the sudden pump of Bitcoincash, you decided to sell that 0.18577 BCH to secure your profit at $1087 and with that price you will get $201.93 profit. Don't think that when the price dumps the value of your money will just go back to it's original price.
Yes, it will go back to it's original Value. But that's how Cryptocurrency works. It's volatile and it may pump now but it will also dump. And if it pumps then that's cool and we can also take advantage on that sudden bumps. Because if you sold your gain profit and gained $201.93, you can now use that to buy your BCH back. And because you sell it at a high price, then what's gonna happen if you buy at a lower price? You will gain a profit here if you just wait for the dip, yes.
What if I decided to sell it at $960? Then from 0.18577BCH it will be 0.21034 BCH. And I gain a total of 0.02457 BCH. Let's not look at the value okay? Look at the price of Bitcoincash in BCH and see the difference, not in dellers but in BCH okie? Now that I learn the use of selling profit, it is just easy to understand so why I disn't gey this before? Lol.
You might say that it's imposible for Bitcoincash to dump now so my buy order won't be hit immediately, it may take some time before it happens and your BCH will jusy sleep on your wallet. But you can adjust it to a bit higher price as long as you can still gain profit from it. You can set it to maybe $1000 and you just have to wait for it to be executed. If ever you set it to $1000 you can still get 0.01558 BCH. This is really huge now if ever Bitcoincash hit another ATH.
See, your original Bitcoincash is only 1.18577 BCH, but because you sell your profit, your 1.18577 BCH becomes 1.21034 BCH if ever your buy order at $1000 was hit. Amazing right? That's why Binance has this features, so that we take advantage of the volatility of Coins. It's more easy because we can just set a limit for it, and you just have to wait for it.
So I sell my profit yesterday at a low price but it's okay. And then I also set a buy order with a limit $850, lol. I will wait for this to happen though it's impossible now but I know how to wait so 🙈. But if ever this buy order was filled, I can get a total of 0.06604 BCH here, easy gain lol. Let's get this.
Achieving a goal is hard if you don't have the will to achieve it. So, why not add this goal into you LIST? If you are in read.cash or noise.cash then doing it is not that hard. Save every tip of BCH that you will receive in read.cash and noise.cash them HOLD it. BE ONE OF US AND TOGETHER WE WILL ACHIEVE IT. We💚BCH