In this post, I will discuss my favorite wallet, why I like it, the cryptocurrency I'm holding, and my preference between trading and holding.

Additionally, I will explain how to do spot trading on Poloniex using descriptive screenshots.

Coins I HODL and My Favorite Wallet

My Coins

_{Screenshot of coins in my Binance Wallet}

The digital coins I currently HODL include MFT, TROY and DATA. They are currently worth $94.58, $43.22 and $75.54 respectively. One pattern that is consistent across the coin I HODL is that they are price per unit is relatively very low. The reason for this is that coins like these have higher potential to make a 10x uptrend.

Why I HODL them

However, I don't buy coin simply because they are cheap. I choose to invest only when I believe in the project. For instance, MFT falls into the category of coins I like because it complies the original blockchain principle: untrackable and resistant to censorship.

Blockchain was created to disrupt traditional market, however, most coins are created in recent times fail to observe this principle. In order to avoid inheriting the challenges of traditional market, cryptos must maintain its clear distinction.

Another reason why I like MFT is the fact that it implements the Web 3.0 architecture. Web 3.0 is the future of tech world and I'll like to be among the first adopters to step into this world because early adopters receives the most incentives. As a bonus, the team behind this project have a good track record.

DATA and TROY, on the other hand, are highly undervalued. So I decided to get them for cheap and reap the rewards when they appreciate to their real value. (Not financial advice)

My Favorite Type of Wallet

_{Screenshot of coins in my Binance Wallet}

I prefer hot wallet over cold wallets because I don't intend to hold coins for long without doing some scalping.

By scalping, I mean I study charts of the cryptos I HODL and sell my positions when they reach the resistant level and buy back at the support level. Professor @stream4u explained this topic last week. And improve my knowledge on the topic.

With cold wallets, it won't be convenient for me to scalp because of the long process it involves. Since cold wallets aren't connected to the internet, I would have to transfer the funds to a hot wallet before I can perform trades periodically.

Besides, cold wallets are too expensive. And the worth of digital assets I HODL does not justify the cost of acquiring a cold wallet.

In summary, I like hot wallets because;

• Convenience of trading
• Hot wallets like Poloniex Exchange Wallet is connected to your mail address, so you can easily recover your password when you forget it
• It cost almost nothing to create
• It is easy to use
• You can receive technical support from the support team

How to Perform Spot Trading on Poloniex (Screenshots Included)

It is quite easy to do Spot Trading on Poloniex. Below is a guide on how to do it.

How to Buy

In this example, I will be buying STEEM using USDT.

• Launch the Poloniex Android App
• Click the [Spot Market] icon at the bottom center of the App

• Then tap USDT to bring USDT pairs only, if have USDT in your wallet

• Now press the search icon at the top right corner and type STEEM

• Click on the [Trade] button

• Type the amount of USDT you want to use to buy STEEM. In this example, 57 USDT gives me 61.07737925 STEEM

• Then, click the [Buy STEEM] button

Congrats! You have successfully purchased STEEM.

How to Sell

• Open the Poloniex Android App
• Click the [Spot Market] icon at the bottom center of the App

• Tap USDT to bring USDT pairs only, if have USDT in your wallet

• Click the search icon at the top right corner and type STEEM

• Tap on the [Trade] button

• Click the [Sell] button

• Input the amount of STEEM you want to sell

• Then tap the sell button at the bottom right corner of your screen.

HOLDING vs. TRADING: What I Prefer

I do both but I prefer trading. And my reasons are quite clear. To make short-term arbitrary gains, you have to be willing to trade your positions at higher levels and then buy them back at lower levels.

This may I can increase the worth of me investments over time without necessarily adding to my initial capital outlay. I feel just holding a coin in your wallet is like leaving your money idle, instead of making it work for you.

_{Screenshot of MFT in my Binance Wallet}

Currently, I have over 5,000 units of MFT. I accumulated this much simply by scalping. I started out with just 3,000 units of MFT.

How did I accumulate that much? It is not as complex as it seems. There exist a risk though, but making profits is all about taking risk. Initially, I noticed that the support level of MFT was $0.022 so I bought some MFTs.

Then, MFT experienced an uptrend reaching up to $0.030. That was the resistant level, so I sold my MFT positions and bought it back at the support level.

Why I like trading

• I make short-term profits
• I utilising the scalping method to increase the assets
• Leave my positions before a massive dump in price
• Trade coins that aren't growing as fast as I want for higher yielding tokens

That said, there are some coins I like to hold for as long. Coins I feel are greatly undervalued. And I just buy and hold. TROY is a coin I plan to hold for as long as possible.

Conclusively, I intend to HODL STEEM because it has some much potentials. In the next five years, STEEM could soar to $10. And I want to have as much STEEM as possible before that happens.

Final Words

I enjoyed writing this topic as it involves an aspect of the crypto world that I am very much acquainted with. I would say HODL coins only when you have done sufficient research on the coin and believe in the project. Otherwise, make quick profits by trading it.

Thank you @alphafx for choosing this topic and for sharing essential information that would make it easy for users to benefit from HODLing or Trading digital coins.

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Notable Mentions:
@alphafx
@levycore
@steemitblog