Crypto Academy Week 11 - Homework Post for [@alphafx]. It's all about tyrading and holding

This is another interesting homework given by our able professor @alphafx. I'm glad to participate.

Cryptocurrency trading comes with a lot of volatility. The price of an asset can go up and come down at any time, so when people think about this, the contemplation of whether to hold or dump sets in. This brings me to answer the first question.

^{Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in}

Yes! I hold. The first coin I ever held was the Doge coin and that was a few years ago (late 2017 to be precise). I bought about 500,000 doge coin at a very cheap price and kept it an online doge wallet. Doge refused to moon and I left it there for close to a year. By late 2018, one platform emerged where you stake your doge coin and it multiplies. People were doing it and cashing out their coin. In fact, my brothers started first and they withdrew some doge into their wallets. I insisted I wanted to leave my doge, but they convinced me and I yielded. Cash-out was every 7 days of staking, but unfortunately for me, the platform folded after the third day I invested 480,000 doge coin. It was a Ponzi scheme. That was how I lost my holdings. Though I left the remaining 20,000 doge until recently that doge moon and I wanted to access my wallet, but all to no avail. I saw an error message that I didn't complete my 2FA verification then, therefore, I couldn't access my account till now

The second coin I held was Minereum. It was a long time Airdrop I got. Then , it was worthless, and a time came when it began to make sense. Before Ethereum began to go bullish, every body that got the MNE, which they tagged to be in a genesis account was to upgrade in order to be able to sell. Many people did it, but I refused. For years, I held it in my wallet

Another one was TST. I had over 10,000, but only transferred 500 to my trust wallet 3 years ago and left the rest on the platform I was mining it. After a while, the platform folded, and all the remaining TST was gone. But something happened. Just last month, the price of worthless TST rose and the 500 I was having rose to $100, and I could swap it on uniswap, but I left it. Today, it had fall to $2. Smiles. (Still holding)

Let me show the trust wallet I held the tokens

As you can see, the Minereum as of today worth 12, 600 dollars, but the TST has dropped drastically. I prefer holding my assets on trust wallet, and soon, I will hold other tokens in it as time goes on. So, I go with a mobile wallet because it has been helped secure my fund

^{With screenshots, show how to perform spot trading on any pair of your choice}

I will be using Binance for this.

First, open Binance exchange and go to the market, then search for any coin you would like to trade. See the image below.

I selected TRX/BNB pair

From the above image, clicking on the green rectangular shape would process the trade and the TRX will be purchased, but because the total order amount must be greater than 0.05, I couldn't complete the transaction. That is one limitation with Binance. They have limit. Only a click would end the transaction if the balance were sufficient

^{Holding or trading, which do you prefer and why}

The main part of cryptocurrency trading is trading and holding. The prof explained excellently well in his lectures. To me, both are essential. I hold and I spot trade. The only difference is that I hardly hold on centralized exchanges. Holding is for a long time. One of the reason most people cannot hold is because of economic exigencies. How will I hold when I have bills to pay? That's why trading is more popular than holding. Of course, when I enter a trade on spot trade and I make a profit, I sell, and wait for the appropriate time to enter the market again. I do day trading. The only thing is to know the right time to enter the trade. With that, I maximize my profit and build my wallet. I have holdings and I do spot trading. As far as I'm concerned, none is bad, but the difference is that when you hold for a long time, and the coin blows, you become wealthy. Spot trading is an accumulation of wealth gradually, and you need to monitor the market like a sucking baby. By and large, none can be sidelined in the cryptocurrency world

Thanks for reading

CC:

@steemcurator01
@steemcurator02
@alphafx
@trafalgar

Question	Score	Remark
Question 1	2/2	very nice work here, great job.
Question 2	0.5/2	not enough details and screenshots, hence the score.
Question 3	2/4	nice write up, but would have loved well arranged reasons.
Presentation	1/2	headers should be legible next time.
*TOTAL*	5.5	well done, see you next time