Traders how do you go about this? | Bitcointalksearch.org

Xinarae*

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Quote from: jackg on February 21, 2022, 01:12:48 AM

Only leave on exchanges what you want to keep trading.

If you want to keep trading with all of the money you put into the exchange then you might be able to hold it as fiat so it'll be better insured or withdraw it as fiat (if that's free).

Do you know anything about what strategy you might implement? For longer term trades you are more likely going to be able to afford to move the coins off the exchange, for day trades and similar fast moving trades you're probably better off leaving your funds on the exchange or splitting them between a few if you're that worried about one and have a good enough strategy it won't be too hard to recover your funds if one exchange is hacked (just make sure you trust all the exchanges you store funds on).

Yes i agre with you that thinks exchanger can cutting the fees.

Quote from: StormHawk on February 21, 2022, 01:00:31 AM

Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

If you do not have much money, it is best to keep it somewhere your fees will increase a lot if you do more transactions in which case you will lose a lot if you small trader. I hope the best thing is trade on the running and if you feel risk so withdraw every week.

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Quote from: uchegod-21 on February 22, 2022, 08:41:35 AM

Quote from: StormHawk on February 21, 2022, 01:00:31 AM

Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

Of recent, how many exchanges have you heard that is hacked? It is not rare this days. What you should look at is exchanges that are reputable and have good security. For example Binance has sms authentication, Google authentication and email authentication. If you secure very well from your own end, then the exchange is not closing down overnight.
Don't just leave much money there, but that does not mean you should be withdrawing or transferring coins everyday to and from the exchanges.

I agree with you. daily withdrawal of money from exchanges and return deposits the next day sounds very paranoic for me. if we neglect fee costs ^{that do not necessarily have to be marginal}, the possibility of a transfer error is equal to the risk that an exchange will be hacked in the meantime.
Also, the hack can happen anytime, it can happen just when the funds are being deposited. so it turns out that the only sure thing is that you don't do anything and never send funds to the exchange.
Certainly should not send a larger amount than you can bear the loss and exchanges with a poor security reputation should be avoided.

uchegod-21

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Quote from: StormHawk on February 21, 2022, 01:00:31 AM

Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

Of recent, how many exchanges have you heard that is hacked? It is not rare this days. What you should look at is exchanges that are reputable and have good security. For example Binance has sms authentication, Google authentication and email authentication. If you secure very well from your own end, then the exchange is not closing down overnight.
Don't just leave much money there, but that does not mean you should be withdrawing or transferring coins everyday to and from the exchanges.

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Quote from: Stanlo on February 21, 2022, 11:57:01 PM

Move out your main assets after one or two successful trades and continue trading with your earnings or move out your earnings every day after successful trades, also make sure the money isn't much in the first place I mean use what you can afford to lose.

This will be my main rule. I won't be keeping my main asset there. There are instances that traders want to let their whole funds stay in the exchange to have a better capital and start. But I don't think that's going to happen with my style.
No one stops you from leaving your funds there if it's assigned to be traded. If you feel lazy of moving your funds from time to time, then don't do it but be mindful of the consequences.

Issa56

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You should never trust any exchange with your funds, any money kept in exchange, you don't have control over the money which anything can happen to it at any moment. If you want to be trading, I don't think it will really make sense sending and making withdrawal to your non costudial wallet whenever you are trading, so whenever you want to be trading on a daily basics, you can just leave the money in exchange but you have to select a legitimate exchange because currently their are lot's of scam exchange, so just do your research and select any reputable exchange that's accepted in your county and you can leave your daily trading money there but if you want to hold a coin, always make sure you transfer the coin to your non custodian wallet because that's the safest place you can secure your money and also make sure you secure your private key.

cryptoaddictchie

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Quote from: StormHawk on February 21, 2022, 01:00:31 AM

Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

You can actually parked it on exchange and its not necessary to withdraw everyday and deposit too. Yes it could be risky but its not like everyday the chance of having troublesome reason is there. Also you can only stay there the funds your comfortable risking, but if not dont ever put that your money if yout unease of such possibility.

Stanlo

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Move out your main assets after one or two successful trades and continue trading with your earnings or move out your earnings every day after successful trades, also make sure the money isn't much in the first place I mean use what you can afford to lose.

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Quote from: StormHawk on February 21, 2022, 01:00:31 AM

Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

Obviously, you won't be able to do that all the time. I think it is good practice to keep only the amount of tokens you are actively trading on the exchange. Once a trade is completed, withdraw the tokens to your private wallet. The trick here is that you need to watch the transaction fees and make sure that you don't spend more on fees than you make from trading.

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Quote from: StormHawk on February 21, 2022, 01:00:31 AM

Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

That's how it should be if the fee isn't painful to you.

The other way is set an amount that you'll put in trading and you don't have to in and out with it every time you make a profit. It's like that letting that money stay there as you afford that amount to lose.

Not thinking about the bad thing but it's certainly a critical thing these days that most exchanges are being targeted by hackers.

masulum

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hmph..

Quote from: crwth on February 21, 2022, 03:55:42 AM

-snip-Maybe get a routine of withdrawing your profits every month or every two weeks so you would have a regular wage or something.

Making regular withdrawals is not a good option either, because if it's in BTC, some exchanges still apply the old rates for the fees, which I think is too expensive, considering the current BTC price is very high. Unless someone wants to change BTC (real) to fake BTC (Like BTCB, ^{not a recommendation}), maybe the withdrawal rate will be cheaper. however, BTC and BTCB as well as other BTC peg tokens are not as secure as real bitcoin, we know that. It's just an alternative, not for the long term and maybe more risky than real BTC (CMIIW).

crwth

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I think you could make the first approach is just going to a trusted exchange for your trading activities. Exchanges that are legal in where ever you are residing and check that maybe you have an excellent exchange locally there as well.

Maybe get a routine of withdrawing your profits every month or every two weeks so you would have a regular wage or something.

NeuroticFish

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Quote from: StormHawk on February 21, 2022, 01:00:31 AM

Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

Crypto exchanges were never safe for keeping the funds there.
So keep there only what you think it worth the risk. I don't expect that withdrawing every day is a good move, since (depending on the coin you withdraw) the withdrawal fees may eat up a significant part of the profits.
Do your math. And don't mix up trading with HODLing. Keep safe the funds worth HODLing.

Imho nothing much has change about the exchanges. They didn't become unsafe overnight. They were always a problem in safety. Always keep in mind: not your keys, not your coins.
The good thing is that the later announcements may make people think if it worth keeping life changing amounts of money on exchanges (actually on any custodial platform) just to earn some pennies.

It may worth mentioning though that I no longer trade for quite some years.

mk4

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If you can afford the withdrawal fees then yes that's probably the way to do it. But sometimes though, you need to leave funds on exchanges overnight if you have some buy/sell offers that you want/hope to be executed.

But really, leaving funds on exchanges isn't necessarily 100% bad. What's bad is leaving funds on exchanges unnecessarily — because for some reason some people hold all their crypto holdings on exchanges, which is obviously not the way to do it.

jackg

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Only leave on exchanges what you want to keep trading.

If you want to keep trading with all of the money you put into the exchange then you might be able to hold it as fiat so it'll be better insured or withdraw it as fiat (if that's free).

Do you know anything about what strategy you might implement? For longer term trades you are more likely going to be able to afford to move the coins off the exchange, for day trades and similar fast moving trades you're probably better off leaving your funds on the exchange or splitting them between a few if you're that worried about one and have a good enough strategy it won't be too hard to recover your funds if one exchange is hacked (just make sure you trust all the exchanges you store funds on).

StormHawk

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Since crypto exchanges are not safe for keeping funds and they are the best place for trading every day what strategy can I use to avoid bad luck? Send tokens to exchanges and withdraw they after trading every day?

Topic: Traders how do you go about this? (Read 168 times)