You should always use Stablecoin as basis of your portfolio value and not currency that has a volatile value so that you will not have any problem on tracking you asset growth performance or paying attention to the value of the base token for your investment. If you are using Bitcoin as basis of your asset value, You should not care if Bitcoin value is plummeting if you are going convert back your trades profit on it because you will just confused yourself on what’s really your trading goal.
Use stablecoin as basis and you will not encounter problem like this.
Topic: Trading then switching currencies - page 2. (Read 543 times)
With regards to scalping, if someone has GBP in Binance, then they convert this into Ethereum, do a trade and earn even just £5, what would a trader do? Do they keep it as Ethereum until the price starts going down, or change it into another coin they can see going up, or change it back into GBP and withdraw it?
Everything just really depends on what you want to do, if you're trading to invest in another coin maybe Bitcoin then once you make your profits the next thing you do is Convert it straight to Bitcoin but in the case that you're trading to earn some money to use and settle out bills then no other option for you than to simply get it converted to your local fiat currency and make a withdrawal.what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets etc.
Successful trade with ETH but you didn't indicate if it was ETH/USD pairs or trading ETH to get more Ethereum , if any of that is so then what you need do is Convert it to any stablecoin that suits you until you are certain that the market is about reverse in up direction then you now have to convert the stablecoin to Bitcoin.
Hi, I'm new here, I have read lots about crypto and how to trade on Binance so I am currently digesting the basics, and I've successfully made a few small trades that made a small amount of cash (I was very careful and watched the market and traded with a small amount to get used to it).
My question is - what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets etc.
With regards to scalping, if someone has GBP in Binance, then they convert this into Ethereum, do a trade and earn even just £5, what would a trader do? Do they keep it as Ethereum until the price starts going down, or change it into another coin they can see going up, or change it back into GBP and withdraw it?
Obviously there are a myriad of trading strategies, however I would like to try scalping first. I am trading small amounts whilst I learn.
I signed up to Binance before GBP could be added to it you see, and I used to have to add GBP into Coinbase, buy Bitcoin, then use bitcoin to buy Ethereum in Binance, so it got me thinking about the rates going up and down and switching currencies and how not to make a loss, and also thinking about platform commission charges.
What do traders commonly do in these situations?
Any advice would be appreciated.
Many thanks
My question is - what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets etc.
With regards to scalping, if someone has GBP in Binance, then they convert this into Ethereum, do a trade and earn even just £5, what would a trader do? Do they keep it as Ethereum until the price starts going down, or change it into another coin they can see going up, or change it back into GBP and withdraw it?
Obviously there are a myriad of trading strategies, however I would like to try scalping first. I am trading small amounts whilst I learn.
I signed up to Binance before GBP could be added to it you see, and I used to have to add GBP into Coinbase, buy Bitcoin, then use bitcoin to buy Ethereum in Binance, so it got me thinking about the rates going up and down and switching currencies and how not to make a loss, and also thinking about platform commission charges.
What do traders commonly do in these situations?
Any advice would be appreciated.
Many thanks
If you are just new to this industry, it is better for you to create an account on Binance exchange. Then once you have an account, deposit the amount where you can afford to lose. While using binance platform it is good to set your trading pair at ETH-BTC so that you can accumulate both coins every time you sell and buy, meaning you can earn to these two for sure.
However, in doing scalping this is good if this is your skills, but if not, better not to try this for now. Due to it will just take your assets goes to disappear in the end for sure. Otherwise, if you insist to do what you like to do even you don't have enough yet knowledge here in the cryptocurrency trading, it is still your choice.
And I'd like you to know also that things you want to happen is all risk, moreover, you supposed to be prepare on this matter.
So in the end it won't give you hurt so much if ever your holdings will be loss. That's why good luck to you pal.
What do traders commonly do in these situations?
Any advice would be appreciated.
Many thanks
Any advice would be appreciated.
Many thanks
Every trader has a different approach to that situation and their strategies vary with each other.
Since we can't say generally what's the usual thing they are doing to use in that situation, we might end up creating our own to deal with that.
For me, just test and try what you think is good. That's the challenge here and that will improve your planning skills.
Isn't diversification? Diversification of your portfolio is sometimes risky and not all you can make a good decision to it.
I have been years in trading but I stopped, why? Because even scalping is a very risky strategy even though you've experienced it.
It might be good if you will practice scalping through an exchange that has a demo feature, and more practice that enhances your ability in trading to pick the right time to divert into other cryptos like switching from Bitcoin to Ethereum.
Why not you didn't choose to invest alone and apply DCA in buying crypto like Bitcoin?
Buying in a DCA way is the best way to enter the market that you're safe and also holding in a long term will surely make a profit.
I have been years in trading but I stopped, why? Because even scalping is a very risky strategy even though you've experienced it.
It might be good if you will practice scalping through an exchange that has a demo feature, and more practice that enhances your ability in trading to pick the right time to divert into other cryptos like switching from Bitcoin to Ethereum.
Why not you didn't choose to invest alone and apply DCA in buying crypto like Bitcoin?
Buying in a DCA way is the best way to enter the market that you're safe and also holding in a long term will surely make a profit.
My question is - what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets etc.
That mean your Bitcoin loose values automatically you make lost and if you're to hold the Bitcoin for long term the situation may change. But to prevent crypto investors losing their profit or fund is the reason why Stablecoin were introduced.With regards to scalping, if someone has GBP in Binance, then they convert this into Ethereum, do a trade and earn even just £5, what would a trader do? Do they keep it as Ethereum until the price starts going down, or change it into another coin they can see going up, or change it back into GBP and withdraw it?
The decision a crypto trader will make depend on the goal and purpose of the trader and the level of the trader experience.A crypto trader with no experience of portfolio manager shouldnt trade more than a sign coin
Converting ethereum to Bitcoin isn't necessary just because Bitcoin is pumping, Ethereum would follow, trust me. But if you want to switch to something stable, convert it to USDT and use that in futures trading if you know it already. Though I can't guarantee you that it is a good place for newbie traders. Just make sure that you won't get addicted with high leverage with no stop loss trade using a 50/50 technical analysis.
Futures trading isn't for beginners since you're trading using an underlying asset and it would drain up your whole funds if your prediction gone wrong, even you're an expert, personally I wouldn't recommend you to do futures trading. It's better to trade in spot trading because you wouldn't rekt as long as you trade with Bitcoin. I highly believe Bitcoin wouldn't touch $0 even though on bear season. 
My question is - what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets etc.
Crypto trading certainly has risks, for sure you must have an end goal for your trade, indeed Binance provides many features to achieve profits such as: Take profit, stop loss and so on, but if you manage to trade in the ETH coin type it is a progress and success for you.In my opinion, if you already understand the graphs, analysis and so on related to trading the Ethereum coin type, there is no need to change to other crypto types, such as Bitcoin, you automatically have to learn to move from the basics of Bitcoin development, to achieve results like you get in your trading features on Ethereum.
In my opinion, the focus is on the type of ETH and fortunately it is made fiat, without having to trade back and forth with other types of coins, holding back and focusing on what you understand is better, than you have to do based on your imagination which leads to greed.
Converting ethereum to Bitcoin isn't necessary just because Bitcoin is pumping, Ethereum would follow, trust me. But if you want to switch to something stable, convert it to USDT and use that in futures trading if you know it already. Though I can't guarantee you that it is a good place for newbie traders. Just make sure that you won't get addicted with high leverage with no stop loss trade using a 50/50 technical analysis.
It would be different for different traders. If the trader is determined to do whatever it takes to earn more, they probably have a strong will and a "why" they trade in the first place. If you know the reason behind that, you will see that you will have a place in your heart to change what you want or accumulate a particular coin. As long as that asset you wish to, say BTC, increases in amounts, that's okay. As long as you continue to trade it, then that's going to be a continuous thing for you, and maybe in the long term, you will see that it was the right thing to do.
Withdrawing small amounts wouldn't be ideal. Maybe you can just put it into an asset or a coin you wouldn't mind holding, even if there's no value or something.
Withdrawing small amounts wouldn't be ideal. Maybe you can just put it into an asset or a coin you wouldn't mind holding, even if there's no value or something.
Do you want to withdraw from trading or do you need to take more risks? In other words, if you do not want to enter into additional trading, all you have to do is transfer your coins/profits to any stablecoin/fiatmoney then the rate of change in the price of the currency within a short period of time is much less than the rate of change in the price of Bitcoin.
But if you want to speculate, in my opinion, both Ethereum and Bitcoin have the ability to return to previous levels, so keeping any of them and transferring it to the other will not cause you losses in the long run if you have the luxury of waiting.
Finally, the fees for withdrawing Bitcoin and Ethereum on many platforms are a little expensive, so consider using cheap withdrawal altcoins[] such as Ripple and litcoin to transfer between platforms instead of Bitcoin[2] and Ethereum[3].
[] https://withdrawalfees.com/
[2] https://withdrawalfees.com/coins/bitcoin
[3] https://withdrawalfees.com/coins/ethereum
But if you want to speculate, in my opinion, both Ethereum and Bitcoin have the ability to return to previous levels, so keeping any of them and transferring it to the other will not cause you losses in the long run if you have the luxury of waiting.
Finally, the fees for withdrawing Bitcoin and Ethereum on many platforms are a little expensive, so consider using cheap withdrawal altcoins[] such as Ripple and litcoin to transfer between platforms instead of Bitcoin[2] and Ethereum[3].
[] https://withdrawalfees.com/
[2] https://withdrawalfees.com/coins/bitcoin
[3] https://withdrawalfees.com/coins/ethereum
Well said, I add little thing here that we see a resistance area below 25K$. If it break then no need to withdraw. So, we may see and wait for this month. The daily green candle formed last day after consecutively 7 red/sell candles. And this candle was much enough.
My addition to withdraw is that some exchanges cannot charge or little charge of transactions fees. Your idea to BTC into ripple is also a beautiful.
My question is - what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets etc.
but I try to give advice, plan your trades for long term investment. that is, if you profit from trading. you can store it in an asset that you trust for the long term, such as BTC or ETH.
in value, it is possible that the assets you collect will decrease, but in the long term you will actually get a much better profit. I do it myself, but don't like to keep in USDT or other stable assets.
It will always depends on the value of bitcoin and ethereum or whatsoever. So if you see it struggling of course the value of your converted asset will be affected afterwards. Must be aware on the situation before switching any assets so that you are aware on the changes.. Don't make a rush transaction to prevent sudden changes on its price.. We are in a so volatile market so always remember to double check.
My question is - what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets etc.
Most traders can't time the market perfectly and it's just fine, if it plummets then wait until it goes back to the same price or wait more if it will goes higher. If you asked me, I certainly do like it it on either Ethereum and Bitcoin rather than staying it on stablecoins, BTC portfolio is the goal but likely in a gradual basis, not lump sum. 
Do you want to withdraw from trading or do you need to take more risks? In other words, if you do not want to enter into additional trading, all you have to do is transfer your coins/profits to any stablecoin/fiatmoney then the rate of change in the price of the currency within a short period of time is much less than the rate of change in the price of Bitcoin.
But if you want to speculate, in my opinion, both Ethereum and Bitcoin have the ability to return to previous levels, so keeping any of them and transferring it to the other will not cause you losses in the long run if you have the luxury of waiting.
Finally, the fees for withdrawing Bitcoin and Ethereum on many platforms are a little expensive, so consider using cheap withdrawal altcoins[] such as Ripple and litcoin to transfer between platforms instead of Bitcoin[2] and Ethereum[3].
[] https://withdrawalfees.com/
[2] https://withdrawalfees.com/coins/bitcoin
[3] https://withdrawalfees.com/coins/ethereum
But if you want to speculate, in my opinion, both Ethereum and Bitcoin have the ability to return to previous levels, so keeping any of them and transferring it to the other will not cause you losses in the long run if you have the luxury of waiting.
Finally, the fees for withdrawing Bitcoin and Ethereum on many platforms are a little expensive, so consider using cheap withdrawal altcoins[] such as Ripple and litcoin to transfer between platforms instead of Bitcoin[2] and Ethereum[3].
[] https://withdrawalfees.com/
[2] https://withdrawalfees.com/coins/bitcoin
[3] https://withdrawalfees.com/coins/ethereum
It depends on what asset you want to keep/accumulate as to whether you convert profits back to fiat or keep them in crypto.
Converting profits into fiat/stablecoins can be a good idea to prevent you from risking too much and cashing in your profits while learning to trade (and can also pay higher interest with on the exchange or via an external area such as defi).
True, it does really depends on someones preference and on ways which they do seem to be comfortable because we do have different plans and goals in mind on what we do accumulate.Converting profits into fiat/stablecoins can be a good idea to prevent you from risking too much and cashing in your profits while learning to trade (and can also pay higher interest with on the exchange or via an external area such as defi).
If ever we dont really like for us to be that avoiding volatility then stablecoins would be the best choice or options for us or even trying to accumulate funds just to be prepared for possible
buying situation or opportunities which you could really able to see along the way. Most of the time people would be accumulating bitcoin as much as they could which is pretty normal or basic
considering on which coin is sitting on the top then its no surprise that this one would be the outmost priority even i could say to myself.
Why would you hold ETH for the long term if you see the price is going down? That is why there are limit orders on Binance to avoid losing or making a profit instead of losing.
And almost all crypto depends on the Bitcoin price movement so it depends on the market if you are going to buy other coins or stay holding ETH.
Since your trading strategy is scalping then you can only play on active trading but stay with stable coins as suggested above because trading with Coins to Coins has a huge difference compared to playing Coins to Stablecoins. Bitcoin/USDT/USDC or ETH/USDT/USDC and any top 10 coins on the Coingecko/Coinamarketcap are active tradings that good in scalping.
And almost all crypto depends on the Bitcoin price movement so it depends on the market if you are going to buy other coins or stay holding ETH.
Since your trading strategy is scalping then you can only play on active trading but stay with stable coins as suggested above because trading with Coins to Coins has a huge difference compared to playing Coins to Stablecoins. Bitcoin/USDT/USDC or ETH/USDT/USDC and any top 10 coins on the Coingecko/Coinamarketcap are active tradings that good in scalping.
Pro traders usually choose BTC pairs to increase their BTC portfolio. But it really depends on the trader's mentality and how will he trade. If you want to increase Bitcoin then should choose to pair with Bitcoin. If you are worried about volatility then stable coin pairs if better for you. Since you are very new I will prefer to trade against a stablecoin. So you will not be lost much if you can trade carefully. But trading is always risky, you would lose your portfolio anytime due to a bear market.
It depends on what asset you want to keep/accumulate as to whether you convert profits back to fiat or keep them in crypto.
Converting profits into fiat/stablecoins can be a good idea to prevent you from risking too much and cashing in your profits while learning to trade (and can also pay higher interest with on the exchange or via an external area such as defi).
Converting profits into fiat/stablecoins can be a good idea to prevent you from risking too much and cashing in your profits while learning to trade (and can also pay higher interest with on the exchange or via an external area such as defi).
I have read lots about crypto and how to trade on Binance so I am currently digesting the basics, and I've successfully made a few small trades that made a small amount of cash (I was very careful and watched the market and traded with a small amount to get used to it).
just a reminder anyways that you should never undermine the potency of the risk involved with using a centralized exchange like Binance, ensure that your major assets were not deposited in with them, but you can continue your trading only with being mindful of the risk thereof.
My question is - what happens if I make a successful trade with Ethereum, then I need to convert it back into Bitcoin, but in the meantime the Bitcoin price plummets
there's no magic in these at all, what you invest on and the rate of your investment will determine your outcome and fate, the said amount traded will be calculated base on the current market price of the asset bought, so you either fall on profit side if the market is rising after your trade or you experience loss if the market is falling after your trade, that's why you need to study and speculate well.
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