Topic: Trading then switching currencies - page 3. (Read 543 times)

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