Topic: Trading then switching currencies (Read 543 times)

Best way to do such things is, to take your own currency which might be GBP as the base currency which means it will be the measurement currency for you and the base currency as well. This means after the end of every trade you will be in GBP and being in GBP doesn't mean you are in a trade. Now all you have to do is buy bitcoin by giving up your GBP and then if you earn and want to finish the trade you convert to GBP and then you just don't look at the price of Ethereum no matter which direction it goes. Same will be donee for bitcoin or other currencies, this is how you will be able to manager all this otherwise things will be too haphazard and you will be too confused.

You can't predict or stop the price drop of any cryptocurrencies even if its stable currency have its own volatile range and few of them died eventually so as long as you are holding in the form of cryptocurrency there is no guarantee that it will keep its value as you expected. However the same goes with fiat if government want they can make all the fiat money in their country become valueless which happened in India overnight if I am not wrong.

Okay let's talk about what you can do, if you want to hold it as Bitcoin then just keep it as Bitcoin but never imagine the value will always on the increasing side, or else the cash out strategy just pull out in the form of fiat. And the trading fee which is unavoidable so you have to pay the fee for every trade.

This is literally me just a few months ago. I did just that, put all my money in bitcoin and that wasn't really a bad idea, I did alright. Maybe there were times bitcoin didn't go up as much as ETH did for example, or maybe we shouldn't really be worried about anything like that, it's literally not the important part of the deal and bitcoin could be just the only one or not, and we would be fine one way or another.

It's not the bitcoin only part that is awesome, it is trusting the good things. Like for example if you trust bitcoin and ethereum, that's fine too. I personally believe that as long as your money is on things that are trustworthy, it's fine.

it's your preference that determines which one to go for, the two you mentioned are Trezor and Ledger Nano with their respective models, you can still find other hardware wallets and types from the provided link below: https://www.softwaretestinghelp.com/bitcoin-hardware-wallet/#List_Of_The_Top_Bitcoin_Hardware_Wallet


actually I can't advise altcoins for someone as an investment considering the risk and shitty coins without number in there and as a beginner, why not choose bitcoin for a start so you could have an itch free experience, but if you think your skin were thick enough to risk on alts then the scalping is a good idea provided you have the idea in full, since you're starting with what you can afford to loose.


the answer is yes but on a rare cases

Hi, please find my replies to your most recent posts:

@Dunamisx - thanks, do you mean the hardware wallets beginning with T or L? (Not sure if I can mention brandnames)

With regards to scalping, I need to get good at it, as I don't have any funds for dollar cost averaging atm. Could I consider altcoins for scalping if I get good at reading the candlestick charts, start with funds I can afford to lose (ie £100GBP) and try to go from there? Are there people that have turned this into a lot of money?

@crzy - Thanks, in answer to your question, no, I'm not able to compute for the fees - I find it hard to calculate the differences between them all, when I'm thinking of trading different currencies. For example, on Binance it allowed me to buy £100 of bitcoin for a pound, which seems good. On Coinbase it was £3.50! And then I would've had to transfer the BTC into Binance which is a pain and takes half an hour!

Binance let's me convert crypto for free (once I've already bought bitcoin, I can then convert it into something else, for example) - but I'm not sure what this feature is really used for - do I use it to convert BTC into USDT once I want to store my good trades as a stablecoin? I don't even know how to get the funds off Binance into a cold storage device yet, but I guess once I purchase one it will come with instructions (and obvs I can google). Binance has so many ways to buy, convert and trade I find it confusing navigating everything, but I'm learning daily.

With regards to funds in my trading account, I had £195 a few months ago (this had accrued hugely from a small amount I'd deposited in 2018), then it went down to £122 a couple of weeks ago, I added £100 the other day and now it's fluctuating at £222 ish. I can't really participate in DCA as I don't have spare funds at all. I don't really want to wait 2-4 years for this £222 to double as it's not really going to make a difference. I would like to really learn the candlestick charts/TA until I'm very confident and then pick currencies to trade with that I know are on the cusp of going up - I'd like to try to turn my measly £222 into say £2000 for example over time! Has anyone set themselves a challenge like this? Does anyone know where I could go to chat to people who do things like this, or any tutorials? I want to do this with as much calculated risk as possible, and I don't want to put in any money I cannot afford, hence starting with these funds (and most of these funds are from a residual nominal amount I left in my binance crypto wallet in 2018 by accident, that has valued up in all that time).

@goaldigger - sound advice, thank you for this. Do you think the paragraph I've written above is ok to have as a long term goal? The money I deposited this week has gone down in value already (I just needed to buy some BTC to get 'in the system' so to speak, so before I even think about trading again I'll have to wait until it goes up to cover my commission costs.

@TelolettOm - Thanks, so would I pick a pair that has both stablecoins? Would I convert my bitcoin into one of the pair inside Binance then trade this way? Or if I've made some money trading BTC, convert this to a stablecoin inside Binance then store it in cold storage wallet?

I'm just looking at what traders like yourself would do as best practice, for example if you were starting with a low amount and wanted to trade quickly rather than DCA. What's happening is I look for tutorials on the net and they go through the basics of trading but these finer questions I can't seem to find what I'm looking for (or maybe don't know what to type into Google to get the answer yet).

@LUCKMCFLY - That's great, I think once I have accumulated some Bitcoin, I will leave it in my cold storage wallet to accrue. I would love a crypto portfolio - to engage in DCA with BTC, leave some stablecoin so I can convert it into an altcoin for swing trading, and keep trying to accrue using both methods. I'm just stuck at the stage where I've put money in and I will have to wait months for it to go up because I cannot spare cash for DCA and I want to get into scalping (I'm heavily studying candlestick charts and TA atm on a learning curve!!)

Thanks for everyone's help      

Well this is not entirely true, if a trader or investor in the market decides to leave everything in Bitcoin, he is not making a bad decision, on the contrary, he is making a very intelligent decision and that can really mark everything to go well, if there is a number of accumulated sats and it is expected that the price for now is $20k-$22k and nothing else is taken into account but to change when the price reaches $100k we would be talking about a great profit that for no reason in any bank is capable of supporting or offering, under this assumption that it can occur at any time, it is likely that it will come before any need and leave everything there until it occurs.

If you want the pairing to be more stable and not following if the Bitcoin is dropped enough, maybe you can switch trading pair to stable coins. So, even if the Bitcoin price will drop again, your asset is still more stable and you can use it to do other trading activities again. Using BTC trading pair of course has the positive and negative sides. Positively if the price of BTC rises up, your assets will be also rise up, but vice versa here.
Starting trading isnot easy and based o yourstory, you really started it very well moroever by elanring at first and being morecareful when trading. Keep it up

OP is asking for a crypto to crypto trading, and with ETH and BTC I guess the only problem if the rate. If OP trade back his capital to BTC and if the price goes down again, obviously the value of your money will decrease but since you are able to trade with your profit, the volume of your holdings increases as well and if the market rise again, that’s where big profit can be made. Don’t be afraid with the volatility, just focus on your long term goal and you can be good, it’s always safe to have Bitcoin over altcoins.

Are you able to compute for the fees every time you convert your crypto into fiat money? Because in my place it can cost me a lot so I choose to stay with crypto and every time I make profit, I just trade it on a stablecoin or the top coins because I know it can be more safe if I put it there. My advice is that, just stay your funds in your trading account and take some profit and convert it with USDT or other stablecoin, in long term you can see it continue to grow and you can have a good buying power once there’s an opportunity to buy again, this is a cycle and I suggest not to withdraw yet until you have a good profit.

either of the two is ok for a decision, so you can go ahead, and if you have decided to go with the use of cold storage, then i will as well suggest hardware wallets. preferably.


yes but only if you're good at doing it


i will rather advise you to invest only on bitcoin and leave it for an asset in a space interval of 2 to 4 years and see what it turns to, now how are you going to achieve these, just exchange your altcoins to bitcoin and let it remain on your cold storage as an investment, please don't consider altcoins for an investment no matter how. while you can keep to your trading on Binance with just the little amount you can afford loosing on place on a risk.


Also regarding posting, always ensure someone replied after your post before you make another one, it's not advisable having your post more than one at a stretch, else after a day or two when no one replies, then you can post to that particular thread again, please take note on what i meant here, i mean on a single thread, am not saying you shouldn't make more than two post per day, just to clear the air.

Sorry, I hadn't seen the other page of posts, for some reason it wasn't coming up, please find my reply below to each of you:

@Eternad - This is fantastic advice, and has solved most of my abstract questions, it seems like such a simple thing doesn't it, but I didn't know how to do this a few years ago when I started. I will definitely keep most of my funds in stablecoins.

@dothebeats - definitely, in addition to @Eternad 's advice this is definitely what I'm going to do, I also need to research the trading pairs so I know if I convert it into another trading pair whether I'd be making a loss or not.

@TheUltraElite - Thank you, this is something I'm definitely trying to get my head around, the value of BTC in the new pair I would be trading from. I'm finding understanding this quite tricky at the moment. When I first started, I never used to look at intermediaries, as I was only trading extremely small amounts just to have a go, and I found measuring the differences between intermediary coin pairs difficult. This is something I will research in detail.

@TimeTeller - I probably need to take more tutorials until I can know how to switch between currencies in order to make money in the market effectively. I have been looking at some altcoin recently and how to make the switch, it's just the volatility has put me off.

@palle11 - This is the main reason why I ceased trading the last time - because if I'd have known to quickly convert the coin into stablecoin as you say, until I was ready to trade again, I wouldn't have ceased trading the last time. Stablecoins seem to be the key denominator here. I think when I do scalping I will use this strategy. Thanks for this.

@Nrcewker - Fantastic advice, I think once I know more about them I will feel more confident switching between alt and stablecoins.

@popeye95 - yes, that's what was concerning me about my trading and why I was reticent to continue trading until I researched more - I wouldn't have been able to scalp at all in the recent bear market I don't think.

@virasisog - Thank you, I assume you mean one of those cold storage devices (i.e. something like the one that begins with a T? Not sure if I can say the name on here!) I am building up to purchasing a basic one shortly.

@justdimin - this sounds like a really sensible idea, but I'm thinking how I would get up to the amount of 100k in the first place, perhaps swing trading what I already have? I've heard of people turning small amounts into large amounts before, I don't know how they do it though.

One of the daft questions that I had recently was that I saw a coin had gone up by 55% on coinmarketcap overnight and I'm thinking, how come everyone doesn't just jump on this coin before it goes up (once they see the candlestick charts and do their research) but now I'm thinking, oh yes, if it's in a coin pair it might not actually make the trader any money if they switch to it then switch back, and it's not a good coin with good volume, they might not be able to get rid of it anyway in a trade. My old thinking would be, if a person puts 100k into this coin, surely it would go up to 155k (as it's gone up 55%) but a poster upthread mentioned in different coin pairs the value can be different and then converting it back into Bitcoin to take it back out in fiat might not be a good idea. I have questions like this all the time whilst learning! 

Thank you everyone, for your advice, it is of so much help to me on this stage of my journey. Please find my replies to each poster below (sorry if it's long but I have learnt so much from your advice and I've been reading and absorbing it within the last week):

@Dunamisx - When you mention major assets I assume you mean all of the crypto I would potentially own if I had a lot for example (i.e. a significant sum). I read that traders shouldn't keep their funds inside Binance as they can be stolen at any time. If I buy a cold storage crypto wallet, I'm assuming I can leave most of my crypto stored there (obviously if I follow the stringent safety rules to keep the crypto in cold storage as safe as possible?) and just trade with a smaller amount for that day in Binance, then when I'm done, either convert to fiat or store back in cold storage?

The part you wrote about needing to study and speculate well is so true, as when I'm performing small trades, I've noticed that I'm finding it difficult measuring all of these rates in my head and the commission fees (i.e. I put GBP into Binance, they take a fee, then I may earn whatever percentage points on a trade, then convert to another currency or draw it back out, it's all commission each time, and I'm trying to convert all these commission rates and crypto coins into GBP whilst they're fluctuating, to see if the extra money I've made on the trade is covering them, and I'm getting a headache! I'm trying to find tutorials on this too. Would a trader have a percentage in mind that he/she would need to earn on the trade that would cover the commission of going from fiat to bitcoin then back to fiat and withdraw for example? I guess if people are HODL'ing this matters less. I really do fancy trying my hand at scalping though, I like the way those trades work.

I guess scalping obviously works better when trading higher amounts, as the trade (if successful) easily covers the platform commission. I'm probably better off trying swing trading for now. I did leave a small amount in Ethereum and BNB inside Binance 4 years ago and it's worth £200 now so I can play around with that to get started again (maybe add another £100) and try swing trading.

@Jackg - I think I'd probably like to convert my profits back into fiat whilst I'm learning, then obviously as my experience starts to grow I would look at keeping stablecoins. When you mention higher interest on the exchange do you mean those savings-type vehicles that I see on Binance that a trader can put their funds into as a form of HODL'ing?

@The Cryptovator - Thank you for this knowledge about BTC pairs, I wasn't aware traders did this (I am reading a lot of tutorials but they seem to keep to the basics and they don't go into the things that very experienced traders pick up on the way along). I am very concerned about volatility (being a beginner) and yes, I will probably choose a stablecoin for a portfolio, if I was going to keep a portfolio, and not convert to fiat after each trade.

@BitMaxz - I think I was worried about Ethereum due to the volatility - because in my first few trades (when I am literally just trading with a very small amount to get used to performing a trade in the order book without looking at overall prices too much) I would add in GBP, convert to bitcoin, trade in bitcoin, and then look at the other coins (such as Ethereum) and think 'oh no, they're going down quickly, I need to withdraw my funds' because bitcoin was going down too. It was just based on that particular day I was trading.

I need to get used to the difference inbetween the different coins and how stable each one is, and as a forum member said, convert back to fiat whilst I'm learning. When I was trying trades 4 years ago it was difficult to convert back to fiat, because what I had to do was put GBP into coinbase, then convert to Bitcoin (I think they'd only allow me to convert the GBP into a few coins), then add Bitcoin into Binance, then either trade bitcoin or buy another coin in Binance, then back into Bitcoin, send the BTC back over to coinbase, convet into fiat and out into my fiat bank account. The withdrawal process conversion alone from altcoin (inside binance) to BTC, then move BTC over to coinbase, convert to GBP and withdraw to fiat account took half an hour, and sometimes the price would drop a lot! I appreciate that is not happening now, because Binance accepts fiat.

Thanks for the advice about the top ten coins on Gecko, I will follow that.

@Fatunad - I'm still working on my preferences and I guess I will be able to tell what my preferences will be once I develop more trading skills. I've got £300 to trade with, most of it is money I earned from ETH and BNB. I'm at the stage where I'm formulating what goal to have in mind, and what strategy to develop. I do like spending time on the charts and following the markets, I am very interested in it and enjoy doing this. I would like to increase slowly, incrementally, taking some calculated risk where possible.

@hugeblack - I would prefer to minimise risk as much as possible so it would probably be to withdraw in fiat until next trade, then start swing trading with stablecoins when more experienced perhaps. I wonder if this is what people tend to do when they are starting with small amounts when they are learning. I will probably take more of a calculated (as much as possible) risk later on as my knowledge grows.

Yes, I noticed that with Ethereum (that it returns to previous levels) after myself leaving a small amount in Binance - it's gone up significantly in the 4 years since I left it in. I didn't realise that stable and alt coins have different withdrawal rates, thanks for the heads up. I wonder if this applies to Binance in particular, I will research this, it's very helpful. The reason why I was concerned about accumulating BTC is the recent downturn it's had, obviously it may go back up to previous levels.

@rhomelmabini  - this is great advice to me, I think I have been researching too much into things and trying to do things that are too much for me at the moment, like looking at too many coins, trading between too many pairs, converting etc. Basically I just needed to do a few trades with a good pair and engage mainly in DCA with the most popular coins as they increase in time anyway. I remembered waiting for a while for Ethereum to go higher on one of my trades when I was trying to convert back into BTC and withdraw in fiat - I'm better off trading with a little more, keeping it and seeing if it will go up over time and adding to it with DCA. I'm thinking I should buy a cold storage device to do this, is that what traders commonly do? When I research this there are so many different avenues and everyone does it differently, but I need a 'no frills' approach just to get me started in trading again I guess (and I can always calibrate what I'm doing later on).

@Ararbermas - Yes, this is so true, it's the volatility that concerned me a little, which is why I'm going slowly (a bit too slowly atm!) the volatility of recent markets has been worrying too, hence me wanting to get things right before I launch back into it.

@GatotKaca - Great advice, I can see what you mean about scalping, however the main reason why I was doing this was I only have £300 to play with (it's not money I would miss as I've already earnt most of that in Ethereum & BNB going up over the years), and I was going to scalp to increase this each day in increments until I get more, I understand it's difficult though (I did find it tricky when I did it). I guess I need to make more money quickly and then keep trading that until it's a better lump sum, then HODL some of that and keep trading with a little extra to keep my skills and knowledge up. I wouldn't like to put my own money each month into BTC or ETH in case it crashes completely, as I will lose a significant portion of my monthly income (I can't afford to part with much, but if I make money from the trades I do with my starting £300 I can keep doing DCA with this money? I'm only putting in what I can afford to lose, basically. I've kind of got an idea that I'm only going to put in traded money into and not my own money. I wonder if there are traders who do this as standard.

@Amicable55 - This is great, thank you! Looking at the candlesticks each day for my portfolio would show when to sell etc. Obviously there are no stop limits inside cold wallets so it's comforting to know I can look at the candlestick charts to see if I need to sell or not. I think Binance fees have gone much lower than they used to, and I do know that they lower them if I am trading a certain quantity, I will ask Binance the commission fees on the different currencies today.

@crwth - Yes, you are completely right, I am developing my 'will' and 'why' in the form of I'm going to invest £300 into trading and day or swing trade to build it up a little, then DCA with the majority whilst I keep trading with some of it. I don't know whether that's the correct thing to do, though, as I only have £300 to trade and I need to make much more in order to try other things such as scalping. I think this is why I'm best trying to find a crypto trading teacher who I can ask these things, so I can crystallise what I'm doing.

@AicecreaME - Great advice about ETH following BTC, I will keep that in mind. I had heard of futures, I have taken all of the trading tutorials over at IG and looked at leverage which is really high risk isn't it. I think I would only try this if I was an expert perhaps.

@YOSHIE - completely true, focussing on what I already understand is better. I have learnt so much from my post on this forum and I have already calibrated what I am doing, and I'm going to begin trading once more next week! Probably swing trading, waiting for the price to increase once I'm pretty sure I've read the charts correctly, and being mindful of stop limits etc. I do actually hold the majority of my current coins in Ethereum.

@sheenshane - That's great, I practised scalping in IG demo platform using leverage and it was really difficult. Obviously this was when I was getting into trading as a whole. I knew I wanted to get into crypto but I signed up to a few other platforms to practice in demo form.

I do want to do DCA but I'm wary of investing my own funds initially, as I don't have any to lose, even though I know it may go up. I'd rather use what I've got to accumulate more, then as I'm accumulating, syphon some of it off into DCA, although I need to ask a crypto teacher/course these things I guess, as general tutorials on the web don't go into such abstract terms.

@agustina2 - Very good advice, thank you. I was reticent to do this as I thought I was too unskilled to do it, but I just need to dip my toe in as it's the only way to learn!

@Franctoshi - Thanks, I'm trading to pay bills at the moment and I can't afford to lose extra or to do DCA at the moment, from reading everyone's posts here scalping won't suit me at the moment with my little amount. Brilliant advice about converting my successful trade into stablecoin until I see a coin that will increase that I can invest in, this may actually be the key to my trades as I was worried about severe fluctuation in prices which is why scalping wasn't suiting me (even though I enjoyed it).

- Once again, thank you all for your advice, I have a much clearer strategy now, my next step is to begin trading next week and in the meantime I will watch the markets. Does anyone know of any resources for new traders such as pairing up with a more successful trader through a trading school to navigate my way through? Or a teaching course that has an available teacher to ask questions? The reason I ask this is because I just went on an accredited course (at a local college) and the teacher was absolutely invaluable, I could run all my daft questions past her and I gained information in leaps and bounds very quickly. I thought if I applied this to crypto trading I can find an answer to a lot of my abstract questions (and those questions have been stopping me getting on with trading for a while).

That great risk is something not everyone can do because not everyone can understand it. As a person who studied trading a lot, I can easily say that I rarely ever get something done correctly, and that's why I do not want to make a big scene out of this at all, and can't say that this can't be done by others, but I can easily say that not "all" people will be able to do it.

This is why it's quite clear that we should be focusing a bit more towards the fact that crypto is easier to handle and I agree that it would be simpler to have a long term solution and then do something side to side with it. Like how you could have 100k invested into bitcoin for 10+ years, but also do a small trading with 5k along with that.

Every currency has its risk but I prefer trading using stablecoins if my purpose would be holding my assets. It's a good thing that as a beginner, you know how to d things carefully but for me, Binance is a trusted exchange but you still have to store your funds in a safer wallet if you're planning to keep and hold it. An exchange would be appropriate for trading but not for storing since there was already a history of hacking on the said exchange.

Yes, OP way doesn't take in realize profits in stablecoin. It only works when the overall market trend is bull just like it was right now. If it was bear like a few months ago, his profits from scalping will drop since he doesn't switch to stablecoin.

Binance can be trusted, but it’s not good to hold your majority assets in other exchanges.
Coming back to the OP, it’s really great to know that you have took the basics more seriously and hence earned a great profits by carefully trading the coins.
I don’t prefer trading frequently by changing the alts, as these increases the risk of getting more losses. But yes with great risks comes great profits, so if you can handle the risks then yes you are on a right path.

Stablecoin is the best way that traders peg hold there profit. I see Op is a little not certain about how these works. If you scalp into profit and to avoid losing your scalped profit out to volatility, you can convert to usdt or busd in binance, with this your profit is locked for you. However if the price of cryptocurrency goes higher, your stablecoin isn't going to increase that you have to know.

Patience is indeed needed in trading. Also, you should know what you are doing.
He can always use altcoin as another pair, but should have very good market presence or performance.
Because this will give him a good profit if he knows when to switch the currency.
It will require not only patience but quick thinking about their conversion profits.
If you think you will be losing significantly, it doesn't hurt to wait a lil bit up until you are in the positive side.

Say you owned bitcoin, and BTC went up, you sold for Ethereum which you received. Now if you use Ethereum to buy BTC, it would depend on the BTC/ETH pair and not what BTC dropped to. If this pair shows a drop in price of BTC then you are in luck, you should buy because you will received BTC higher than the amount you started with.

However this is best done with Stablecoins as the intermediary, not altcoins. Remember that trading pair is the one which is to keep note of.

Truely this is often used by traders to make money, but you have to patient and use exchanges which allow such pairs.

Personally, I would wait for the price to go up on the currency that I'm stuck in and place some tickers that will notify me when this currency breaches a certain price. Also, I would be converting the said proceeds into stablecoins while I'm not actively trading unless I am sure that another currency is rising and has the potential to make me money when left on idle. This is perhaps the easiest and most basic thing that you can do if you are still learning the ropes, but you can still do this as you grow as a trader, too.

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.

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.

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.

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.

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.

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.



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

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.

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.

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.

I don't really like scalping, although some traders like it because of the small profits and short time it can get.
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.

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

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.
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.

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).

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.


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.

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