Every day btc price increase or decrease. If you want to trade your btc keep it some exchange for buying and selling. Btc price can be change in a day 10℅. So it is risky for you.
You saw when you convert usd btc price increase. So you need huge knowledge for trading. Other you can buy low rate good alt coin and hold it some time.
Topic: Where to hold BTC balance used for trading (Read 140 times)
i guess you dont know anything about trading so it was a mistake to enter the exchanges without trading basics and to trade with 1 btc thats around 18200 $ its not a small amount of money .
now you gained 8 % of your capital it means you have 1456 $ profit , i suggest for you to hold the 1 bitcoin that you have and trade only with the profit and by this way you will gain experience and even if you lost money , you already trading with the profit you made and thats okay
now you gained 8 % of your capital it means you have 1456 $ profit , i suggest for you to hold the 1 bitcoin that you have and trade only with the profit and by this way you will gain experience and even if you lost money , you already trading with the profit you made and thats okay
I would say keep them in bitcoin if you want to increase your bitcoin holding, or keep them in usdt if you want to make more usd that is the case in most traders.
Usually people in crypto world want more btc, that means you want to keep everything in bitcoin and want to make a lot of profit in bitcoin, they do not care about how much dollars they profited, if they get in with 0.1 bitcoin and made it 0.11 bitcoin, that is a profit for them even if bitcoin price drops significantly and makes you look like you lost in dollars. That is the case for many people in trading but there are many that want to make profit in usd as well and they do it in usdt so they keep it in usdt and they try to gain as much usdt as possible to see their own profits in later stages with dollars.
Usually people in crypto world want more btc, that means you want to keep everything in bitcoin and want to make a lot of profit in bitcoin, they do not care about how much dollars they profited, if they get in with 0.1 bitcoin and made it 0.11 bitcoin, that is a profit for them even if bitcoin price drops significantly and makes you look like you lost in dollars. That is the case for many people in trading but there are many that want to make profit in usd as well and they do it in usdt so they keep it in usdt and they try to gain as much usdt as possible to see their own profits in later stages with dollars.
I think you have to understand what you want, if you want to do a long time hodling or short time. If you doing long time then you can consider DAI , that is a stable coin for such purpose but if you intend to reconvert as market starts to bull, on that most traders prefer using USDT.
but to avoid losing these newly gained points to BTC's volatility, when I exit my position are the returns turned back into USDT? Should I maintain my trading balance in another form, such as USDT?
There are several options you can do, namely by using BTC / USDT, BTC / USDC or you can also use BTC / DAI. all three are quite effective at storing your bitcoins when they come out of a dumping position. You will still have stability without major drawbacks.
Well, most traders maintain their asset value using stable tokens such as USDT, DAI, and TUSD. We don't want to lose the value of our assets due to the high volatility of the market so the solution would be a stable token.
hold on USDT is indeed a good thing to do, but it's better to hold on Fiat,
because Fiat prices will not change, but on USDT and other stable coins the price can change,
or hold on Bitcoin until the Bitcoin price reaches a new all time high!
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Should I maintain my trading balance in another form, such as USDT? Any suggestions? Thank you all for being available on this forum!
Since the discussion here is about trading fund that should at least be in the exchange for easier accessibility in regard to buying into a market on time to stay in profits then I would advice you used the binance stablecoin called BUSD, since your trading platform is binance. It has most newly launched project tagged to it as you can trade them before the other fiat comes in like USDT.
BUSD works exactly like every other stablecoin although they're centralized but it won't cause much harm since it's a short term period and not much of a huge funds unless you're planning on holding unto your profits for long terms then any centralized stablecoin gets removed from the suggestions
With long term holds, the best out there has to be DAI due to its decentralized nature. DAI can be traded in all ethereum decentralized exchange and can also be held in hardware wallet that supports it. USDT has the volumes and numbers but not the most preferably to hold your funds in, if you're ok with the risk they pose then you can go ahead patronizing them.
Should I maintain my trading balance in another form, such as USDT? Any suggestions? Thank you all for being available on this forum!
USDT is definitely one of the preferred options. If you're using a KYC-exchange though, you honestly might as well use real USDs than stablecoins because holding stablecoins has it's own risks[1].
On the other hand, if you're using non-KYC exchanges like Binance, yea you're pretty much limited to stablecoins. Just remember to probably not hold onto your stablecoins for long amounts of time because of the said risks.
[1] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055
I am a HODLer but am new to trading and hope to have my strategy fully laid out in the next couple months. One thing I feel like I'm not understanding is this.. I want to trade BTC (day/swing). Say I move .1 btc to binance to use for day trading BTC. (At first, do I need to hold this .1btc in something like USDT to be able to enter BTC trades?)
If you are new in trading, you can trade and practice it, enjoy your trade but stay away from future or leverage trading. They are not for new traders. You can begin with Spot trading with the pair of BTC/USDT or BTC with some other stable coins.BTC/USDT pair. You can click on Fiat tab and choose other stable coin for BTC.
Quote
I enter a trade when I get my buy signal, for our purposes BTC rose 8%, and i exit to realize these gains .Quote
So now I have .1BTC worth 8% more than before.. but to avoid losing these newly gained points to BTC's volatility, when I exit my position are the returns turned back into USDT? Should I maintain my trading balance in another form, such as USDT? Any suggestions? Thank you all for being available on this forum!
Trade and try to increase your BTC or your USDT. You need to clear your minds at start.- Do you want to increase your BTC amount only? It means you try to increase your amount of bitcoin, and hold it till it gets prices of $50k, $100k. Despite of some downs, pull backs, corrections, you will hold your bitcoin and wait for those targets.
- Do you only want to enrich your fiat or USDT? This plan does not make you disappointed if BTC price falls, you only feel happy if your total fiat or USDT in account balance shows growth.
Wow... sincerely thank you to everyone. I half expected to get sarcastic answers and more frustration but you all have been such a huge help! I LOVE bitcointalk!
There are some traders using stable coins pairs, just like (USDT/BTC, USDC/BTC).
What they are doing (including me), if I want to avoid fluctuation of Bitcoin, especially if the money I deposited in exchange is from my bank account which is fiat, I am converting it to the exchange with USDT after the deposit transaction success.
So, even the Bitcoin will pump or dump, my funds will get no effect since it is already in USDT which is a stable coin.
Then if I am trading, my profits or losses will be pure in USDT.
What they are doing (including me), if I want to avoid fluctuation of Bitcoin, especially if the money I deposited in exchange is from my bank account which is fiat, I am converting it to the exchange with USDT after the deposit transaction success.
So, even the Bitcoin will pump or dump, my funds will get no effect since it is already in USDT which is a stable coin.
Then if I am trading, my profits or losses will be pure in USDT.
Should I maintain my trading balance in another form, such as USDT? Any suggestions? Thank you all for being available on this forum!
Actually, it all depends on your own preference and how you play well in your trades. To give you confidence there is nothing wrong with that idea.
To make it short, if what seems to be effective to you, then stick with it. There will be really a time that you need to do several test strategies as following other's approach about your concern might not give the same good result. As someone who owned BTC0.1, I think you aren't that noob to just do a suicidal move.
Goodluck then.
Well, most traders maintain their asset value using stable tokens such as USDT, DAI, and TUSD. We don't want to lose the value of our assets due to the high volatility of the market so the solution would be a stable token.
I'll choose to get it on Dai pairs.
But you're preference if you're more with USDT. Have an experiment which is much better for you as you're the one who'll trade.
I hope that you'll be successful in day trading because unlike me, I mostly burn money with it.
But you're preference if you're more with USDT. Have an experiment which is much better for you as you're the one who'll trade.
I hope that you'll be successful in day trading because unlike me, I mostly burn money with it.
Aside from Tether, there are various stablecoins which might you do encounter basing on what exchange you've been trading on.
TrueUSD (TUSD)
Dai (DAI)
Paxos Standard (PAX)
USD Coin (USDC)
When it comes to active trading then this is the typical move made out by traders on ensuring up their gain and
trying to be safe out of Bitcoin volatility and neither just waiting up for their further actions neither they do jump
in or out in the market.
TrueUSD (TUSD)
Dai (DAI)
Paxos Standard (PAX)
USD Coin (USDC)
When it comes to active trading then this is the typical move made out by traders on ensuring up their gain and
trying to be safe out of Bitcoin volatility and neither just waiting up for their further actions neither they do jump
in or out in the market.
Just use the BTC/USDT trading pair or any other stable coins like BTC/BUSD, BTC/USDC
Once you transfer your BTC to binance, the BTC goes to your spot trading account by default. Wait for the opportunity when you feel like you want to exit the market or sell your BTC for USDT in anticipation for the price drop, place and order and sell it off for USDT. The USDT will avoid you from losing your asset value when the BTC price drops and then when you feel like the price is going to rise then you Buy BTC using the USDT and the cycle continues.
I hope you have understood what I have explained. If you haven't, don't hesitate to ask clarification.
Once you transfer your BTC to binance, the BTC goes to your spot trading account by default. Wait for the opportunity when you feel like you want to exit the market or sell your BTC for USDT in anticipation for the price drop, place and order and sell it off for USDT. The USDT will avoid you from losing your asset value when the BTC price drops and then when you feel like the price is going to rise then you Buy BTC using the USDT and the cycle continues.
I hope you have understood what I have explained. If you haven't, don't hesitate to ask clarification.
I am a HODLer but am new to trading and hope to have my strategy fully laid out in the next couple months. One thing I feel like I'm not understanding is this.. I want to trade BTC (day/swing). Say I move .1 btc to binance to use for day trading BTC. (At first, do I need to hold this .1btc in something like USDT to be able to enter BTC trades?) I enter a trade when I get my buy signal, for our purposes BTC rose 8%, and i exit to realize these gains . So now I have .1BTC worth 8% more than before.. but to avoid losing these newly gained points to BTC's volatility, when I exit my position are the returns turned back into USDT? Should I maintain my trading balance in another form, such as USDT? Any suggestions? Thank you all for being available on this forum!
I enter a trade when I get my buy signal, for our purposes BTC rose 8%, and i exit to realize these gains . So now I have .1BTC worth 8% more than before.. but to avoid losing these newly gained points to BTC's volatility, when I exit my position are the returns turned back into USDT? Should I maintain my trading balance in another form, such as USDT? Any suggestions? Thank you all for being available on this forum! Jump to: