If you’re looking to Trade the crypto coin STEEM then we have details on how to do that below, trading is much better than holding (or hodling as some say) as you can increase your investment sum as well as the value of that investment over time. So you can trade STEEM and other coins too if you’d like and increase the balance that you have of that coin, all while the value of that coin increases too which means very big profits.
So the best way to trade STEEM is to follow these steps, we cover all that you need to know for trading STEEM and other alt-coins so that you can make easy profits:
- There are a few different accounts that you are going to need to open those first, the first is Binance as this is where you will be trading your STEEM. Binance is easily the best crypto trading platform as it has by far the lowest fees, has the best coins and is also very easy to use.
- The second account is Coinbase, this is where you buy the initial Bitcoin (you trade in Bitcoin so use it to buy and sell STEEM). We recommend that you start with a small amount while learning to trade but enough to cover several concurrent trades as you need those as you’ll never be 100% successful in all trades so you need a good amount to allow for the occasional one that goes bad (they’re not bad for long though as you just hold these until the price increases so that the bot can sell them), so we recommend $150 to cover this.
- Once you have bought some Bitcoin you simply need to send it to Binance so get your Bitcoin wallet address from Binance and then use that on Coinbase to send all of the Bitcoin to Binance.
- So once the funds have arrived you are ready to start trading, but in order to do that you are going to have to understand indicators as these are what are used to signal that a buy or sell is needed. The best thing to do is to go to TradingView and use the interactive chart for STEEM, have a look at the indicators for data like RSI, MACD, SMA, EMA and Bollinger Bands as these can all be used to signal your bot to buy (or sell). So the best thing to do is to simply play with those indicators and try to match them up to the highs and lows of the STEEM price, so for example when the RSI is low the price is generally low or you can use crossovers for indicators like MACD, SMA or EMA as they usually indicate a price increase.
- So once you understand the indicators (just experimenting on TradingView is easily the best way to do that although there are lots of guides online) you are going to need a trading bot and by far the best is Profit Trailer. This is because it’s very fast and effective, most bots are slow and so miss opportunities or sell too late and so can ruin your trading business but Profit Trailer is so fast and effective so is easily the best choice. You will need to download the bot and run it and then set it up, you will need to enter your Binance API keys and then set up your settings (see the Profit Trailer Wiki for great information on that).
- So enter your settings and use the Wiki to understand them, use those that you have used on TradingView and that you can see work for STEEM which means a very high chance of success. Even if you are only planning on trading the one coin (STEEM) you still need to have several STEEM positions open so be sure to use a percentage of your balance like 10% for each trade as not all will succeed (they will eventually but you will have to wait on the failures for the price to increase enough to sell again, which the bot automatically does), so having lots open means that most will succeed so you keep the trading going at all times which means more profit.
- You then need to have a selling strategy and Profit Trailer can use lots, we find though that a simple Gain amount with the trailing feature turned on is the most successful (so it will sell at likely the highest amount possible before the price falls back down). So if you are only trading STEEM it’s much better to trade rather than hold, see Compound Daily for an idea of how you can grow your investment, at the same time as the price is generally increasing over time too so huge profits!
- To withdraw your profit you are going to have to transfer Bitcoin (or any other altcoin that Coinbase support) back to Coinbase and then transfer the funds to your bank account from Coinbase as Binance don’t allow you to withdraw to a bank account.
- Don’t withdraw all of your funds though, it is better to keep it growing and so withdraw a small amount like 20% per month so that the total investment grows and so do your profits.
- Lastly, don’t fall for any scams as there are so many in the crypto world, the companies mentioned here are 100% safe and that’s easily verifiable online as they are huge companies. If something sounds too good to be true, it is!
So that is how you can Trade STEEM and make a lot of money doing so. Holding does just that, as the value of the coin increases you obviously make money, but if you are trading STEEM at the same time then you are going to increase your investment size too and so profit much more.
Further tips on STEEM Trading
Another foremost aspect to look out for while trading cryptocurrencies is not to back all the fund on a single form of cryptocurrency as you would not like to be in the unfortunate situation of undergoing losses. This concept and complexity make money making many compounds inside the market world. For the beginners, knowing about the cryptocurrency trading is a hard task for sure.On top of some of the purposes in buying trade crypto currency with Credit Card, we have come up with the avoidance of some of the technical issues in the ripple. Some of them are about hash rates as well as blocks and even about the nodes.
Everyone on the internet knows about Bitcoin. It is still the king of crypto currency with more than 35% market cap. Although it has yet to show the magic it has shown in 2017 but still it is the top-rated crypto coin with a lot of potential. Thus, this would at the end brings your profit down to under the cost amount of $8.00. If you purchased it by means of the ACH, you pay much less in fees, but it would not be able to hence trade immediately. As you have wholly narrowed down with the list of some of the cryptos, you should look for the one that is considering having the potential to take-off faster than the rest. For this purpose, you should keep yourself up to date with the news.
Liquidity of the coin is measured from the volume and volume percentage of the coin. Here one needs to be careful of the exchanges which inflate the coin volume to attract traders. The biggest key factor about LTC is that it can do the atomic swap (it can do peer-to-peer trading without the involvement of any third party) which makes it a better option to choose.
A coin which has high per day trading volume has higher tendency of it being effective as well as with high level of trust to invest among people. Hence it short opt for coins with high trading volume in 24 hours basis. Highlighting the fact that the exchange fees can vary from minute to minute that is all the more based on the change regarding rates.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Cryptocurrencies are highly volatile in nature is the most important of all tips to remember to begin with your course of trading.
Everyone on the internet knows about Bitcoin. It is still the king of crypto currency with more than 35% market cap. Although it has yet to show the magic it has shown in 2017 but still it is the top-rated crypto coin with a lot of potential. What is the top cryptocurrency to invest in? The company will be taking into account with then smart contracts in respect with the idea that to stay complete transparent about who is receiving the donations.