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
As one should be prepared for the worse scenario to loss all the money invested, it better to be safe.??This company has been all indulged as in giving out to the trusted charity organizations using the precise tracking of your money all along with the low commission so that more donations can be made.This will let the user or the beginner get some sort of encouragement to donate even more and more. All these processes were developed with the aim as to encourage people to give even much more money and help essential causes in which you much care about.
Not only are people aware of the usage of this form of virtual currency but also people are looking into investment options related to it. Trading of cryptocurrency has become equally widespread as much as stock market is in new financial world.??It is vital to look at the fees of your exchange, to view if it is quite comparable to other exchanges.??Other limitations also range from faulty software, crashes to scams related to this trading bot. Despite it all, it is worth your time and money because if able to set the right parameters can be your handy tool for profitable trading.
Volume of the coin
The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.??Bitcoin and Altcoins Trading is a very big topic and I can give you a lot of more advice on them for successful cryptocurrency trading, but above points are the most important which you should keep in mind before beginning.
While selecting any exchange, make sure that it is safe and secure too. This is somehow much vital factor to learn about.??You should be having a complete know how that where your exchange of choice is located. This is for the reason that every single state has with its laws and policies regarding the purchase of cryptocurrency.
If you are new to crypto then getting hold on to with this piece of article would come about to be much informative for you. Scroll down and get the general information and interesting facts related to it.??Even though this whole concept is still in its initial phases of developments, can be sometimes misleading as whether to block your money on it or not. Today???s market has hundreds of these form of currency with famous ones being Bitcoin, Ethereum, Altcoins etc that it makes becomes difficult among newbies to make the right choice among it.
Not every person is going to in from trading, and it is value remembering that for every person that wins, there is someone that is losing on the other side.??One such form of development in world of Cryptocurrency are the trading bots which are basically computer programmes that recognize trends and execute trades on your behalf.??This is for the reason that one of the major problems with the low volume cryptos is that they do lack a strong community backing them. Plus they can quickly get delisted from exchanges that are all the more leading to losses.