Made a few awesome trades today
Hey everyone!
With most markets bleeding today I was looking to diversify some of my assets into either Tether, bit.usd or Steem Dollars to save them from losing out too much value.
I wanted to create this post to be open and transparent about my trades - I see many similar posts about successful trades and trading which often though appear when markets are in a big surge in general and make it pretty easy to have successful trades, most of these users also do not show how big the amounts they trade with are - hence not really putting their money where their mouth is, just showing price numbers that may look impressive but do not necessarily have to be because anyone can pull off successful trades with a very low volume and by spreading out the investments on as many currencies as possible. Anyway, I haven't made all that many trades recently because I've barely had time to trade with my Steemit activity and Steemit.chat, etc, hoping to have more time soon and be able to continue my Portfolio on @cryptochannel where 10% of it goes to active Steemians.
Was a bit lucky with the timing as I was checking out Poloniex I noticed how Steem Dollars were shooting up through the roof, here is what I quickly did.
Since Poloniex has Steem and Steem Dollars disabled it made it a lot harder to pull this, but in my mind I guessed most people would think the same. Lately I've been using Blocktrades.us and have been fascinated by the speed of their service, this was a big reason to my successful trades today.
As I noticed the pump of Steem Dollars I quickly traded my liquid Steem I had on my Steem Wallet through the inner market to SBD, then I withdrew some more funds I had on Poloniex (didn't want to risk too much) - to be as quick as possible I converted them to DASH and sent them through Blocktrades.us to my Steem Wallet as Dash - Steem. Once the Steem arrived on my account I traded them for SBD again and sent those to Bittrex.
The inner Market trades:
With 740 Steem I was able to aquire 985 SBD, as I was waiting for them to get to Bittrex I noticed they were already at 90k satoshis on Poloniex but started dropping shortly after. My first thoughts were to sell half of the SBD and wait with the other half in case of another pump. Since most cryptocurrencies were dropping today I guessed that many others were looking to get into more "stable" or "pegged" currencies, but I was really sleepy and once the SBD got through to Bittrex it was at an alright price and a good profit margin so I thought "hey, profit is profit - might as well just trade it all". Not to mention Steem was as low as 62-63k satoshis at the time and of course I was looking to get back into Steem having sold it at a higher price in the inner exchange.
So I sold them for bitcoin:
Looking at the chart now my timing was not the best - had I held on to half like I initially was going to I would've been able to make a bigger profit.
People have got to sleep now and then though and considering that I didn't want to hold it in Bitcoin for longer than necessary I was pretty happy with my next trade where I traded it back into Steem at a really decent price. As you can see I could've sold them for around 85k satoshis each, but at the same time the price of Steem didn't drop as low as it was at the time of my trade off of SBD as you can see in the Steem chart below.
Nice trading. This is all a lot more complex than forex used to be - at least there you could think in one main denominator currency. Here, you are looking at btc, Steem, SBD, and somewhere a paper currency like USD.
What a great trick you used there. I really like the sense of observation you have showed us here. Maybe we'll soon be able to have such foresight and opportunities. Thanks a lot for sharing the tricks of the trades!
All for one and one for all! Namaste :)
Wow! That's a really good return on one day's work investment... but it's really not one day. It's years of learning how to buy low sell high and then the correct plan on when to make your moves. Do you share your failures too? My mom would always tell me how much weight she lost but never how much she gained. She should have disappeared several times by now. ; )
Haha, yeah I do but of course I don't brag about them as much as the successful ones. On my @cryptochannel account one of the investments I really liked and got into early was called Jewels, turns out later the devs ran off with the money and dumped the project so that investment died off pretty quick. Good thing about cryptos is that the return is often so much greater on the good ones that a few bad ones don't matter much. :)
Agree! This is why diversifying is crucial. You might lose in some of the micro investments, but on the long run, when done with caution, theres a lot of sweet sweet gains to be made, ohh delicious profit, I prefer you to a freshly brewed ground coffee and a portion of carrot cake, and I Love those two!
:D
Congrats on such a good day @acidyo !
I hope you are right.. especially when you just stared. had to convince the GF, maybe a stupid mistake on day 3 with XRP.. and yesterday all went down.. No i must hope to a recovery.. I think the first ico's very super, but now you really have to be very carefull... maybe I msut do something with tezos and hopethat in a few years I have luck
Good points but there's a big difference in knowing what to do and saying what others should do and actually doing it. Takes balls to make these trades and kudos to pulling them off! Cheers to all
You forgot something @acidyo. xD
Lol true
Haha yeah, guess it goes without saying nowadays but voted this up higher so people see it, just in case. ^^
Thanks for sharing. I am trying to learn how to make some smart trades myself but am not quite ready so reading blogs like this really helps. Congrats on the profit!
It's a bloodbath out there, has been for quite some time now. I think there is a popular saying that goes, "Buy when there is blood in the streets, even if your own." :D
I made a good trade on BitcoinPlus earlier today, going to buy some BitcoinDark hopefully that will go up soon!
Sounds like a good plan, I remember those 2 pumping a few months ago not far apart from another when BTC was dropping.
That's the trend I'm hoping will happen!
Hell yeah man! These trades are really nice!
Sweet moves! I also jumped on the dump while everyone else panics that is key time to actually jump in for some bargins! Picked up well over $100 more in steam just today slowly getting there and fully vested
that was some next level shit that separates the normal traders from the really good traders. I have my methods but not like using 3 services to round trade like this. Good job, and I will re-read to follow all the staps cause things like this can be hard to grasp.