Beginner’s Luck | A Cryptocurrency Trading Experiment
Travesty The world is unpredictable. Nobody can say for sure what will happen tomorrow. Even sages and savants cannot foretell the future with 100% accuracy; and that is a fact. Personally, I believe that this is God’s domain and rightly so. It’s the stuff that might make for a good novel or maybe even movie material.
It is the same in trading; nobody can tell for certain where the market will go tomorrow. If that’s the case, then they possess valuable information unbeknownst to the public and might very well be charged with insider trading. But this is already material for a future blogpost. What I wanted to focus on was how I started trading on the Hive Engine last month, and the results thereof.
A CRYPTO Trading Experiment
If you have been following my blog, you know that one of my goals was to learn about cryptocurrency trading. So I started to do trading on the HIVE Engine and began to note down results in an Excel file, which I found to be an extremely important tool in tracking my progress and for me to evaluate the results of this experiment. For the first week-and-a-half of trading, I traded the HIVE-LEO pair and traded anywhere from 5 to 50 LEO tokens. I recorded only the completed buy and sell orders and removed “other” trades, such as buying SIM to expand my Dcity and from external exchanges.
Took Profit 100% of the Time Using a Simple Strategy Using a simple buy-low, sell-high strategy in the second month of November ending on the 16th, I was able to close 7 buy orders and resell the LEO tokens on the market at a slightly higher price 7 out of 7 times, which made me happy. As the main goal was to sell experiment token holdings at a higher price, I am proud to say that I managed to achieve my goal. It did not matter if the profit was only a few cents because the point of the experiment was to find out if I can make a profit from trading using this simple criterion.
For said experiment, I bought LEO Tokens with a cumulative amount 501.83 Hives and netted 19.14 Hives in the process or a 3.87% profit in nine days of trading which was awesome. Call it beginner’s luck. Or intuitive trading. Heck, I’m just glad that I did not lose money out of this experiment.
Anyway, I’m not entirely confident if I can replicate this or if these results are even good because of the very small sample size, but what I wanted to bring out was the possibility to make a profit from trading. Eventually, I plan on building up a reliable system that I can use to make consistent, steady profits in my cryptocurrency trading game, but until then, I will just use this principle.
Conclusion That’s it for now. I know that trading isn’t as simple as I make it out to be in this blog post. I just wanted to share my crypto trading experience and maybe get feedback from those of you who have been doing this for a long time already. As usual, I am open to suggestions and comments on how I can improve my trading.
On a side note, although the LeoDex is more beautifully designed, I was very comfortable using the native Hive Engine site for my trading. I don’t know, maybe it’s the white that I really like or the old-school web look of the Hive Engine that brings out that nostalgic connection to surfing the internet in the 90s. Who knows… I will surely be trading on LeoDex from time-to-time and maybe post about my experience there also. I do like that it has a lower deposit/withdrawal fee so that’s already a good sign that I will be using it from time to time.
I will end with a quote from George Clason who said:
”In those things toward which we exerted our best endeavors we succeed.”
Thanks for reading up to here; wishing everyone success and abundance.
Keep safe, be well and carpe diem!
Mabuhay! :)
*Thanks to this beautiful HIVEPH Badge courtesy of @bearone. The other two images, I did on canva.com.
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