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RE: Steem is below a dollar and I see it as an opportunity.
I have an interesting question perhaps you can help me understand:
What's the best way to 'take your profits' if powering down resets every time you want to take a 'new' set of profits?
This question may not make sense; but, rme, I want to train myself to power down in a timely fashion; yet, it seems the way the 'system' is set up, I will lose the value of powering down if the value of steem is lower than the original power down.
If I say it out loud long enough, perhaps, it will make sense to 'take the gains'. If I continue with crypto, this is certainly something I should learn in more detail. The power down reset almost seems a bit 'shady?' for lack of a better word.
Many thanks.
Peace.
Powering down takes a total of 13 weeks and in each week you get a 1/13 of you Steem Power converted into liquid Steem.
Now here is the thing.. right now Steem is below a dollar, but if Steem gets to 4 or 5 dollars tomorrow, you won't be able to sell them if they are in Steem Power.. Because you can't transfer Steem Power, you can only transfer Steem to third party exchanges like Bittrex, Poloniex or Binance where you can convert them into Bitcoin or other crypto.
Then whats the best way to take profit.. There is no best way, because if there was a best way then everyone would follow that way and we all would be filthy rich..
But there is a way, which is not 100% perfect. You study the market, you try to understand what causes bull or bear cycle, you follow the news, and you try to forecast the future, you study the charts, you use past data to make calculations, you do all sorts of technical analysis and predict if the prices will go up or down in the upcoming months or seasons.
And you start power down according to the result of your analysis.. you make a big game plan.. a grand strategy.. and its not 100% accurate as its based on statistics..
So then according to your strategy / future prediction.. the price of Steem will reach $10 on January 15th 2019, then you start powering down 13 weeks before that time.. similarly the opposite can be true for powering up.. you hold on to your money, cash or bitcoin or whatever and do your analysis and future prediction and wait for that moment when steem is 50 cents so you can buy a lot...
The only problem is we humans can't exactly predict the future, and statistics is not 100% science and there is always a margin of error, that's why there is no best way to take profits..
I hope this was helpful to you in some way
Omg finally for the first time I was able to write a long reply like you
It's easy to write what you're passionate about; which is why I asked you for a 101 on taking the profits.
The reply is interesting; and here's a tip! to say many thanks!
I guess my question is more of a 'daytrade' effect. If a daily differential is a gain of .50, it'd be great if there was a way to safeguard the gains. Of course, as you note in your reply, we'd all be rich if we could truly 'take the gains'.
Best regards.
Peace.
There are two choices.. You either convert your Steem as Steem Power and gain reward through your votes.. or you keep them as liquid Steem and trade at the market
At this moment liquid Steem is being traded on Binance at 0.0001520 BTC which is equivalent to $0.96
If you want to day trade then you just buy at low prices and sell at high..
But day trading is kinda boring to me, rather waiting for the perfect moment to make one or two trade can bring you the most reward.. once in every three months I see Steem going below $1 and again once in every 6 months I see Steem being traded above $4
The key here is to wait for the correct time..
BRAVO tip! I knew you had the answer to what I was looking for!
Btw, this would make a great original post topic if you are so inclined to create one ;+)!
Best regards!
Peace.
Hi @skreza! You have received 0.1 SBD tip from @spiritualmatters!
@tipU voting service | For investors.
Hi @skreza! You have received 0.1 SBD tip from @spiritualmatters!
@tipU voting service | For investors.