Day Trade vs Swing Trade vs Long Term Holding
Below is a great video explaining the difference between day trading, swing trading and longterm holding. If you're just getting into crypto, or a seasoned veteran, this has valuable information you can benefit from:
Thanks to YouTube creator, dobe4ever. Her channel can be found here: https://www.youtube.com/channel/UClxkthEngdLYhXDWrT8CNWg
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Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.
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Whats your personal strategy? I kinda have seen the benefits of both and I feel like for an inexperienced trader such as myself, its hard to pursue the "day-trading" lifestyle. :P
I'm an all of the above kind of trader. I day trade, swing trade and hold. I wouldn't recommend day trading until you have practiced. Open an account on tradingview and use the "paper trading" function. This will let you practice with fake money and see how you do.
As an inexperienced trader, if you're interested in investing in crypto, I would stick to swing trading and/or holding. Do your research. Find a company you believe is solving a problem, has a great team and a functioning product. Then buy and hold. In my opinion, the safest buy in crypto is Bitcoin. It may not make you the most money, but it's the one that will be around for years to come. Most altcoins are pure speculation. That's just my opinion...not financial advice.
P.S. I'd appreciate an upvote if you think my content is worth it. Thanks.
Hello again. A few days ago I asked you about my concerns about registering EOS by June 1. You said Exodus wallet which I have and Binance will register the EOS for a person. My question is which one do you recommend. Exodus is at this point does not know when one can claim them and you must enter your 12 word Seed to reclaim them. Binance d oes it automatically. (I think) Right now my EOS are in Kraken and I’m wondering which one of the two I should send them to you. One is an exchange and one is a wallet. Exodus is very expensive to move Them back to Kraken. Also there may be capital gains implications when you move from exchange to exchange and from wallet to exchange but not exchange to wallet (or something like that)
Thanks...this is not a financial advice but a procedural question.
I would recommend Exodus. I don't know if you'll need to give out your 12 word seed phrase to claim your new EOS Tokens after the swap...I've not heard that. Even if you did, you could delete the Exodus wallet completely after the swap and download a new one with a new seed phrase. Just make sure you obviously move your coins off it before you do.
There's 2 reasons I'd recommend Exodus. The first is so you can claim upcoming airdrops. I think there's 2 or 3 more before the EOS mainnet launch. The second reason is because Exodus is obviously safer than keeping it on an exchange. That said, Binance is one of the safest exchanges, so you should be ok either way.
As far as tax implications, I don't know where you live, but I'd be surprised if you were taxed just for moving coins from one exchange to another. That should be the same as moving it from one wallet to another. It shouldn't trigger a tax event unless you sell.
You are great. I live in Connecticut. USA
If you're in the US, you're fine. Moving from one exchange to another isn't a taxable event. I'd appreciate an upvote if you find my content valuable. Thanks
If you leave EOS tokens on Binance, they'll register them and convert the tokens for you. Yes, you could leave some on Binance and some in your Exodus wallet, but why would you want to? I'd recommend just keeping them in one place. But it's up to you.
Exodus, like all desktop wallets, are susceptible to hacking if you're not careful.
I have quite a lot....if they are hacked in one place at least I have half in another.
If you have 2 computers, I would suggest using 1 for nothing but crypto and the other for everything else. This will GREATLY reduce your susceptibility to hacking. If you only have 1 computer, consider buying a cold storage wallet like Ledger Nano S. The registration process for EOS tokens will be more tedious on a Ledger, but your coins will be MUCH safer.