I am trying a new strategy.
The aim is to stack as many Hive as I can.
Given that I already have some Hive powered up and that "skin in the game", so to speak, I am throwing in some small amount, not just to buy Hive but to "trade it actively".
This is what happened so far.
Deposited 36.68 USDT to my CEX trading account on 12 May 2022.
Bought 27 Hive on 12 May 2022 at 0.38 per Hive.
Bought 53 Hive on 15 May 2022 at 0.5074 per Hive.
The average price is 0.464 for the 80 Hive.
Set Sell order of 79 Hive at 0.52 per Hive, aiming for a 12% profit.
Executed: Sold 79 Hive at 0.5206 on 17 May 2022.
Set Buy order of 82 Hive at 0.5008 per Hive.
Executed: Bought 82 Hive at 0.5008 on 18 May 2022.
Set Sell order of 82 Hive at $0.53 per Hive.
Executed: Sold 82 Hive at $0.53 per Hive.
The current USDT value is 43.46. That is about 18-19% gain in USDT, based on 36.68 USDT initial investment.
My next move: Set a Buy order of 88 Hive at $0.495 per Hive.
I don't know what will happen. But if my Buy order is executed, I will have 88 Hive based on my capital outlay of 36.68 UST, from the initial of 79 Hive.
This also brought my average cost to $0.42 per Hive.
I find that this strategy works for me because I have no qualms in holding Hive, so extreme dips in Hive in this small bet are not an issue.
Even if I step out and be in USDT, and Hive rocketed, I have no issue as well because I have a hodling Hive stash in powered Hive.
Overall, I find this a very stress-free process.
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How did you decide at which price to execute your trade? What that based on what you needed to reach 12% profit, or was it based on other orders made? I think the former, but I wanted to confirm.
I'm not a trader, but the strategy you described seems easy enough to follow. Before I try it elsewhere, I will try it at the Hive DEXs using Layer 2 tokens to see how it works for me there.
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I am not a trader as well...
I think it's hard to decide on the profit margin as market conditions are unpredictable.
So the 12% margin is an arbitrary figure. I use a gut feel. :)
The core of the strategy boils down to these:
The advantage this strategy is taking is that most of the time we are not there to take profits or buy the dips when price moves, so this does it automatically.
Since it is only a side hustle, it's easier to be patient.
Honestly, I have lost more through investing into staking.
I think this strategy could be easier, and more profitable than staking.
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If you have funds to spare, I would suggest adding liquidity to the diesel pools at Tribaldex. Returns on these pools vary, but after a month or two you can take LP Rewards (if offered by your chosen pool) and sell them for SWAP.HIVE which you an withdraw and repeat the cycle, or sell them for SWAP.HIVE to build your position some more before you withdraw and repeat that cycle.
Even if you start with 20 SWAP.HIVE and an equivalent value of another Layer 2 token, you will see returns quickly enough to want to add to your position in the diesel pool.
For me, this is even less stressful than trading. The only drawback is selling the LP Rewards to SWAP.HIVE since you would be receiving any number of tokens you don't really care about. The big thing here is to keep adding to the pool periodically as your time and resources permit (monthly, every 6 weeks, whenever you win a bet, etc.).
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