How did I get here?
I was never into trading before. It all started recently when I was trying to join steemit. My plan was clear, buy some steem on Binance. Then tranfer it to steem.
Sounds simple enough. But at that time it was during one of the HF's on here so, Binance wasn't releasing my steem. I ended up finding out about @blocktrades somewhere in the FAQ so in the end, I decided to leave my steem where it was, on Binance no less and tranfer some BTC to blocktrades instead.
I came on here and decided to write and read some and for a couple of days, I still couldn't transfer my steem. In fact, Binance had disabled the deposits as well as the withdrawals of steem.
So, what's a hammerhead to do?
I was going through my messeges when I came accross one from @cryptopiotr. His question was what I thought about trading bots.
I remember typing back that I hadn't used one before but then deciding on the last minute to delete my reply and check them out first.
I had never thought about trading as a potential source of income untill that point. I figured since I had already bought some steem on Binance which I was still unable to tranfer, I might as well go back on there, analyse the historic data for steem and based on my findings, choose the right price to sell at.
Long story short, I did that and gained about 0.03 btc satoshi while at it. I couldn't believe my luck. I did that again. Chose a limit order of a lower price, and another limit order of a higher price and again I had gained quite a bit.
For the last couple of days, I've been doing just that. The problem is when I woke up this morning and realized that the markets had crashed. Instead of feeling sad, I honestly felt overjoyed because from a hammerhead's point of view, when everyone's panicking and selling, it's the perfect opportunity to come in and build up your reserves.
An interesting observation I made though was about steem. Despite BTC prices going to hell for a minute, I had expected the price of steem to follow suit. It looked like it might for a minute, but then it just stabilized. While most alts were going to hell, steem prices remained stable compared to the other alts when compared to the price of bitcoin.
I then realized that steem prices are not exactly reliant on BTC prices. Which when I came to think about it's a good thing. I imagine steem to be like a loaf of bread. If you go out to buy it in the morning, you will buy it whether it went up or down in prices. Since a huge percentage of steem buyers are buying it for a specific purpose.
For me, the realization that there are three types of buyers of steem on an exchange on any given day. The first kind, are like me, fellow steemians who buy steem because they need it for steem and steemit. The second type again like me at the moment. They buy it to trade with it taking advantage of the price flactuations, on the markets. The third, are hodlers that would buy it because of the long term value and keep it. Thats good news for me.
I'm trying to be all three eventually.
About the trading bots I've been enjoying trading manually for now, maybe next week I'll try them out.
You get used to it after a while. At these prices there are lots of people willing to buy STEEM which helps the price. We're looking long term at what STEEM will be in the future so these prices are great for us.
True.
Come to think of it, I only really began to grasp the importance of steem in terms of value during the crash. I went off in search of different cryptos whitepapers and realized that the majority of them, had no real value other than as trading pairs, yet their market cap was ridiculously high in some cases. No wonder they crashed when btc prices tanked lol.
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