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RE: How to Day Trade CryptoCurrency - Binance Day Trading - Day Trade Crypto
That is correct. There is a mindset shift that has to take place, you have to see ethereum as the currency your trying to boost versus trying to boost the USD value, irrespective of ETH's fluctuations. Otherwise, in your example, you would simply not have bought any NEO and had more USD just from hodling ETH.
Additionally in your example, If ETH price significantly drops, your buy order might go through despite NEO price not changing. But that should not matter if you still have faith in ETH and believe its USD will bounce back.
Great point about the mindset. Thanks!
So what you’re saying is it is best to trade for more ETH even if the price of the coin is the same or possibly lower as when you bought it rather than trading the coin at a higher price?
Yes, as long as the # of ETH you hold is greater than the oringinal.
Gotcha! Thank you for clearing that up for me. Really appreciate it!!
I actually had the same question. Thank you guys for the responses.
This is what it’s all about. Helping each other out and making money together! 👍🏻
Good answer. Also need to say that if ETH price goes down during NEO buy/sell process you end up owning more ETH anyway. It's the same as selling ETH when it's high and buying when it drops. It always preserves the value.
Yes, this is what I implied but it is important ot mention.