Message from John Mosby in tradworker #cryptoautism
does binance have wallets there or do you need external ones?
"No. With a wallet, you have your private keys, all the crypto is completely yours.
With an exchange (any exchange, not just Binance) the exchange owns the crypto, they hold the private keys, it belongs to them. Your account is an entry in their accounting database that assigns some of the crypto to you. As you trade, those entries in the database get shuffled, but none of the transactions actually go on those respective coins' blockchains.
The reason for this is simple - in trading you want instantaneous transactions, not ones that take from minutes to hours."
Alright, got that set up and bought 326 TRX to test the waters
Just make sure when u buy into a coin, u buy it on a low point of its daily value.
Mostly learning how to read the charts etc now, but I figure if I read the trend wrong then I don't really lose that much
bought at 0.00000519 have an order to sell at 0.0000055
For instance, TRX was at .085 cents per coin several hours ago, then slumped into .057 cents per coin, now it is back up to .077 per coin.
It's beneficial to buy at the .057 price, then keep an eye on it once it goes up to .077...
U can either make a gamble on selling when it goes back up to .08 cents per coin, and trade it for a stable coin, then wait for it to slump back down to another low, then buy it again. That way u can consistently build up your amount of coins, without even investing more money.
It isn't gonna be a super big deal, if ur only investing $20, but it gives u a feel for the market, so u can better predict the charts, for when u do want to get into serious day trading.
As I said, I am not expert, but this is what I have found out playing with it a lot lately.
Right, that's what I'[m trying to do now
Binance is being a little bitch with me right now. Keeps locking up, so I haven't been able to do any trading today, so I lost out on some money.
play around with small amounts to learn
This conversations got me interested now
Think I'll go buy some
Never put much stock in alt coins. Btc was enough for me but it seems like there might be more value in others in the long term
Don't wanna miss out on something like btc again
There are a number of coins that will be making people millionaires off of small investments (less than 10 grand).
100 bucks here, 100 there. Certainly won't hurt
I'm only playing around with a bit of money, just trying to figure out the market, especially figure out the charts on some of these newer coins, so I can decide what to invest a lot of money into once I get my taxes back.
I'm quiting smoking and gonna put all that money into stuff like this
Gonna have a ton of money to invest
Ha, ya. I can't tell u how much I've saved by dropping the cancer sticks (I will admit I still smoke socially...my vape helps to keep me from doing it, though).
I've got 6 smokes left.
Not buying another pack
Been off caffeine for almost 2 weeks. It's time to buy alt coins, haha
Wonder how much money I'll save not buying soda constantly
I quit drinking soda and caffeine for a few years now, and I feel a lot better physically, even.
its nerve wracking watching those numbers bounce up and down
I will drink an occasional cup of tea or coffee, but that is it.
Ya, don't get too sucked into it...I've spent entire days watching the charts lol
My next is to quit drinking booze completely. I've got 3 beers and a bottle of wine left
After that, it's no more
Yeah, ididnt sleep forever when I first bought btc
Bought in at 2300, sold at 28 or something. Panicked. Boy do I feel stupid
I'm trying to get there...I quit liquor a long time ago...but I have an addiction to craft beer (my inner hipster is trying to take over)
When ur watching the TRX charts, also make sure ur watching the BTC charts, as well, so u know how much the TRX is even going up (if BTC goes down, then it'll look like ur TRX is making mad money, when it is just BTC going into a slump)
I told my gf we need to put all our money into btc cause it's gonna go. I had planned on getting my paychecks in btc. Told my grandma, dad, everyone, give me all your money, we are gonna be rich
They all laughed. Gf got mad
Mother fuckers, we would have made out like bandits
Ya, I had people telling me to invest in BTC at the beginning of the year...I coulda put 5 grand down on it, and been on easy street now.
oh that's a fair point