Booked a small profit on DOT for a short term trading

By Bala | Bala | 14 May 2021


Polkadot is one of the hottest coins in the top 10. I did get a chance to purchase some polkadot which the price was low. Thanks to my friend who gave a shout-out at the right time and made me buy at least a little DOT tokens. The profit that I'm talking about in this article is not the one that I booked with those holdings that I bought long term.

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I have two types of DOT holdings. I have some staked on CUBfinance that is yielding me CUB tokens every day. The other set of DOT tokens are the ones I use for trading purposes. I have been a bit successful in the past in trading DOT tokens. I buy them when the market is red and sell them when the market is Green again. The main intention here is that even if the market goes down further, I wouldn't worry much because I'm happy to hold my DOT tokens for the long term.

So it is ultimately a small buy and sells the game to see some $ profit. Usually, I'm not very good at trading but recently after hearing from a lot of people that we cannot grow our stake if we don't buy the dip and sell the pump. I have been trying to do it for quite some time. It's been 3 times already on DOT tokens and I was a bit lucky to grab some profits. I used to think that maybe if I try the game on other cryptocurrencies, I would even grab lots of profits but DOT price is something that I have been observing for a long time and I know when to buy and when to sell.

Similar trading on Hive would also work out well because I also observe Hive prices more frequently. It would be good to purchase Hive at a cheap price and then buy it back when it goes down. Actually, I should be doing it the other way. I sell it first when it is high and then buy it when it goes low. This way it would be a good deal because anyway I don't mind holding Hive for the long term and at the same time, it is not going to burn my fingers if I book some profit out of Hive if the market goes sideways.

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In the last dip, I purchased DOT tokens for 35$ per coin, and then the day before yesterday I booked my profit by selling them for 40$. My intention was actually to wait till 45 USD and book my profit but two days back the market scared me a little bit. The price of many coins dropped and DOT went back to 36 USD. I didn't want to bite my nails if again DOT goes below 35 USD. That is one of the reasons why I booked my profit sooner than my target price. A 5 dollars profit per coin is definitely great and maybe if the market is going down again, I will also have some liquidity to purchase coins cheap again. Now I'm waiting for the next dip to happen.


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Bala
Bala

Developer | Writer | Blogger | Gamer | Blockchain Enthusiast


Bala
Bala

This is my general blog. I share different articles I write every single day.

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