This was by far my shortest wheel so far.
Wheel short intro
What I do is on pionex dual investment. First Buy low on ETH each day until I get assigned and then Sell High with the ETH until it gets called away again. The first round I earn additional usdt rewards, the second round additional eth.
Part 1
Buying low to get assigned ETH. I invested 1734$ with a target price of 3000$. When I got into this ETH was trading around 3050$.
As a reward I collected 11.05$ or 0.6% ROI on a single day.
Next day:
At 8 UTC the price was below, in this case 2984$ so I was assigned and bought ETH at the price of 3000$ for 1734$ + 11.05$ which where in total 0.58168928ETH. Now that I was assigned I switched to the second part of the wheel.
Part 2
Selling high. The same day as I was assigned I entered this order with the whole ETH of 0.58168928. I might have taken a higher strike price but decided to go for the 3025$ strike.
ETH was trading around 2980$ when I entered. Again 1 day settlement and this time I receveid 0.0026176 ETH as reward or around 0.45% ROI on a single day.
Next day:
Price pumped hard and we where at 3164 at 8 UTC and therefore sold ETH at the strike for 3025 or a total of 1767.52831732 USDT .
This makes a net of 33.50$ profit. From the rewards of the dual investment and the selling higher than buying.
Summary:
Shorted wheel so far that just lasted 2 days and made around 1.9% ROI or 33.50$ profit
Pros and cons:
I will keep doing it this way because I like that and it works for me.
Pros:
You make money if not much movement is happening and get paid to wait basically. No need to try to time the market. You can achieve a steady growth without too much time investment.
A very personal pro is that you are locked in for the duration and cannot do things. I tend to look to much on open trades and here I still can look but not act and therefore do not make rash decisions.
Cons:
This wheel highlighted one of the cons perfectly. You might miss upside potential. When I started the wheel the price was at 3050$ and when it ended it was around 3150$. If I outright bought at 3050 and sold at 3150 I would have earned more. I personally think this is trying to time the market and I do not see this.
If the price crashes you hold the coin, you should be doing this only on a coin you are willing to hold.
In case of bears:
If I hold ETH and the price retraces a lot like to 2200$ for example, I just would switch from DualInvestment on Pionex to their CoinM Futures Grid bots, these collect more coin while doing arbitrage.
This is all no financial advice and I like doing it and will continue do so. With the profits of the wheel I plan to buy some coins in intervals.
Please do your own research!
https://linktr.ee/thePassivista
