Hey guys! Today I've been spending the majority of my day day-trading Steem on Binance! In the last 3 hours, I've earned about 45 Steem which is a pretty nice gain in my opinion, so that got me thinking, is it possible to earn that much Steem here on Steemit?
For me personally, I probably can't earn that much on Steemit. However, for most people who don't have a lot of capital, earning 45 Steem in 3 hours day-trading is also not very practical. Furthermore, today has been a very good day in terms of day trading and it's not like I can earn that much Steem every day whilst day trading, in fact some days I'll probably lose Steem!
The Verdict
So, what do I think is better? It depends!
Do you want short term liquidity or do you want long term gains?
Are you better at writing or better at trading?
Do you want low risk or high risk?
What do you qualify as "fun"?
Long vs Short, Higher vs Lower Risk
If you want long term lower risk investing, I suggest you invest into the Steemit platform. Locking your Steem into Steem power is safer as a long term investment. You can sell your votes on Minnowbooster for a guaranteed ROI of around 25%. Furthermore, by posting regularly on Steemit you can earn flat amounts of Steem from others who upvote your posts!
In summary, this is better for people who want long term, steady income with lower risk. Also, this is probably better for those who have low capital as the flat amounts you earn from upvotes will really boost the ROI.
Writing VS Trading
Not everyone is born to write, and not everyone is born to trade. I'd say I'm more of a trader than writer and still I make 1000 mistakes a day trading. So, I do both! I feel like people should play to their strengths and do what they're better at. If you're not sure, just experiment.
"FUN"
For some, writing articles is fun, for others, day trading might be fun.
In my opinion, although day trading is dependent on skill, it also has a fair bit of luck attached to it. Some even say day trading is just like gambling, which I guess is true. You're playing with odds but you can manipulate the odds in your favour by doing smart trades and avoiding emotional decisions.
Writing articles, expressing what you feel and making new friends can also be fun! I enjoy my time on Steemit, it's not purely for the money (although money is a big part of it). So if you're more into gaining fans and followers and starting a community, writing articles on Steemit is where you should be!
What I do?
I do both! I trade with the majority of my crypto and have another portion of my crypto powered up. This way, I can always earn a ROI of Steem, even when my day trading goes bad. Since I rarely trade between fiat and crypto, I have considerable faith that crypto will moon again.
For those who want to day trade full time, I suggest you follow crypto news. Crypto is largely speculative so following the latest news and trying to swing trade/momentum trade based on news can sometimes be INCREDIBLY profitable, like the BNB news recently, one of my friends saw it and made a 15% ROI within a few hours! Just remember to NOT get greedy, set realistic targets like 5%, 10% and 20% and sell when those targets are reached.
Thanks for reading!
Feel free to leave feedback about my tips and suggestions!
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hi buddy
indeed interesting topic. personally i believe that being active on steemit will always bring more benefits than trading steem on binance/etc.
we cannot forget, that we're blogging for some reason. creating valuable community around you can bring long term benefits, which can be more meaningful than earned sbd/sp
that's my personal opinion. im here because i believe that knowing right people in this industry can open business opportunities that we've never dreamed about before
would you agree with me?
obviously upvoted and followed
yours
Piotr
Thanks for the reply, just seeing people read and discuss my post is honestly more valuable than a few Steem I can make on Binance.
I do agree that being active here will bring a lot more benefit than day trading, financially and mentally. Day trading can be EXTREMELY draining. Despite making some Steem today, I lost some BTC value because it didn't reach my sell order by less than 10 sats, and Steem has tanked almost 7% since then, which is A SHIT TON when we're going by day trading metrics.
I believe cultivating a community here on Steemit can be very beneficial in the long term for me, and someday I hope to bring more value to the blockchain and ecosystem!
Thank you for your reply, I've seen you comment on a few of my posts and share a similar goal to your description, so despite you don't post much I've chucked you a follow :)
Edit: I've actually already followed you but didn't even realise LOL
Hahaha i realized that you followed me before. I'm making sure to support whoever is sharing similar passions and is creating interesting content. And you're on that list :)
I would love to stay in touch with you a little bit closer as I value your knowledge and your input. And we could support each other on Steemit.
I wish there would be more advanced notification system developed by steemit.
Plus you're very responsive which is absolutely great and steemit community surely will benefit by having you here.
Perhaps you could send me short email to [email protected]
No pressure of course,
Cheers, Piotr
Well what a bonus this place is.
Bag some profitable trades, and then come tell the community about it and take a few more STEEM away! :D
LOL yeah! I love talking about my trading!
No one out of my friends really care about this too much, most don't know what a bitcoin is, let alone a blockchain and the ones who do invest just hodl. I enjoy talking about my gains (and losses) with people here on Steemit! And make some Steem along the way ;)
It's a win-win, or at worst a lose-win :D
I don't trade too much actually, but find i'm seeing more good trades than my stupid stocks ever provided!
Since I was only 14 I wanted to start trading stocks. I used to check the ASX (Australian Stock Exchange) almost daily and enjoyed tracking companies I liked! However, I had to wait until I was 18 to start trading.
However, a few months before I turned 18 I discovered crypto! I started investing and never looked back. Far easier than trying to trade shares and far more potential in my opinion. I always planned to do commerce + engineering at uni, but since learning about blockchain, I decided to choose commerce + computer science!
You arrived at a great time, lucky git :D
Stocks are going in slow motion compared to crypto, but the theories with regards to tech trading are still the same. Fundamentals? bah!
Good luck building up your fortune - might be all done by 25 :D
If you have a bit of spare time and have a spare witness vote knocking around, check out our 'mission' here
https://steemit.com/witness-category/@steemcommunity/introducing-steemcommunity-a-witness-project-by-abh12345-and-paulag
Cheers!
True, I should clean up my witness voting. I just voted for top 30 before as I didn't really know what I was doing.
I've been meaning to unvote everyone and ONLY vote those who I actually want but haven't had the time/mostly just lazy.
However, seeing your (and @paulag's) commitment to the platform, I owe it to you guys to clean up my witness voting and add you as my first true witness vote, congratulations!!
Please check if I've done it correctly, thanks!
Haha, well at least you admitted it :D
The voting page only showing the top 50 is really not cool for the rest of the witnesses - it still included 'inactive' too and so there's even less chance of making it up there!
I see your vote, thank you very much!
Good luck with the trades, STEEM holding $3 - is it going to go on a little run over the weekend?
Great article , I totally agree with u that while doing both trading and steemit , we should just have fun , and via doing it enjoying experiencing etc will we gain rewards.
Currently I am doing both , trying to be active on steemit and trading too , definitely agree that on steemit it's difficult to make so much money but I decided to be in it ofcourse for the rewards but at the same time and more importantly for the enjoyment , for meeting new people , reading quality content and posting (improving) my writing.
And congrats on the trade ;-) glad Ure in profit .
Thanks for the reply! Steemit is truly the best of both worlds, make money and have fun!
Plus, I can be active on Steemit WHILST trading, so I can do both! :D
My pleasure z and correct
Aww multi-tasking , good luck
As you've stated, there are advantages on choosing either of the two. I myself, took the third option:
Thanks for sharing. I've smashed the upvote button for you!
Also, if you are looking to get some tokens without investing or mining check out Crowdholding (https://www.crowdholding.com). They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
Ooooo, I'll check that out later when I have time, thanks for the comment and upvote! :)
I'm awful at investing and trading, but I enjoy writing and being on steemit has provided lots of inspiration for writing for me personally.
Gains through gambling can be controlled to an extent also. I love to play craps, but I learned a long time ago that to have success, I had to set limits. When I would go to the casino, I'd determine how much money I was prepared to lose, and if I hit that, I would quit and leave. But I also determined how much I wanted to win, and if I hit that, I would also leave the casino. It has worked quite well for me overall. Setting limits and sticking to them, for both winning and losing are key.
The fundamentals of self control, limits, emotion and greed is like identical between crypto and gambling LOL
Your strategy for playing craps is also identical to my crypto "investing" strategy! I guess there's good reason many of my friends tell me I'm not investing, I'm just gambling haha
Yes, they do run in close proximity! 😉
Good. I didn't know something like Binance does exists! Gotta read more about it maybe try do both
WOW!! Someone using a blockchain who doesn't know what Binance is? That's a first!!
Most people hear about Steemit through trading Steem! At least I did haha
Anyways, if you sign up to Binance, it would mean a lot to me if you sign up using my referral link by clicking the Binance in this comment!
Brother I was introduced to Steemit even before STEEM! I'm just a 17 year old guy who just got interested in Crypto and Programming! I'll do through your link and I'm following!
Thanks! We sound like we have a lot in common! I'm 18 and also interested in crypto and programming! I was more interested in physics and pure maths but I feel computer science is the future, and there's also a lot of pure maths involved so I'm studying computer science in first year university!
I've also followed you back, good luck on your Steemit and life journey!
Wow thanks! I'm also seeking admission to the university to study computer science. Yeah, the world is getting digitalised and we must be part of that change. That's why Maths and Physics are my favourite subjects. It's interesting we're quite similar!
Yeah! You're currently living in Nigeria according to your location, correct? Is it difficult seeking admission into university there?
Yeah Nigeria.
It depends on how competitive the course of study is and University. I've been seeking admission about 3 years ago. I hope this time I'll get it. How about Australia?
This post has received a 22.92 % upvote from @boomerang.
Im new to steemit but it is mind blown to me that we can compare TRADING to WRITING. It's like writing is the new mining.
Thank you very much for the information, I hope to learn more from you sir
I'm more of writing
Why? The fun and low capital factors. (in fact, before I joined steemit, the only crypto I had was $5 worth of dash given at a crypto meet-up)
I want to get into the world of trading though. I hear such grand tales about it (like yours) that I'm long to try my hands on it. Mostly for the experience though
About doing both, well, I don't. I already combine steemit with school. Adding trading could be too much for me
Blessings
I like to read your posts a lot because I like your way of thinking and what you do even if I came here for the contest but it was good arrival hahaha, because I like the advice that gives us and I am more active with the platform.
¡Thank you!
Long term for me! Tho at one point i might try trading too. Just hope when I don't become too hooked on the thrill I'm sure it brings. lol
How much did you exactly invest to make the 45 Steem?
Good way of thinking and explanation. Long term and risk free income is here. also making lots of new friends, I love it. I also want to be a good trader too. So, to me- it is giving all the fun i need. I am low at liquidity level. So, i am planning to gain some from here to do my trading.