Hey everyone!
With most markets bleeding today I was looking to diversify some of my assets into either Tether, bit.usd or Steem Dollars to save them from losing out too much value.
I wanted to create this post to be open and transparent about my trades - I see many similar posts about successful trades and trading which often though appear when markets are in a big surge in general and make it pretty easy to have successful trades, most of these users also do not show how big the amounts they trade with are - hence not really putting their money where their mouth is, just showing price numbers that may look impressive but do not necessarily have to be because anyone can pull off successful trades with a very low volume and by spreading out the investments on as many currencies as possible. Anyway, I haven't made all that many trades recently because I've barely had time to trade with my Steemit activity and Steemit.chat, etc, hoping to have more time soon and be able to continue my Portfolio on @cryptochannel where 10% of it goes to active Steemians.
Was a bit lucky with the timing as I was checking out Poloniex I noticed how Steem Dollars were shooting up through the roof, here is what I quickly did.
Since Poloniex has Steem and Steem Dollars disabled it made it a lot harder to pull this, but in my mind I guessed most people would think the same. Lately I've been using Blocktrades.us and have been fascinated by the speed of their service, this was a big reason to my successful trades today.
As I noticed the pump of Steem Dollars I quickly traded my liquid Steem I had on my Steem Wallet through the inner market to SBD, then I withdrew some more funds I had on Poloniex (didn't want to risk too much) - to be as quick as possible I converted them to DASH and sent them through Blocktrades.us to my Steem Wallet as Dash - Steem. Once the Steem arrived on my account I traded them for SBD again and sent those to Bittrex.
The inner Market trades:
With 740 Steem I was able to aquire 985 SBD, as I was waiting for them to get to Bittrex I noticed they were already at 90k satoshis on Poloniex but started dropping shortly after. My first thoughts were to sell half of the SBD and wait with the other half in case of another pump. Since most cryptocurrencies were dropping today I guessed that many others were looking to get into more "stable" or "pegged" currencies, but I was really sleepy and once the SBD got through to Bittrex it was at an alright price and a good profit margin so I thought "hey, profit is profit - might as well just trade it all". Not to mention Steem was as low as 62-63k satoshis at the time and of course I was looking to get back into Steem having sold it at a higher price in the inner exchange.
So I sold them for bitcoin:
Looking at the chart now my timing was not the best - had I held on to half like I initially was going to I would've been able to make a bigger profit.
People have got to sleep now and then though and considering that I didn't want to hold it in Bitcoin for longer than necessary I was pretty happy with my next trade where I traded it back into Steem at a really decent price. As you can see I could've sold them for around 85k satoshis each, but at the same time the price of Steem didn't drop as low as it was at the time of my trade off of SBD as you can see in the Steem chart below.
