There is a twist here.
But first, the final result.
This personal trade challenge I started with 15 Steem (Backed) Dollar to play with. It was my goal to have at least a profit of 400%. Trading was done at Bittrex, and with SBD still hard as a rock, what could go wrong, the market was booming, right? First sold for BTC. And then buy some LTC, that had still a lot to gain. So I set a certain optimistic price trigger for the buy order to be placed. And from that moment it went pearshaped, real bad. Changed my initial buy offer, made another mistake. And the market went red all over.
Not to worry right? After the market goes in the red, it will go into the green again. And I had a whole week to regain. Yet, maybe I was a bit too optimistic setting that goal of a profit quadruple? Then I bought Steem, well and you know what happened with that. Still it has now settled nicely at about 75 US Dollar cents. For me, the trading 'wizzard', cough cough, it was becoming a nightmare. My initial profit dropped with every trade I made. What I bought others should have sold and vice versa. Yes, I was remembering well why I had stopped trading in the past, because I was a total disaster doing it!
Ended up with PIVX...
When it was time to make up the final score I had 19.05 PIVX in my Bittrex wallet. That was good for about 0.0123 BTC, going at $ 1699.66 at 15:00 CEST. One SBD {Steem Backed Dollar} would cost me BTC 0.0009685 at that time. If I had bought SBD then I would have gotten: 12.67, meaning a loss of 2.33 SBD in one week time. My trading 'skills' and timing managed to get me a loss of 16%. No quadruple profit this time, yet I am quite alright with that.
Now I got in the market of BitMoney trading at the worst of times. Well, it could have been at a better time, but even then, I honestly doubt if I could have made a 400% profit after a week. And I was way too distracted to even get a more indepth vision with what was going on. Candles red, green, dancing in front of my eyes and my stubbornness of refusing to trade in Ether or Ripple. A very shortsighted vision if one wants to make a big profit in trading, right? Yes, I know that, but it does not feel right, same with Stellar Lumen. But I admit, that makes me a very shortsighted trader. Bound to lose, no matter what.
But wait for the twist!
Trading with BitMoney {AKA: Coins, Cryptos, DigiCash or SmartMoney) for a big short term profit needs dedication. Full focus, knowing what is happening, all the time, having alerts set and well a lot of luck while speculating. In the time I was supposed to put a lot of effort in trading, I did something else. Yet that did work out nicely, after that week. Because I did in fact end up with a profit, well, a kind of ROI {Return On Investment}. In fact, I made 545% that way... Yes, there is a twist in the story, like I stated.
One reason I did spend too little time at Bittrex was because I was blogging at the Steem blockchain. Made replies, engaged in great conversations and made some nice posts. Got close to 6800 Steem Power level, made it to 3113 posts, and got followed by over a 440 fellow Steem community members whom I almost all followed back in return. Close to 67 reputation, that would also be another great milestone reached. And investing my time and energy in Steem actually was what made me almost 100 SBD in a week time.
Not bad for being active at Steem for a week, right? And in the meantime my Steem Power {SP} gets 3% dividend just for holding it. It beats BitMoney trading at Bittrex for me, that is for sure! So when I deduct the 2.33 SBD loss I got by trading badly from the overall 99.10 SBD I made at Steem then I did in fact gain 96.77 SBD... (It was 88.882 SP and 62.182 SBD, so I calculated the STEEM to SBD at the current conversion rate.)
While I keep the PIVX
The Pivx at Bittrex stays there for now, maybe I take a big gamble, it was reserved for playing anyway. And if I feel like it I will trade it this time for BitMoney types I dislike, like Stellar Lumen, Ripple, NEM, Ethereum and those kinds. In the meanwhile I still have my bitSilver at the Bitshares DEX {Decentralized EXchange} still at +6%. And stashed away for the long run I have some Bitcoin and Litecoin, that are still way in the green. Only the STRATS I recently bought I think I'm going to add to my Bittrex trading wallet.
And in the mean time I keep doing what apparantly gives me joy and a growing wallet value. That is my final conclusion; Posting, curating and investing (3% for holding Steem Power at stake) at Steem gives the best return for me, instead of trading. And the Steem community plays a big part in that! Thank you for all your upvotes, following, resteems, replies and of course for all the great fun! And as long as my voting reserve allows me to, I will gladly upvote posts and replies as it is great to see them add about at least 4 cents (currently) every time.
Steem on and have a good one!
The Final Result...
image cc-by-sa @oaldamster
First post of 'The quadrupple profit trading challenge'.
EDIT: corrections.