RE: How I Made a 23% Profit From the Monthly HIVE Price Spike
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Thank you for this detailed article. I don't have Binance account yet so I use the same method to practice trading. Just one question, i havent tried the convert to hive method before so just want to know if it is better than buying from market? I don't know if I can set up a buy limit order on Hive wallet, however, with the option of buying it in the wallet, I have to check the price everyday to decide if it is good time to buy or sell
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Hi Dora, thanks for stopping by! The Convert to Hive method has it's good and bad qualities. The good side of it is that it assumed each HBD is worth $1 of HIVE. So when HBD is trading far below $1, the convert feature is giving you a little bit of extra value there. However, the downside risk is that the amount of HIVE you get in the conversion is based on the future 3.5 day median price of HIVE.
When you use the market to buy or sell HIVE/HBD, you know exactly what you are getting in your trade. When you use the Convert to HIVE feature, if HIVE moves up in price a lot during that 3.5 days, you could end up with less HIVE at the end of the conversion than if you had just bought it on the market manually.
In my example, I waited until HIVE had stabilized (and hoped it would continue to be stable for 3 days) and also when HBD had dropped in price to around 0.92 before I initiated the conversion. I would suggest you try converting a very small amount of HBD to HIVE first to see how it works before initiating a large conversion. It's always best to try new things with very small amounts first! That way you will know better what to expect if you decide to start trading using the conversion method.
!PIZZA
That is a great idea. I can always start with a small number to see how it works. Thank you so much for explaining this to me :)