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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