Back to trading! (Ulog #26)
So I was going to try and write up a @tasteem entry post sometime today, but I’ve been a bit distracted by some of the stuff that is happening in the crypto world. It’s been a while since I’ve been doing any trading, like most people, I’ve gone into hibernation.
However, a couple of announcements by the Ripple team (about xCurrent and the upcoming xRapid rollout) have made the market go crazy. So, today, I finally moved some Ripple (XRP) to [Binance](https://www.binance.com/?ref=18699956) to try and maybe catch a wave or two.
In addition, there is an ongoing contest over at [KuCoin](https://www.kucoin.com/#/?r=8ubh6b) for trades (both buys and sells) in the newly listed cryptos: BUMO (BU), Tron (TRX) and Eden (EDN). I don’t have interest in those coins (well, maybe a little in Tron), but I am in for the BTC prizes, and so I have been just setting up a few small trades back and forth! You can read about the [birthday celebrations and prizes here!](https://steemit.com/bitcoin/@bengy/kucoinbirthdaycelebrations49btcinprizes-6u53sz5jji)
Well, I’m trying to be quite conservative here. I want to be able to exit this wave of frenzied buying with the same or greater holding in Ripple, whilst taking a small profit in Bitcoin. After that I can decide if I want to keep it in BTC, or to cash out and fix that gutter that has been damaged in the recent storms….
Not looking to double or triple or go crazy here. I’m also not going to risk or stake the majority of my XRP. No need to be greedy!
For this [contest](https://steemit.com/bitcoin/@bengy/kucoinbirthdaycelebrations49btcinprizes-6u53sz5jji), my goals are pretty simple. Maximise trading volume (buys and sells) such that I land in the 200-500 rankings that will take a BTC payout in each of the categories (BUMO, Tron and Eden). In the end, I’m not really keen to be holding any of the new crypto, except the amounts that get paid out as prize money (but I’m more interested in the BTC part of the prize!).
Thus, with the trades, I’m looking only to cover the 0.1% trading fee, with any extra being a bonus! That makes life easier than trying to make a decent profit!
So, there you have it. I had a day of cautiously setting up some conservative trades, and watching the price feeds and reading up on all the Ripple news… Exciting!