For a Hive user the best option is to keep converting between correlated coins while staying invested. This way they can keep increasing their quantity.
Many investors have this question in their minds: If we sell our coins now and a bull rally starts we will suffer a huge loss of opportunity and we will be out of the market.
Yes, absolutely their concern is correct. Because the market is currently at its bearish level and prices are very low, selling at this level is not a wise decision. Instead holding at this time is the best option.
But should we simply keep holding our coins without making any rotations to increase our quantity or at least protect ourselves from further losses?
Yes in this situation the best option is to focus on conversion.
We should try to increase the quantity of our Hive. We should try to find correlated coins in this market that give us an easy opportunity to make conversions. Even if we get stuck in any coin, it should have good long-term potential gains.
Of course, many people might have this question in their minds: How will we find correlated coins?
For this I am giving you four coins through which you can make excellent profits by using the conversion strategy.
First of all because we are users of the Hive ecosystem it is important for us to stay in Hive. The best option for us is to remain within the Hive ecosystem and its correlated coin is STEEM.
If you look at their price movements you will notice that they look almost identical. Both have similar price movements. However sometimes certain gaps appear between them. These gaps create opportunities for us to make trades and increase our quantity.
If you have liquid HIVE sitting in your wallet and you are simply keeping it idle, thinking that a bull run might start and you will sell it at a good price then waiting is fine but keeping your coins idle like this is not a good approach.
A better option is to add HIVE and STEEM to your Binance favorites list and keep rotating between them.
Suppose I have 40000 liquid HIVE. What will I do?
Whenever HIVE keeps pumping compared to STEEM I will convert 10K HIVE into STEEM. This means I will convert 25% of my total amount.
Similarly when the price of HIVE pumps again I will convert another portion into STEEM. And when STEEM starts performing well again I will move back into HIVE.
Now even if I get stuck in HIVE or STEEM, both belong to the same ecosystem and their prices are correlated.
In the long term both are expected to become bullish. It may happen slowly but the potential is there.
Similarly the next two coins I am suggesting belong to the metals category. You can also use this strategy with gold and silver which is an excellent method.
If you have around 4000 USDT to use for conversions between HIVE, STEEM, gold and silver, this is an excellent amount. You can earn decent profits from it.
You have to follow the same strategy with gold and silver. Their prices are correlated. SILVER is more volatile while gold is a little slower. So, you will continue making your conversions accordingly.
Whenever you see that the metals market is bullish, you will keep converting from silver into gold. And when the time for a correction arrives you will keep converting your gold back into silver. In this way your quantity will increase.
So, this is a very simple method of making conversions while remaining invested for the long term.
If you use this strategy with gold and silver and your entire amount eventually ends up in either gold or silver, it is still a win-win situation for you.
This is because both are strong metals and both have an upward trend in the long term. Therefore your wealth will definitely grow.
So this is an excellent way to put your idle money to work and earn passive income.
I am practicing myself. Will soon share the results with you guys.
I hope you guys will like this post and is interesting as well. If you find it informative then dont forget to give me a support. Share you reviews in the comment section below. Thank you all for your time reading the content.
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| Disclaimer: The original content of this post is written by me in Urdu. I use ChatGPT only to translate my content into English |
REMEMBER: We should prepare for the unexpected and always hope for the best. Life may not be easy but you must do your best and leave the rest to God...
