#LowProfitQuickSessionStrategy
Friends,
I will talk about various options on Binance for trading and why these are useless. I assume you are familiar with this pic of options.
I tried every option but I lost. I even tried most advocated trading bots known as Spot dca but it is also useless.
Why?
Let me explain.
1. Limit. It is the best option which also has lowest fee and additionally you get 25% off if you pay using BNB coin. But do not cancel orders again and again. And also do not order again and again due to changing market. Every time you order, Binance will deduct fee. Solution to this is, make up your mind for buying or selling price, fill in the data, Wait for desired price to show and when desired price is shown click he buy or sell button to execute trade. this will cost you only 1 fee.
2. Market. This option is executed at once but the fee of binance is 5 times more than limit. And buying price is also higher than he shown. It is nly useful when you find an upward trend and you ant to go along till its optimum. You just fill in all data without any price because it will be market rate and wait. When you see and feel that to buy, it is the lowest point, hit the button and you will purchase it immediately. Similarly for selling, fill in the data, keep going with up trend and when you feel that it's optimum now, press the button to sell.
3. Stop Limit. Well this option does not trigger many a times and you miss to sell. this can cause lot of loss. Best way is to keep watching and take action at appropriate time.
4. Trailing Stop. One it is difficult to understand and secondly it doesn't trigger due to some fault of user. Moreover you have to put in minimum sell price. what happens that it starts trailing and in the middle of it the process is reversed up to down trend and trigger oint is not reached. you end up in selling at lowest price.
5. OCO. You have to give end price but then you have to give another price like a stop loss and it has to be less than current price and you end up selling cheap.
Best way is to keep watching and order once at an appropriate time to save on various fees.
GOOD LUCK