Avoid Converting Cryptocurrencies!
When you convert crypto, you accept the market value, which is something only beginners typically do. Conversion is only suitable for situations where you have very small amounts that can't be traded on the spot market. Using the conversion feature on an exchange is similar to buying cryptocurrency through fintech platforms like #nubank , where you don't truly own the crypto.
You should always aim to trade cryptocurrencies properly. If you purchase at price "A," set a sell order at price "B." You can even utilize tools like a Trailing Stop to maximize your gains.
Key takeaway: Always strive to buy at the lowest price and sell at the highest price. This can only be achieved by setting your own sell orders, whether through a limit order or by using a Trailing Stop to track price trends. (Converting does not accomplish this, and anyone who thinks conversions are fee-free is mistaken; the cost is already factored into the transaction. Nothing is free.)
In the #spotmarket $DEXE
you have the flexibility to hold onto a crypto position, unlike in futures trading. For example, if you buy a crypto and its value drops, you can simply wait for the market to recover and sell at a profit. (That said, the type of crypto matters—a dip in BTC is different from one in a short-lived DEX token.) Remember, selling at a loss is a choice—no one is forcing you. The market operates largely on psychology.
In Spot trading classes, I often share the example of someone who bought Bitcoin ($BTC) at its peak in November 2021. It took years for the market to recover, but the individual was eventually able to sell at a profit.
The purpose of this post is to educate newcomers about creating more advanced sell orders—whether through limit orders or market orders—rather than relying on conversions.