Friday January 5, 2018 - 17:16:29 GMT
Share This Story
. - .
Bitcoin & Crypto - Making Money Slow
There is an undeniable scammy quality to a lot of the cryptocurrency trading advice out there. Most of them read like get-rich-quick-schemes that gloss over a lot of the nuances and risks involved in investing in bitcoin or any other cryptocurrency.
Thankfully, the advice out there isn’t an apt reflection of what cryptocurrency trading is actually like. Done right, it can become a powerful source for a second income or maybe even a primary one. And yes, in bull markets it’s ‘easy’ to make money. If and more aptly when things turn around - as all markets do - here are a few ideas for which to make money slowly and steadily by trading cryptocurrency.
Dive into the community
The best way to find out if you’re cut out for trading cryptocurrencies (or if it’s cut out for you) is by interacting with the community online. You don’t need to enjoy it per se, but it makes sense to get a feel for the activity before betting your house on it.
There’s no dearth of forums and platforms on which you can learn what cryptocurrency traders have to say about the day-to-day grind and the ecosystem in general. You could hang out onBitcoin Talk’s forums or read the discussions on Reddit. Use that time to both educate yourself and to figure out if you can spend hundreds of additional hours reading about similar topics and learning about the technicalities of the coins you’re looking to trade.
Factor in the risks involved
If you want to make money slowly and consistently by trading cryptocurrencies, it is essential to understand all the risks involved. The industry is inherently riskier than most other kinds of investment opportunities. Bitcoin’s prices have soared in the last few months, and have just as equally crashed in record times - which just goes to show how volatile of an asset it is. These fluctuations will be the norm for a while since bitcoin’s price relies heavily on public sentiment about it.
There are also risks that you can’t fully fathom now, such as the impact that regulations with have. Slowly but surely, governments have woken up to the need for regulating cryptocurrency trading. This is sure to have an impact on how we trade different coins and tokens.
The risks may seem scary, but they need not scary you away. Being cognizant of the pitfalls will help you make smarter decisions, such as choosing trustworthy exchanges, dealing with tax laws, and understanding how various cryptocurrencies are classified.
Start small, and with bitcoin
Bitcoin is where it all started, and that epicentre has remained the most important element in a constantly evolving industry. The blockchain was invented only to facilitate bitcoin transactions. The currency accounts for as much as 50 percent of the market. Now, bitcoin has even branched out into futures contracts on some big exchanges. If you want to make money trading cryptocurrencies slowly and you start today, you’ll want to explore bitcoin.
Although most experts will express a degree of confidence in bitcoin, don’t get too carried away. Never invest more than you can afford to lose - as doing otherwise is almost a sure path do financial ruin. It helps that you don’t need to buy whole bitcoins; you can own small fractions of one. It’s important to remember that while the market rises and falls, you’re thinking about the long term and want to make money in the long run.
Choose just a few altcoins to diversify the portfolio
So you’ve studied the market and you have that first fraction of a bitcoin in your wallet. Now it’s time to explore some of the top altcoins out there. Diversifying the portfolio isn’t just about making more money; it’s a way to balance the risk you take investing in cryptocurrency.
Factor in certain metrics such as the levels of liquidity, total number of coins that can be mined, and price action when selecting an altcoin. Given the current scenario, Ether is a great starting place as it was the founding coin that spawned an entire range of alt-coins. That said, it’s a volatile market and it’s important to do your own research before investing in any altcoin or ICO.
Familiarize yourself with the auxiliary tools of the trade
There’s a virtual cottage industry that has sprung up to support cryptocurrency trading. It constantly churns out new software tools that you can use to do everything from manage your portfolio to get trading signals. Make the best use of these tools to realize your goal of making steady profits from cryptocurrency trading.
For example, you may realize that using charts really helps with visualizing recent trends in the price of a cryptocurrency. So you might consider using a website likeCrypto Watch to view live price charts. In the same way there are tools you can use to getlive price alerts delivered straight to Messenger, playcryptocurrency price prediction games to gauge your ability to detect patterns, and so on.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."