How to Make Money Trading Bitcoin? Bitcoin has become more and more acceptable and thus recorded a lot of growth these past few years. And due to the popularity and acceptability it has enjoyed, it has easily found a place in the top spot as far as cryptocurrencies are concerned. Regardless of the arrival of several other tokens, Bitcoin still maintains its position as the leader of cryptocurrency. One may begin to ask, “How long will this dominance continue?” and if truth be told, no one really knows. But Bitcoin still has a pretty decent future in the coming years. Its value has in fact doubled since it gained the attention of Wall Street, and this is possibly the best time to buy in. Bitcoin is still growing and even if it’s still undergoing some changes and experiencing a few glitches, the future of Bitcoin is not in question, it’ll be around for a long time. But the question still remains, “can you possibly make millions from investing in cryptocurrency?” In order to get an answer to that question, all you need to do is search within you. These days, there are lots of self-made millionaire that emerge from investing in crypto. Learn more about us and about investing here.
And if you’re reading this article, it is very likely that you desire that knowledge that would help you make money off bitcoin trading. You’re not alone in this, a lot of crypto traders and investors are also thinking in a similar way, and asking the same question “is there anything left to make off bitcoin?” or if we can make more money from trading bitcoin. To the Winklevoss twins, the latter seems to fit well, as they have invested a huge chunk of their capital in Bitcoin. Only a handful of people would go all in like that. We will further explain about how to make money trading Bitcoin.
Also, the people that originally came up with the concept of Facebook could have something up their sleeve. Despite their investments, there’s need for us to look into the details before deciding whether to invest or not. In this article, we will give you the information you need to make money from Bitcoin trading directly or indirectly. Click here to get a free account with STS Crypto and start trading today.
The History Of Bitcoin Trading
How to make money trading Bitcoin? Well it is only sensible to go over the history of every investment you make, and this is what every reasonable investor does before making any move. Bitcoin.org came into being in the recession of August 2008, and became registered. After some months, on 3rd January 2009, following the publication of a paper on peer-to-peer trading, the bitcoin network went live. And in the beginning, the Bitcoin sold for as low as .06c a coin. The reason for this was that a lot of people were oblivious of the concept of cryptocurrency. But in 2013, the price of bitcoin began to rise, hitting the $1000 mark. After four years, in 2017, it rose to a new $17500 mark, which surpassed all financial bubbles and standing as the biggest of all-time. In the course of the 2017 hike, the bitcoin became more and more popular, which caused the price hike to rise substantially. In spite of the opinions of any analyst, for trades to go down, there must be a buyer and a seller. We will learn how to make money trading cryptocurrency.
If both ends are stoked on buying and selling, the result is a liquid base. And this results in incredibly high prices. Every single person became interested and wanted to buy into the bitcoin, even if they weren’t fully aware of what it was. Pay no mind to the theories that the analysts pedaled. These were just wrong conspiracy theories. Basic economics hasn’t changed. During a bubble, people buy in for a short time, and then it pops. But after some time, the cycle begins again. Presently, Bitcoin sits at $8000. The big question is, are you ready to ride with the second wave?
Things To Do & Consider Before Starting To Trade Bitcoin
Many people that are reading this may be totally new to trading cryptocurrency. So we’ll go over everything. The first step is to create an account with an exchange, that’s if you intend to mine Bitcoin. Using an exchange is the simplest way to gain access to Bitcoin trading. Make sure that you select a credible exchange forBitcoin trading like Coinbase, CEX or one in the same ranks. Click here to get a free account with STS Crypto and start trading today.
After setting up your account, then you’re set to trade. But you should have proper information about what you’re buying and buy what you can afford. Go into the details as you study and get a full knowledge of the blockchain network and how it works. You should also get proper information about Bitcoin’s future developments, what makes it stand out from other cryptos, your present financial position, your future cash outlays, your continual financial obligations, and so on. It is important to know what you have and why you have it. It’s very wrong to invest blindly, without a full knowledge of what you’re going into. Or investing based on hear-says. Always keep a fine line between emotion and logic when you’re investing.
Establish A Profitable Bitcoin Trading Strategy
Traders are classified into two; long-term traders, and short-term traders. And in my most honest opinion, the buy and hold strategy doesn’t apply to bitcoin trading. In bitcoin trading, you need to be a great short-term trader to make profits. To make profits from short-term trades, you need to bury your head in technical analysis – the study of price patterns.
Also, implementing a plan is another requirement if you want to make profits from bitcoin trading. A simple example is in developing a daily routine to learn the following;
- Your price patterns off by heart
- The time of the day when the market is most volatile
- The speed of your internet to help you take advantage of dire situations
- Be in the know about the latest bitcoin news 24/7 and the readiness to make profits from any irregular price movements
- Avoid greed. Learn to get out of a trade at the appropriate time when you’ve made substantial gains. It is very important to know when to walk away from any trade.
- Invest in different trades. Don’t focus on or invest in only one trade.
- Don’t ever trade with money if you won’t be able to bear the loss.
The aforementioned principles will guide you and help you make profits from trading bitcoin. And if you follow them, you’d most likely have a very good run with bitcoin trading. We will learn how to make money trading cryptocurrency.
Finally now that you know the basics of how to make money trading Bitcoin. , you should also take note of your taxes, commissions, and every other charge in the course of trading. After you ascertain all of these amounts, you can know the exact profit that you made during your trade.