Want to make money in cryptocurrency find out how
You have probably heard by now of a friend of a friend who purchased a luxury house, a boat or a super sports car with money earned from cryptocurrency investing, and you are wondering: “Maybe I should get into this.”
There are many stories of people who purchased Bitcoin back in 2015 and sold it for thousands years later making huge sums of profits on their investments. Will these days come back, its hard to say. The good news is there is an equal chance of success in Alternative or ‘Alt’ coin market. Alt coins are new minted cryptocurrency coins, there are about 30 thousand of these coins in the market today and more are being added every month.
In order to get into cryptocurrency trading you need to set a goal and work towards it. Just like going to the gym.
Just like me, many of us may have had a challenge with body weight. For me I was overweight years ago. I was wearing a jeans waist size of 38 inches. I hated myself, and I also hated going out, since I did not want to be seen in public or my friends to see how much weight I gained. Putting on jeans was depressing.
I woke up one morning and decided to take action. I set a goal to wear a size 34 inch jeans, slim within 9 months.
So I joined a gym for AED 450 per month. I changed my diet, and started to purchase gluten free food items. I went towards eating more fruits and veggies and cut down on carbs. I took private trainer lessons. I spent 4 months on an intensive workout program which I downloaded from a fitness website. I went running three times a week. My friends recommended me to take on a Personal Trainer for two months, I signed up for a free consult to measure my body weight.
After three months and many additional expenses I started seeing results. After the end of the fifth month I lost over 10KG reaching my goal of wearing a waist size of 34 inch jeans. I was over the moon. A friend of mine did something similar and she purchased a dress size of 7, hung it over her closet to see it everyday — working towards her goal.
If you want to be successful in cryptocurrency investing you need to set a goal and work towards it, just like loosing weight.
Example, set a goal such as: “I want to make USD 9000 profit in cryptocurrency by December 10th, 2022.” or something similar. Then three times a week for one hour you can start trading in BTC, ETH or any other alt coins. You can adopt a buy and hold strategy and watch it every other day. When you want to loose weight, you take on additional expenses such as buying healthy food, going organic, subscribing to a gym membership or hiring a personal trainer. In cryptocurrency you can take on additional expenses by purchasing different high growth coins, such as SAND, NEAR, or Terra LUNA and then holding and then buying some more. Every profit you make you place it back into the pot to make new trades. You can start small buy buying $50 or $100 and holding them and selling later. For experienced traders they usually buy the dip and sell at a high or 10% or 15% profits.
There are advanced strategies buying reading candlestick charts and technical analysis with useful tools such as LuxAlgo —
https://www.luxalgo.com/ which give you clear profit opportunity signals on when to buy and when to sell by adding the tool to TradingView.com.
The idea is to start small and go from there and see what you are comfortable with. Some people are not comfortable reading charts and analyzing trends others are and have a background in it.
Think of it this way, if you have one hour a day of trading, then you can start looking at buy and hold strategy and monitor your buys and sells every week by evaluating against fundamental analysis methods. If you have more than one hour per day to trade then you can start getting into technical analysis by understanding the basics such as how to read candle-stick charts. There are many videos online on this. If you only have one to two hours per week to spend on trading then you can simply buy into mainstream coins such as BTC, ETH, LiteCoin and others and buy and hold and sell when the coin is up by 5% or so. there are different ways of trading to suit any persons schedule.
Understanding your schedule and allocating a time per day or per week and making the buys and sells will most likely get you to reach your goal. If you don’t like long term goals, you can set a goal for two months of making a profit of $500 and start from there. The aim is to get started and get your feet wet, test the waters and go from there. You may float for a bit, you may dip under the water for a bit and you may swim like like a shark, ultimately you want to reach your goal and you cannot reach it without taking that first dip.
Once you reach your goal you will feel the glory and the wins will drive you to set a bigger goal, maybe sign up for a Cryptocurrency trading course and learn advanced tools. All of which depends on you.
Disclaimer: I’m not a financial advisor, nor an investment advisor, this article is for educational purposes only. Cryptocurrency investing has many risks make sure you do your due diligence and conduct your own research. Invest at your own risk, and never burrow money to invest in cryptocurrency.
Thank you and have a great day
