The crypto market is a huge market and can be a bit confusing. The cryptocurrency market could turn you to a millionaire in a matter of months if you play your cards well. Lots of people are diving into the crypto market -because it yields large returns- but are not well informed about the industry.
The versatility and profitability of this industry made me dig deep into it to create this ultimate guide for beginners. I chose bitcoin for my case study because bitcoin is the leading crypto in the Market. Trust me bitcoin is a lot of fun and money. People keep asking, is it possible to make millions from cryptocurrency investment?
Investing in platforms like coin explorer can earn you a lot of money on bitcoin. On this platform, you get double the amount you invested in 7 days. As you can see, it’s gain and more gain all the way. With that said, I’m going to teach you the basics of cryptocurrency trading (bitcoin)
I’ve divided the process into 3 stages.
First is The Setup,
The first thing you’re going to need to do is to open an account with a reputable exchange such as coin base or coin explorer. Opening an account is the easiest way to gain access to buying and selling bitcoin. Again, you need to understand what you’re buying and what you can afford to buy. Most importantly, don’t go into an investment blindfolded. Engage in research and learn how the bitcoin network looks like.
After the setup, Bitcoin Trading comes next.
This is the stage you’re most interested in. The stage that makes you a millionaire.
- Short term trading: The best way to make a profit is to become a short term trader. In a market, there are two types of traders, the long term trader, and the short term trader. A short term trader is someone who sells and buys coins frequently. Don’t buy and hold unto bitcoin if you want to make profitable returns.
- Study and know the time of the day the market is most volatile and how long it lasts. This could increase or destroy your chances of a win.
- Always study technical analysis which has to do with price patterns and know your price patterns by heart.
- A very fast internet connection will help you execute your transactions quickly. So get one if you don’t have.
- Never stop learning. Stay updated with the latest news on bitcoin. You can use it to your advantage.
- The popular saying “don’t put all your eggs in one basket” is also applicable to bitcoin trading. Don’t put all your cash in one trade. It is very risky. Engage across different coins.
- Never ever spend cash you can’t afford to lose. Use spare cash or money set aside for this kind of investment.
Once you have taken all of these into consideration, it is easier to substantiate how much profit you have made so far.
After you have made your profits, the next thing to do is the Withdrawal of Profits.
This stage is when you want all your profits or some of the profits made from bitcoin trading into actual cash in your bank account or somewhere else.
The first thing to do when you want to make a withdrawal is to pull out the bitcoin from your broker e.g. Luno to your crypto-wallet. You can pay it into your PayPal account or directly to your bank account. Depends on which you prefer.
I’ve talked about the 3 main stages of Bitcoin trading which includes:
- Set up
- Profitable bitcoin trading
With all of these said, I hope you learned something new today.
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