I've seen several members claiming to make a living by trading Bitcoin, and, whilst this is possible, it does require quite a degree of sophistication in my opinion. Always remember that for you to make a profit, somebody else has to make a loss,
Not quite. I think when arbitraging you are just taking advantage of contrast in different exchanges. So no other person is directly taking a loss..
But in trading generally, others lose for you to gain. And mostly the patient are in the receiving end.
and the odds are even further against you, as there are two lots of trading fees that will be taken by the exchange. and there is probably a price spread to consider as well.
The price of Bitcoin seems to be manipulated at the moment, and many statistical changes seem to be triggered by major investors, rather than an indication of a price trend as a result of general market valuation. So, given that the odds seem to be stacked against you,
This are problems faced by newbies and experts alike. And the price of bitcoin is not so easily manipulated anymore. And it is less prone to sharp drops and pumps.
I wonder how many beginners or new members are able to read the market accurately enough to make a profit from trading.
If they can indeed read the charts accurately from the get go, then they probably have experience in trading and price analysis from some other area.
Aside that, skill and ability grows with practice and experience.