Post
Topic
Board Trading Discussion
Re: Is it worth for me in my situation to start btc trading?
by
PuertoLibre
on 02/10/2019, 10:21:29 UTC
Hello

I have spare $300 that my friend suggested to use to start cryptotrading, as this is the maximum amount of money affordable to lose. I have a month of free time to trade with btc. Currently I don't have income and I have three ways to set it: cryptotrading, freelancing as programmer, or full-time job. I chose to expirement and try luck with trading and freelancing, if there is no success with any for september, I will choose full-time job. If I can make about $500 per month with all of these methods or some of them, I can forget about job for a while, which is highly preferrable.

So my questions are:
  • Can I learn and do trading for month to make at least some money(around $100-$250), while doing freelance programming? I can arrange 3-5 hours for each activity per day.
  • Should I start trading on OTC exchange or regular exchange? I tried bisq to sell btc, but it seems like there you can do it with rather huge amounts of money I can't afford to make offer with. This is because of security deposit of 50% of trade amount. Maximum offer amount I can make is 150$ whereas there are more offers which range $100-$1000. They also seem more profitable for btc buyers due to less interest, than that I chose. After scrolling thorugh bitcointalk, my only options left for OTC are localbitcoins and paxful. And I don't really like any of these because of shitty customer support on both. Moreover LBC nowadays has attitude to KYC everyone, I don't like it because I would keep my personal information than send it to someone
Yes, you can make money even if you spend 3-5 hours a day. but make sure you have market knowledge as well as TA knowledge. That will make you a lot of money if you anticipate the right direction of the market. Margin trading is a type of trading that helps you earn a lot of money in a day. You should try in Bitmex or Bitmax exchange.
Instead of throwing a free BTC to the Bitmex, I suggest learning about financial security for the rest of life. After having enough practice with the demo accounts, it will be the same experience rather than wasting time with emotional trading on the margin trading accounts. It will turn to the sports betting if there is a skill for analyzing the market conditions and having a proper technical, fundamental research ability IMHO.