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
Answering to your first question, everything is possible but don't set your expectations so high. I am assuming that you don't have a background in trading, otherwise you wouldn't ask if you can do it. So there's a learning curve with technical analysis and dealing with emotions. And that learning never stops.
And to second question:
After you have bought bitcoin from somewhere with fiat money, with amounts like that it will be easy to find exchanges and start trading btc without a kyc. And you should definitely go with those. It's cheaper and less time consuming. With binance there's a decent daily withdraw limit without any real kyc.
And then you need to decide your strategy. Playing with leverage, low cap shitcoins, swingtrading, or high frequency trading.
What ever you decide, just know that it will be time consuming. This is a 24/4 space with constant newsfeed, this can literally take more time than most jobs.