Post
Topic
Board Trading Discussion
Re: Is it worth for me in my situation to start btc trading?
by
Tungsten-1
on 07/10/2019, 19:28:13 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 confidently go ahead with trading investing $300. I did start with exactly $300. My advice would be, dont rush for profits. Have patience. Select minimum 5 best coins you wish to trade. Analyse the coins  before choosing them to be in your portfolio. Keep shifting from one coin to other coin based on values.
$300 is fairly enough money to start trading. I would suggest to go for bitcoin because it is the best one when comes to gaining profit out of investment but if that feels a bit difficult then it is better to go with promising altcoin and ultimately trade in bitcoin. The reason behind this is simple, only bitcoin has produced millionaire so far. People have improved their financial status by trading this cryptocurrency.