Post
Topic
Board Trading Discussion
Re: Is it worth for me in my situation to start btc trading?
by
SvonioneFromMangoCoinz
on 12/10/2019, 14:06:33 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
$ 300 is a small capital so you can make a lot of money at trading. because the professional and good traders, they only have 1 day target of 1-2%.
and to get $ 500 per month, it will be a very difficult and risky thing. I think you should take a risk with Margin trading, which is a leveraged trading and helps you make as much money as possible in a short amount of time if you correctly predict the trend.
If you do not know about it, you can read it here: https://www.binance.vision/economics/what-is-margin-trading