Hello Mates, I wish to venture into trading but I'm just being mindful of the current market situation. Looking at the market, I see instability.
I wish to get the needed guide on how and when to start trading Bitcoin and other cryptocurrencies inorder to make some profits to settle some of my needs. I appreciate you all for your kind response in advance.
As a starter, one way to potentially earn from cryptocurrency is to buy and hold a crypto asset that you believe has long-term potential for growth. This strategy is commonly referred to as "HODLing," which stands for "hold on for dear life." The idea is to purchase a cryptocurrency and hold onto it for an extended period of time, with the hope that its value will increase over time.
Another way to potentially earn from cryptocurrency is through trading. This involves buying and selling cryptocurrency in an attempt to make a profit from short-term price fluctuations. Trading can be more complex and risky than simply holding a cryptocurrency, and it requires a deeper understanding of market dynamics and technical analysis.
You can also earn cryptocurrency by participating in mining or staking. Mining involves using specialized hardware to verify transactions on a blockchain network, and in exchange, miners are rewarded with newly created cryptocurrency. Staking, on the other hand, involves holding a certain amount of cryptocurrency in a wallet and helping to validate transactions on the network in exchange for additional cryptocurrency rewards.
Before getting started with any of these strategies, it's important to do your own research and understand the risks involved. It's also a good idea to start with a small amount of money that you can afford to lose, and to consult with a financial advisor if you have any questions or concerns.