Yes! You can absolutely make a living from Bitcoin trading. But there are a lot of “ifs” attached here as stipulations.
You can make a decent living from Bitcoin trading if you know how trading works if you understand the crypto market, if you have a viable trading strategy and the time to conduct market research and if you have the right tools and market appetite. These are just some of the most important “ifs.”
But it is a viable earning option if you are willing to put in the work and invest an adequate amount of time and resources.
Bitcoin Trading: An Exciting And Profitable Way To Earn
Before you jump into the Bitcoin trading bandwagon, you should know there are plenty of different ways of earning money from Bitcoin; investing and mining are chief among them. But making money and earning a living are two different things.
Bitcoin trading is usually short-term, intra-day training. So if you are completely new to trading, let alone crypto trading, there are a few things you need to know.
- Trading requires you to learn an asset (Bitcoin in this case) and the associated market thoroughly, which includes understanding the external factors that drive the asset’s price up or down.
- You need to have the right traits: Discipline, patience, a healthy risk-appetite, and flexibility.
- You need to become a fast learner and always try to learn from your mistake.
- Always have a strategy or a plan that you would follow, but you should also have the adaptability to modify your plan based to match the circumstances.
- Leverage technology as much as you can. The better you understand your tools, the less effort you might need to put in.
These traits can help any investor, regardless of the asset, but Bitcoin requires you to hone your skills even more and develop a better skill set as a trader.
Because Bitcoin is volatile, this is one of the reasons why it makes such a good trading asset. If you learn the ins and outs of this asset, and you have the right tools and strategy, you can make a decent living from Bitcoin trading.
A few tips that can help you turn Bitcoin trading into a viable earning option:
1. Learn about technical analysis and metrics. This would allow you to understand, leverage, and predict price patterns and time your trades accordingly.
2. Create a routine. It doesn’t have to be a daily thing, especially if you already have a day job and are only doing Bitcoin trading as a side gig. But ideally, you should carve out a few hours for this from your everyday routine.
3. Leverage market volatility and sync it with your routine. A few weeks of trading will help you understand which days and hours are most volatile, and those might be the perfect instances to execute your trades.
4. Stay tuned to the news and Twitter feed. A Tweet from an institutional investor or someone like Elon Musk can rapidly move Bitcoin either way.
5. Test out different options. Buying and selling Bitcoin can be profitable, but you are likely to reduce your risk if you spread out the risk on multiple crypto assets.
6. Even if long-term holding is not a viable strategy for you, it might still be a good idea to look into strategies like Arbitrage and Swing Trading.
7. Develop your basic math and financial management skills. They won’t just help you make profitable trades but might also keep you from going bankrupt because of Bitcoin trading.
Discipline is crucial for a day trader because if you don’t know when to quit and when to cut your losses, Bitcoin trading might as well be gambling for you. Winning streaks can be just as dangerous as consecutive failed trades for your overall trading game because they can goad you into a false sense of security, and you might put more money into individual trades than you should. But once you get the hang of it, you can make a decent living out of it, and there are plenty of ways you can spend it on yourself. Some of which can be found at btc revolution site.