How to make a live trading cryptocurrency | Author: Michael McCauley | The Capital | June 2021
Disclaimer: This is not financial advice. I am not an expert.you should Do your own research.
The Wild West was once the Internet. But the Internet has been tamed. We have controlled it. under most circumstances. But there is a new area to conquer. Its name is cryptocurrency.
Only in the Wild West can you make a lot of money. If society has figured it out, what else do they need you to do?
Every generation has such an industry. An industry that changed the world and made many people rich. Once upon a time, this was the gold rush in California. The other was the oil boom in the Midwest and Texas. Today, it is a cryptocurrency.
However, when the opportunity disappears, there will be a point in the future. By then, enough people will know about it. Don’t miss this opportunity.
Really smart people have created some projects in this industry, and these projects have turned them into BillionaireOf course, a lot of money sounds good, but you don’t need to be a genius to pay for your living expenses. Oh, even a clown like me can do it.
Before we discuss the details of cryptocurrency, let’s start with the cost of living. You should keep them as low as possible.
Don’t buy things you don’t need. Save as much money as possible. And live in moderation.
I earned more than a year’s salary from the last market cycle. I did nothing except pay off debts and pay bills. If you think of cryptocurrency as a lottery for buying toys, you will eventually lose.
I live in a small town you have never heard of. In a state where most people cannot spell. If you are curious, Tennessee. I don’t live like a king.
But in the final analysis, since 2020, I have never done a miserable job again. To be honest, this is really a blessing. And you, my friend, can also get this blessing.
Cryptocurrency is a new technology. Bitcoin only came out in 2009. Now it has a history of more than ten years. But this is still history. You can study what happened in the past to predict what will happen in the future. This is not a rocket science man.
You can start with a superficial level overview. Generally speaking, it is like this. There are a lot of cycles, where there is crazy price action.When Bitcoin has a Halving event, The bull market will soar prices after a year or so. Then everything fell apart. Just to make it all over again.
Bull market-crypto slang in times of rising prices.
This is a bit too simplistic, but you get the idea. Study the past bitcoin prices and get a rough idea of when things will happen.
This may take days or even weeks. Generally speaking, more is better. Research everything you can absolutely do. Knowledge is not just power. But it is a tool you can use to live a free life.
When you develop this strategy, stick to it. Don’t be greedy and move the goal post. I lost a lot of money by doing this.
“If Bitcoin reaches the price of X, I will have nearly $20,000 and I can pay off my mortgage.”
Stick to that plan. Don’t start thinking “Maybe I can hold on for a while. Maybe I can triple the original target price!”
Greed will end you.
Stick to your original plan.
Before anyone makes an accusation, no, I am not from a wealthy family. I was raised by a single mother, and as a penniless college student, I learned about cryptocurrency.
I started buying cryptocurrency with all my spare money. And not many. Usually less than $100 per month. Sometimes a little more, sometimes a little less.
But it is important to pay attention When I started doing this-after the crash in 2018. Although most people are panic selling, but I put all my spare money into this field. Its effect is better than I thought.
This is called Dollar cost average. Regardless of the price, you will invest some money on a regular basis. Know that it can rise in the future.
At that time it was still an unstable space. Sometimes my investment will drop by 70% within a week. Other times, it will rise by 100% in just a few days.
But I continue to buy every month. I have my sales restrictions. I insisted on them. It makes all the difference.
When the bull market comes, everything starts to move towards the moon, and almost any project that still exists will follow.
But we need to talk about how to find good projects for investment. Because insisting on using Bitcoin or Ethereum may not be everyone’s choice.
Especially when you work with very little money like me, you want to find projects with more potential.
Generally speaking, the smaller the project, the greater the potential profit in the future.
This is not to say that any small project can make you rich. This industry is notorious for its scams. But a good small project will bring you more money than Bitcoin.
You almost have to think of yourself as an angel investor. You are looking for one or two projects that have the potential to rise by 1000%. There are more people there than you think.
One of the important ideas you need to understand is that survival is prosperity. The cryptocurrency industry can be cruel.
If a cryptocurrency project has experienced a bull market and a bear market, then there is a certain weight behind it. This may be legal.
Therefore, if you can find one of these survivable projects, then you may have found a good investment.
But age is not necessarily a good cryptocurrency. Good cryptocurrency investment has three elements. If you lose any of these three, don’t invest a penny.
Does this project really do anything? I know this may sound shocking. But many cryptocurrency projects do not actually solve any problems. They do not solve the problem. They are really just zeros and ones on the Internet.
If you even consider investing money in something, you should be able to use it in a certain way.
Bitcoin is a store of value. Ethereum lets you build decentralized applications. Uniswap allows you to trade cryptocurrency without the need for an intermediary. Any of these is a safe bet.
Cryptocurrency does not appear out of thin air. Real people do them. To predict the future of cryptocurrency, look at the people who built it.
Except for Bitcoin, I would not trust the cryptocurrency of anonymous creators.
Is anyone really using this? If this project has a chance of surviving, its community will need some hardcore believers.
If a cryptocurrency is enough to build a community, it can survive almost any price change.