Bitcoin Forum

I am wondering how this works...I see people say they make a good living doing this but you must need a good amount of coin to make this work.
Anyone that does this give me some insight into how this works? ???

buy low sell high, as simple as that. you earn more profit if you have more BTC, but you can also lose a lot of money if get unlucky.

https://www.bitfinex.com
https://exchange.coinbase.com
https://www.bitstamp.net

The 3 best (most trusted) bitcoin trading platforms ^^^^^
I can't help you in any other way though, like the poster above me said - buy low, sell high. What is seen as low & high is upto you though, at your discretion. Maybe play about with small amounts first until you get the hang of it.
Good luck.

if you don't know how to trade, just don't do it. if you do plan to trade, then start by buying and holding it for a while. just make sure you don't invest in scamcoins. only trade bitcoin.

Not trading but people that have accounts on LBC and sell/buy with a markup.
When I was thinking about setting up a btcjam account I read a guy saying bitcoin sells for more in his country and he was going to take advantage of some difference in his loan. Have also seen others state they make decent coin selling coin on LBC or other like minded sites.

To me it seems like a narrow market but keep running into people stating this is how they make money. Wanted to see if its like saying you where a early bitcoin adaptor and you saw a unicorn. Pretty much wanted to know how true the statements where.

Asked how much because I thought it would bring some one that does this into the thread to talk.

First of all, if you already have enough traders in LocalBitcoins in your country, you wont probably be able to make it. Rather, try out rising LocalBitcoins alternatives like 100bit.co.in (http://www.100bit.co.in), where the market is not yet properly built up. Price is now fluctuating between 220-240. So, Buy @ 220 and Sell @ 240. Please note, it is risky businuess as no one knows when price will go north/south. So, beter is follow traders on LocalBitcoins and do the same on 100bit.co.in (http://www.100bit.co.in).

I would study the markets to get a good understanding of how the prices of bitcoin usually fluctuates. It does take quite a while, but it's worth it. Then, buy bitcoins when you think they are at their low and then sell it when they're higher. When you begin, you'll lose quite a lot. In the long run, it's worth it.

simple buy and sell. you can buy alt coins which you think have potential to get the price rise then sell it at the time you think you will profit enough

You wouldn't necessarily have to hold a lot of coins, just a small amount in escrow on the localbitcoins site ready for sales and fast access to more through an exchange or another seller.

You could sell 10 coins a day and if it's spaced out you'd never need to buy more than 1 at a time.

If you look at the buying section you can also see the same traders offering to buy coins through there for a lot less than they sell for.

If you're in the US it is a little bit of a grey area. They might try to nail you as a money transmitter.

If you don't have very much BTC to play with, you need use leverage for any chance at making money.  Okcoin lets you trade with 20x your balance

you have to keep a couple of things in mind:
1) if other people are making money or huge amounts of money by trading bitcoin/usd it doesn't mean you can do start doing this without any prior experience.
2) do some research about exchangers that you want to put your money in. use google search and also search in the forum for their announcement threads and problems that people ran into with those exchangers.

p.s. i personally like trading altcoins since i am better at it rather than trading bitcoin, besides i was able to make more from trading alts.

right now, they are shorting massively, sell and rebuy fast enough, don't be greedy and wait for a high %, when it drop by 3-5% is already enough to buy again

for example before the xt drama it was at 245, selling at that point and buying afterward would have give you about $20 for every traded bitcoin, if you do it with ten btc, then you end up with almost 1 btc profit

I am a trader in my country and what I essentially do is buy at a price around 8-9% lower than stamp, and sell at Bitstamp. I manage to sell around 10 BTC a day , so I can bag a profit of around 0.5-1BTC almost everyday.

Yes, if using LBC just be sure to know what the rules are in your area.  I hear scary stories in the usa so be careful with your transactions.  If you end up selling bitcoins to a dealer, whether or not you knew what was going on you could still get charged with a crime.  There might be ways to protect yourself, like make a customer sign a waiver or something that could indicate that you are not trying to make a crime.

you are lucky that you can buy BTC in very cheap price. its hard to find someone that is willing to in a very low price

how much your capital ? and where your country ?

Its dreamy to get bitcoin with cheap rate. Ofcourse, you are lucky guy. GO to google and search, you get a list of trading site.

Buy from one platform at market price (btc-e, bitstamp) and sell with margin on platforms like localbitcoins. Repeat this. Repeat this again. And keep repeating it. You will earn good profits.  ;D At whatever price you are buy, just make sure you sell it at the higher price than that and maintain your accounts well.

2 options:
-buy bitcoin, HOLD, and sell after the price reach as you wish(long term i think, dependent the price reach as you wish). Buy on the exchanger like Coinbase, Bitstamp than Hold on your cold wallet, remember, don't store your coins on the exchanger.
-trading on platform(short term), you can get more profit if your analysis is good.


~iki

Best advice I have seen for a long time  :D

Seriouly, if it was that simple why don't everybody do it? Also keep in mind, in order to make a profit on trading crypto, then MUST someone have a loss. Its pretty easy to guess where the loss come from, I think the biggest source is newbies getting in trying to trade, they are being ripped of. If you try to sell/buy you will in some kinda random altcoin which is moving, it is pretty clear that it the same person or entity making buy/sell orders. It is super coordinated and designed to rip "new traders" off.

youre lucky if you walk away being in profit.

Its just a higher form of gambling that most wont mention straight up to your face, but encourage it with TA = technical analysis.

Just stick to your job, buy btc on the decline trend and hold. Or just build a service around bitcoin.

Some good advice in here.

Currently not looking to do this but was interested in what it might take. Would most likely hold the bitcoins long term due to this being a side project.
Would be cool if I could spin this into paying the bills and banking my wages. That would be the dream.

Based on peoples response on this thread, I wouldnt take that risk unless you can afford it.

Its like a 50/50 chance, unless you know something that others dont.

I would not be going at this like a ping pong game and would sit on the coins. More than likely I would make a trade per day type setup.
Would never be over extended and would have maybe 3 coins at most in play at one time.

No plans to be greedy,just picking up some extra cash would be nice. Beer fund maybe at worst. ;D

You could try signature campaigns. You see the ad at the bottom of this message? That's a signature, depending on your rank you get different rates from like 0.1 USD to 0.8 USD a post! From that you can start loaning, investing, or gambling :DDD.

they are just good at predicting how the market will move, based on its past history, there is nothing more to know, well then you have manipulation, which basically can drive the price where you want, but this is another story