i think Bitcoin is only profitable if done at large scales. you must get expensive mining equipment and of course it consumes a lot of electricity monthly. Also it’s usually much more cost effective to buy Bitcoins with this money instead of using it to buy mining equipment.
They are both expensive whether to mine or to buy, the difference of both are the profit time. Holding bitcoin or use it for trading you can make it double or loss it all in a short time and when you mine it will take a long time to return of your investment. |
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I'm a complete newbie but I am eager to learn how to trade and make some good profits can anyone help me so that I won't make many mistakes in trading? Any Tips?
Do your own research is the best way to learn about trading. Don't be afraid of losing because there you will learn and be wise. Even top traders loses but never give up on what they believe in. Just control your emotions and the rest will follow. |
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I think is more than enough because people will hardly buy bitcoin because the price is so expensive and will come a point they will change to another coin.
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I will choose a coin after a while. The coin is too much now. Which coin do you like? Please tell me some reasons. I will thank you very much.
Well, I don't really hold coins except ethereum because ETH is the only coin that I trust to hold on to for long term purposes. The rest I buy it when I see a dip and sell immediately when I gain 3% to 5%. |
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Well, of course. Who wouldn't be afraid of them if your hard earnings will be gone because of those hackers. But I am confident the admins are making their site be more secure to public.
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Would like recommendation on best exchange to trade on and reason why you believe the exchange is better than others?
Well it depends on your taste actually. I'm using 4 accounts while trading (poloniex, bittrex, hitbtc and yobit) because some exchanges don't have the coin I trade. |
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Well, I am trading at poloniex, bittrex, yobit and hitbtc. They are all great and I never had an issue on transferring, buying and selling cryptocurrencies. It will depends on which site you prefer and comfortable to use.
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In my opinion, just buy more coin if you have an extra fund because todays coins are tomorrows profit and next month we will surely having a big news.
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I am using an app called blockfolio. Its very convenient, easy to track and has an alert when want to buy or sell some coins. There are also features that can help you like graphs, buy and sell volume and news.
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Of course I do, who wouldn't like crypto coin when I gain profit out of trading and holding.
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Look at the top 10 coins at the market cap and choose 3 coins that you love to invest to. Just make sure that make your own research and always buy in dip.  |
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Its truly a risky investment in crypto world and its hard to predict the movement but can give you a huge profit if you know the flow.
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You are definitely right, mate. Its okay for the investor to hold it for long term but in trading we should always put some stop or cut loss to prevent more losses.
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I never tried trading in forex but a friend of mine is earning money every month like in trading altcoins.
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Well it depends on the demand of buyer and seller in each exchanges. If the differences are huge you can transfer your fund and can gain profit out of that.
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Its a great time to buy more coins because prices are low and after bitcoin breaks the resistance it may shoot to 12k-14k.
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For me, I do use the marketcap and watch which coins are gaining big time. There I use my luck to trade a coin with a high volume. In every trade that I do, I only take 3-5% gain and uses a stop loss of 10%.
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Its unpredictable, people uses fundamental/technical analysis for candlestick charting and doing your own research for them to have a better chances of gaining.
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Its the good time to buy bitcoin because its really in dip now. Don't wait for more dip or you might miss the chance.
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I do short trade and using a stop/cut loss of 10% and only taking 3-5% gain in every trade.
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