Hey guys,
I'm curious what a rough amount of income someone can generate from trading cryptocurrency is (monthly or annually is fine). I know there is a wide range depending on skills and also on capital used to trade, but I'm just looking for a rough answer.
For example is it basically impossible to make $1M a year just due to lack of liquidity? Or do only the absolutely best of the best make that kind of money? Thanks in advance for your help!
A little background about me:
I'm new to the cryptocurrency trading world but not new to trading.
I worked as a quant trader for a big name for a few years, but decided to leave recently and don't particularly want to go back to that lifestyle. It paid extremely well but I much prefer working from home. I currently have about a 50k bankroll I could start with.
My current full time work since leaving my vanilla job is as a political prediction trader here in the United States. I'm able to generate about $12.5k a month there (150k a year) with about 20hr/week of work but because of size limits on trading (for regulatory reasons) it seems hard to advance must past the $250k range, and that's only when markets get busier during election season. Wouldn't matter that much if I spent 40 hours or even 60 hours, just the liquidity is limited and the sizing of trades is limited.
So I do have trading experience but obviously every market is different. I understand fully that I would have to spend a while before I could consistently generate profit trading cryptocurrencies. My first year on PredictIt.org I made $1000. This year I expect $150,000 on a starting amount of $5,000.
EDIT: I plan on doing everything above board while trading, especially taxes. My trading style is usually short term day/swing trading currently. I don't plan to speculate what the next coin to make a 5000% jump is.
Thanks.
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