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July 20, 2015, 05:14:58 AM |
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Playing the market is the way to go for someone who wants to see instant action or results. However, it isn't for people who don't have income to lose. You will probably make mistakes for the first few months that you try to work with the market, and will keep doing so until you get a proper read for it.
An approach you can take, though it is by far the riskiest move of all, is to jump right into the market and get to work. All you have to do is sign up with any of the trusted companies (Bitfinex, Bitstamp, Coinbase, BTC-e, Cryptsy, etc). After you have confirmed your account, you will provide some forms that prove your identity, location, and tax status.
After you go through all of that, it is simply a matter of putting what you made into your account and watching the market on a daily or hourly basis for the opportunity to buy and sell to make more money. Some exchanges will charge a fee on any transaction you make, which will range from .25 per
trade to .60 per trade. This is how these companies make money – because people know this has a chance to be the most successful venture for them.
Playing the markets requires you to be alert. You do stand a chance to lose some of your money through this method. In fact, it is probably the riskier option overall. You should only trade if you are willing to dedicate a large chunk of your time to this process. You can't only check the numbers once a week. Those who make the most money constantly pay attention to the rises and falls, and sell as soon as they know the time is right. If you don't have the time because you are working a lot or raising a family, you should consider another approach.
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