how they have been able to make lots of money via trading of altcoins. They said they'll buy at lower price mostly when the coin hasn't gotten enough volume of trade and market cap, then wait for it to increase in value and then sell. With the way they explained it, it seems they are using quite a huge amount to buy so they'll make enough profit from it, and they have been successfully with that pattern. But what really made me joined their discussion is when I heard them say "Bitcoin na old school na, na for old men". After hearing this I had to engage in an argument with them with the little knowledge I have acquired from this forum and my research, but they keep insisting that trend is the best and quickest way to make it from crypto.
To me trading is way for the rich to get richer and those with low cashflow and half-size knowledge to get poorer (though with proper knowledge one can still managed to become successful with low cashflow in trading). Because you can't compare someone who trade with like $1000 and above, to those who trade with $100 . So for instance someone that normally trade with $1000 decided to buy a coin who's price is $0.2, which will give that individual 5000 quantity of that same coin, then the coin rose to $0.21 , that will be 5000 X $0.21 it will be $1050 showing that he or she has made some profit due to just little change in price , which is $50 profit . Now imagine such token value increases to 0.3, that will be 0.3 X 5000 = 1500 showing that , that same trader will make a profit of $500 if the price rises to 0.3$ . So such trader won't bother to stick in market for long he can just sell and go with that profit after making half of the money he invested , don't forget that the rate of making profit is equivalent to that of losses.
Then if an individual that's a spot trader , that Normally trade using $100 decided to buy that same coin during the price of 0.2$ , that will left him with 500 quantity of that same token . If that token experience an increase in price from $0.2-$0.21 . The nigga money would then be 105 making a profit of $5 , then lateron rose to 0.3 that same nigga trading funds would be $150 showing that he as made a profit of $50 . But after seeing alot of traders making huge amount of money through their trading such users won't be satisfy with what he has , that when the greed will kick in . Then such user would decide to wait hoping to make ×5 of the money he traded at the end the coin dip even more than his entry price . At the end he endup selling without making any single profit but losses.
That why I don't recommend trading to individual with low cashflow and low knowledge concerning this crypto space. Though those with good cashflow if you're trading, still need to be careful because the bigger the money you trade the bigger the profit and Same with losses. That why is better to just jejely accumulate and hold your bitcoin for long-term gain . Than going through all this stress. And please not everything you hear you have to partake on . Always do your own research because even if he work for another person there's no guarantees that he will work for you also.
