Taking advantage of the rise and fall in BTC and other cryptocurrency by trading in an exchange will make you good money.
Lately, there is been a rapid hike in price of many cryptocurrency. Is actually a very good thing for traders like me and you.
Crypto trading is actually a good and easy way of making money( sometimes we call it blood money, especially when you get lucky).
Few months ago, June/July/ Aug, wasn't the best of months for crypto traders. Good thing is trading is making traders smile again, as the crypto market is looking all good.
So here is a tip for traders:
Well, I trade on Poloniex, so my tips will be based on Trading on poloniex, using chart from Poloniex.
Why sit and watch your BTC and SBD rise and fall on you when you can take advantage of the volatility in price to make more money or even make double.
Here is BTC chart on poloniex from Tabtrader.
You notice the movement of BTC?
Now let me tell you what I do to benefit from the rise and fall. Which is actually a good thing for a trader.
• I watch my chart, as it keeps rising, I take profit. I sell (some of it, just to play safe when you certain) for USDT(tether). When the price drop, I buy btc using my USDT.
Note that as the price of btc falls, my money remains the same in USDT, hereby keeping my money same value irrespective of the fall in price of BTC.
What do I do next!
•I buy more btc at a lower price with same amount of USDT. That way I have gain more btc.
By doing this, a fall in the price of btc will never have effect on your money, rather you gain more.
But again, you need to be a good trader and understand your charts well enough to make the most of the volatility, as it could be very tricky.
Lets talk about SBD:
Let me ask you, how did you take advantage of the price hike in SBD? Did you just sell to steem or sell to btc/fiat @ $8-10?
Do you know you can make so much from that 1 sbd you are selling for $8? You can trade it when it gets to an exchange.
Here is a tip for traders: You can double your SBD to make twice or more of what you are making.
•Trade your SBD in an exchange (bittrex/poloniex).
•Sell when the price is high.
•Buy more SDB in the dip and sell again.
Just doing this, made me more money than selling my SBD for btc/fiat.
Again, like I said, only traders can take advantage of the volatility in price.
To you traders, grab the opportunity and make yourself some good money.
And to the non-traders, well you can learn to trade if you want to.
Thank you for stopping by.
If you like me just by my name or blog activities(lol);