Before you get into this trick, you have to keep 2 things in mind.
- This trick works best in a bear market.
- This trick is very risky! Do it at your own peril.
Okay, the trick is very simple and involves three steps.
- Sell high
- Buy more lower
- Sell the difference
Just yesterday, the price of 1 ETH was $528. So, I sold a total of 10 ETH for approximately $5270 (including fees). A few minutes later, the price dropped to $521. I then bought some 10.008 ETH.
Finally, I withdrew 10 ETH from my GDAX account, sold the remaining 0.08 ETH and then pocketed approximately $42.
I had 10 ETH at the start. I still have 10 ETH. Plus, I now have $42.
Alternately, I could have kept that extra ETH and sold it for a higher price. That way, I could have slowly increased either my USD or my ETH.
Note: Focus on 1 currency at a time. Either focus on getting more ETH or getting more USD. I focussed on getting more USD
I'd like to make this a default operating procedure during bear markets, but I need to work my nerves up first!