Three Cryptocurrency Trading Strategies to Replace Your Current Income
Possible to Earn $1M Per Year Trading Bitcoin?
Bitcoin can be a lucrative venture and some even say it is possible to earn $1 million per year through trading. While not impossible, it is extremely difficult. Here are a few options that want to be high earners may aspire to implementing:
Direct Bitcoin Flipping
Direct Bitcoin Flipping may be one of the easier methods of making money by trading Bitcoin. Here. Users flip BTC continuously. One will buy the bitcoin for a certain price and will then sell it immediate when a profit starts to show. The small gains will need to be sufficient to offset trading fees associated with the exchange. To succeed, users must have a lot capital upfront. Ownership of one bitcoin is a good start, but even at the current price, incremental trading by flipping request one to place many orders in a single day.
Margin Trading is the second option and it is ideal for those who do not have much patience when it comes to trading bitcoin. Here, trading yields high returns, but it also incur a substantial loss. It is a passive method for trading bitcoin and it does not require one to own cryptocurrency outright.
Here, users set up leveraged positions to determine if bitcoin will increase or decrease in value. Traders are able to earn a profit if bitcoin’s price decreases, which then generates opportunities to reach the $1 million goal faster. However, it is crucial to have the right technical analysis skills – margin trading is not something to simply dabble in because users run the risk of liquidating their fist trade and losing money in the process.
Altcoin Gamble is the final option. Here, bitcoin trading is not the focus, Rather, trading of altcoins against BTC is. Those who use altcoins are able to increase their overall bitcoin holdings over time, and it makes it easier to each the $1 million goal in the year. There are thousands of tokens, assets, and currencies that users can choose from, but be aware – not all generate great profits.
Based on 2018’s altcoin performance, using them to earn bitcoin is becoming riskier though. Many of the best altcoins have led to disappointment. While some rose in value, they are ultimately a high-risk high-reward strategy which involves technical analysis, active trading, and using many different exchanges.