It is great to come your way again this week and will be continuing this session on wealth building with cryptocurrencies. Last week I emphasized on a method of building called buying and holding. In cryptocurrency space we call it HODL or HODLING. Meaning we buy and keep it for a long period.
The other way of building wealth with cryptocurrencies is by trading. Yes, trading. This technicality scares people but with training, you will be set up on making great gains.
Trading cryptocurrencies uses almost the same formula as trading forex but it is quiet straight forward as there are simple applications that can be used for it.
Since cryptocurrency prices are volatile and goes up and down easily, you can easily follow the rule of buying it when the prices hit low and sell when it goes high. Repeating this method daily can get you great rewards over a long period of time. This involves being committed to this space and being updated with news all around you. Unlike fiat currencies that move in the trends of economic news and political updates, cryptocurrencies are a different ball game and very volatile.
For e.g. A cryptocurrency trading pair of Bitcoin and USD can move from $8600 to $8800 in a day. This movement can be back and forth during a particular trading day. You can buy at $8600 and sell at $8800. You can repeat this same process over again during the day depending on your time and patience.
Trading involves a lot of risk and is not for the faint hearted. I want to stress again that money making isn’t straight forward but with the right tools you can get there. Let me open you up to a trading strategy that can earn you lots of money aside whatever you doing if you commit to it every day and this uses the power of compounding to work.
Trading for a profit of 2% everyday on your own for 365 days using the power of compounding will generate immense wealth. For instance starting a trade with $1000 for 2% profit everyday compounding for 365 days will generate over $500,000 if you are committed with this trend. The power of compounding will massively take you to the financial moon.
Trading for 2% profit every day is doable but with several experience in internet wealth generation, companies that offer such profits like 2% to you daily are high risk and you should desist from giving money to them especially when it is not a well-known company with rich experience. I will deal with this issue of fake companies later.
There are major exchanges you can trade cryptocurrencies on and some include Binance, Poloniex, Kraken, Huobi, Bittrex, etc. You can get an account there and begin trading. Remember to always make use of their support anytime.
Trading is great but if it is cumbersome for you, then you need to find reputable companies to help you do that but do not chase high options as you can be burnt. You can discuss options with me and I will be glad to help.