Does Bitcoin Trading Really Work?
Bitcoin trading works for you if you know what you are doing. I know some people who became millionaires within 5 years of trading Bitcoin and other cryptocurrencies and other people who lost all their money.
Many people are too lazy to learn how to trade, through reading books, watching trading videos, and taking genuine trading courses. Thus, they lose money by giving it to scammers who falsely promise them a certain percentage per day, per week, or per month which is ridiculously too good to be true.
Before you start buying and selling cryptocurrencies, you should date and understand yourself first. You should answer the following questions without lying to yourself:
(1) Are you going to buy Bitcoin and other cryptocurrencies and sell them on the same day? (Day Trading).
(2) Will you buy the cryptocurrencies and sell them after a week, a month, or three months? (Swing Trading).
(3) Are you going to buy and hold for some years. (Holding, or Hodling).
(4) Are you going to be using margin trading (trading on leverage)?
In addition to answering these questions, you should also read some books about trading (stock trading, forex trading, Bitcoin trading, cryptocurrency trading, futures trading, etc). You should also read books on investing. This will help you understand how trading works. Furthermore, studying trading and investment will equip you with the required knowledge about fundamental and technical analysis.
Please, never ever dive into cryptocurrency trading and investment just because your neighbor's son recently turned $1,000 into $100,000 within three months. You should know and understand what you are buying.
Who are the people behind it? Does it provide any value? What problems does it solve? How does it work? Will people and businesses buy it in the near future? Is it different from what already exists?
If you don’t understand it, don’t buy it until you understand it. Never ever forget to only invest or trade with only that amount of money you can afford to lose. In trading, there are no guaranteed profits, and if anyone or any platform promises you guaranteed profits, please run away because it’s most likely a scam.
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