Here at Bitcoinreward we love everything that is crypto. But outside of the fascninating technology aspect there is also a multi billion dollar industry just waiting to be tapped into.
This is the first of a series of emails teaching you how to make money from crypto trading. Let me start by saying there is no limit to how much you can earn. Some people trade for fun or a bit of extra spending money, others dive very deep into it and end up quitting their day jobs to be full time traders.
This guide will quickly go through the first three steps you need to take to start making money from trading:
1 – Trading Basics, 2 – Picking a Platform, 3 – Taking Action
1 – Trading Basics
Trading crypto can be a
steep learning curve, but just understanding the basics will give you
enough knowledge to start your path to financial freedom.
What is the goal in crypto trading? To make as much money as possible. And how do we do this? Simple, we buy and sell cryptocurrencies. But more importantly, we buy low, and we sell high. It’s a simple formula in theory, but understanding how the markets work is the difference between making money, and losing money.
Let’s take a quick look at the fundamentals:
Analysis – there are two real types of analysis:
Fundamental analysis asks question such as:
- What is unique about this cryptocurrency?
- What problem does this cryptocurrency solve?
- What real world applications can this cryptocurrency assist with?
I’m going to be honest. 90% of new cryptocurrencies I see are nothing but replicas of existing coins. They bring nothing to the market, they solve no problems, they have no real world use. These coins are destined to crash and burn. Trading these are exceptionally risk, you might make some money, but chances are you’ll end up losing in the end if you dabble too often with these.
Every now and then a new coin will come along that is a diamond in the rough. Bitcoin will always be king, but coins such as Ethereum, Tether, XRP and even Monero have real world applications and intrinsic value. Research is key. I know of people who got in early on these coins and made a small fortune, because they could see the potential of them.
Most certainly the harder of the two:
The theory on TA (Technical Analysis) is simple. The theory states that the direction in which a cryptos value will move (either up, down, or the same) can be determined by existing market data. Is it 100% accurate? No, never, if it was, everybody would be a millionaire crypto trader.
The goal of detailed TA is to limit the risk as much as possible when it comes to buying/selling crypto. In our next email guide we’ll be taking a deep dive into TA.
2 – Picking a Platform
There are dozens of crypto trading platforms out there. Some good, some bad, and some real ugly. We’ve used plenty, and we’ve had good and bad experiences.
The platform we’ve had consistently good experiences with is Binance. Let me tell you what makes Binance stand out from the rest:
- Nice easy to use interface – Binance has a very intuitive and user friendly interface, particularly good if you are new to trading platforms. Their technical tools are well designed and it’s easy to understand the data you’re given.
- Large selection of coins – Binance has possibly the biggest range of currencies you can trade, both old and new. With such a massive portfolio to chose from it makes it much easier to pick winners and start making nice profits from day one.
- Security – Binance have the best track record of any trading platform in the world. Their security is second to none and so far nobody has ever succesfully hacked them. A very sophistcated group of hackers attempted to hack a number of customer accounts and sell all their portfolio to Viacoin. Their plan was to pump the Viacoin price up as much as possible and then sell their large holding. Binances automated security system was able to detect this and stop it
- Customer service – In a world of automated systems customer service is often an afterthought. But Binance have an excellent customer service team who are quick to respond to customer queries. We’ve used them numerous times and always had a same day response
The final step and the one that people struggle with the most – taking action. If you want financial freedom and to be your own boss and set your own destiny then you have to take action. Starting with very little and turning it into a lot takes times, persistence and discipline. But we can’t do everything at once. What’s important is that we do SOMETHING, anything to begin the journey
I’m going to ask that you do these 3 simple things right now:
1 – Sign up for a FREE Binance account
2 – Deposit some FREE testnet Bitcoin
3 – Start trading
These are nice easy steps, within an hour from reading this email you could easily have all 3 done and could be monitoring your cryptos performance. And the beauty of it is – you don’t need to spend a penny!
Get comfortable with trading the trading platform using testnet funds to begin with. Buy, sell, try to make some profit and learn along the way. When you’re comfortable and are ready to take the plunge, look at making a small deposit into your “live” account and purchase some real crypto. Start with something safe such as Bitcoin or Ethereum and work your way up to other coins.
Don’t wait any longer, take action and begin your crypto trading journey. The sky is the limit, a year from now you might well have quit your day job and be living as a succesful full time trader.