You want to make money trading Bitcoin and digital currencies? Of course.
Well the principle is pretty simple. Buying at a low price and sell at a higher price. That’s it really, in principle.
To do that, you’ll need to follow these 4 steps:
Creating an exchange account at iceCUBED and load it with funds. These will be used to purchase your first bitcoins and digital currency. We will need to verify your ID. Then you’re ready to go.
Open accounts with some of the other exchanges, in various regions. This way you can trade between countries and markets; taking advantage of price differences between them (arbitrage).
Select a Trading strategy. There are several options here, which we will discuss in detail later. You can day trade, swing trade or trade when markets stabilise. The important thing really is to start. The best way to learn is always by doing.
Start watching the market for any opportunities. A good, easy place to start is trading the difference between iceCUBED and BitX. Both are South African exchanges. There is nearly always a price difference between the 2 markets. So buying on one, and then immediately selling on another, will yield instant, easy, profit. Remember, you can trade digital currencies against normal currencies (e.g. ZAR/BTC, USD/BT, EUR/BTC, or, against other digital currencies themselves (e.g. BTC/LTC, LTC/ETH, etc).
There are more than 50 digital currencies listed on some exchanges.
Digital currency trading is very easy, compared to other forex trading. As always, it is always best to start only with money you are prepared to lose.