Is it possible to come to the crypto market with a thousand dollars and become a billionaire, what trading strategies are suitable for beginners and how to reduce the risks of losses? Valery, Private Wealth Manager at Currency.com.
The private equity manager at Currency.com, answered the most important and simple questions about how to make money on cryptocurrency.
How to choose the right asset for investment, is it worth buying a ready-made algorithm, and how to reduce the risks of capital loss.
Some excerpts from the podcast
“We need to decide that this is all a game. In any game, you need to build a strategy, in this case – a strategy for making money. For cryptocurrency, four strategies can be fundamentally distinguished:
1. Trading;
2. Mining is not entirely suitable for beginners, because at least a large start-up capital is needed;
3. Investing is an option for beginners, but a fundamental approach is also required here. It is important to understand what you are investing in and for how long. Understand the fundamental prerequisites and reasons why this particular crypto asset can grow;
4. Algorithms – not at all suitable for beginners, because it is unreliable to buy ready-made algorithms. It will be much more effective to develop your own algorithms, which are built due to the fact that you buy cryptocurrency on one exchange, resell it on another and work on price delays.
Once you have decided on your strategies, you need to study the fundamental prerequisites of the asset with which you will be working. After that, around this asset, you begin to build your strategy.
For example, you have chosen the strategy offered by Currency.com – this is either investing or trading.
How to make money on cryptocurrency?
-Study the fundamental prerequisites of an asset, that is, why it can rise, why it can fall. Compare with competitors.
-Choose a strategy – one of four.
When you have a strategy and an asset, your chances of trying to make money are much better.
In order to gain the necessary experience, to understand what cryptocurrency is, it will take six months or more to begin to understand the basic concepts.
A person who thinks that he can come to the market with a small amount and become a millionaire can be as lucky as in a casino. But if we are talking about the Currency.com company, then it encourages people to learn so that later there will be no negative experience.
