Willing to know how to make money from trading bitcoin? If yes, then, you are at perfect place. Well, currently bitcoin is the hottest and most trending subject of discussion among everyone, especially youth of the current generation. Every single person is investing in the bitcoin. Obviously, it’s great to invest and make money from trading bitcoin. Over the past few years, bitcoin has gained popularity at an alarming rate and as we all know, currently, bitcoin is the leading cryptocurrency in the market.
So, let us know how some bitcoin traders made millions trading on margin.
Earned and lost:
This terrible story about a bitcoin investor completely tells about the investment skills and luck. This is a real story about a bitcoin trader. After one year, the margin ran from 1k to 19k. He turned 3 lowly bitcoin which he had from playing poker into 200 bitcoin which would cost 2 million as per the current price. He thought himself a real genius, but, his destiny had some other plans. He got dumped from 19k to 11k, but, he kept adding 12k, 13k, 14k to his position. Finally, at 16k he earned further a 100 bitcoin in profit.
Then, instead of closing and having a total of 300 bitcoin, he increased leverage as well as his position size. The position got dropped back to 12k and he lost 100 bitcoin paper profit and almost 50 bitcoin margin. But, he kept on adding 12k, 13k, 14k, and 15k. He got liquidated at 17k and here came the other loss, another 50 bitcoin loss. The trader had only 50 bitcoin left with him. It was no less than a disaster. From 3 bitcoin to 200, from 200 bitcoin to 0. The loss was really disastrous. The trader lost his everything. It was not intended to scare you, we shared this tragic story just to tell you about the experience of a bitcoin trader.
History of bitcoin trading:
Let us have a brief discussion over the history of bitcoin. Bitcoin.org was registered in August 2008. After a few months, on 3rd January 2009, after the paper was published, the Bitcoin network came into existence.
During the early days, it had a very low cost, i.e., .06c a coin. The reason behind this was that only a few people knew about something called bitcoin. However, the scenario was not the same in the year 2013. In 2013, the price of a bitcoin rose to $1000.
Four years later, in 2017, the price arose at an alarming rate, it reached at a high price of $17500. From the year 2017, bitcoin gained its popularity and came into a trend.
There are a few things which one must remember while planning about bitcoin trading. Firstly, you need to set up an account with an exchange, using exchange is the easiest way of buying and selling. Once you are done with the setup, you can start with your research. Don’t forget to remember your budget, i.e., what you can afford to buy. The major American brokerage firm recently made Bitcoin futures trading available to their customers.
Understanding the working of blockchain networks is important and you must understand how does it stand out from competitors. Never investment into something blindly, make your decisions wisely and be very careful while investing in something. There are two types of traders: long-term traders and short-term traders. However, when it comes to bitcoin trading, there is no buy and hold strategy. To make good profitable returns, you have to be an outstanding short-term trader.
For starting with bitcoin trading, you must have a proper strategy. To be a good trader, follow these important
- You must be aware of the times of the days when the market is most volatile.
- Never spend money that you cannot afford to lose.
- Never be greedy.
- You must have a good speed internet so that all your transactions can be made at a faster rate.
- Have the latest bitcoin news.
- If you follow the above-mentioned tips before going for bitcoin trading, you will definitely earn a very good profit out of it.
- Always plan before investment.
So, it was all about bitcoin trading. We tried our best to make you aware of bitcoin trading. For you to learn about a bitcoin trading experience, we also shared a truly tragic story of a trader. Further, we gave all the necessary details about trading, investments and earning profit out of it. If you still have any doubts or queries, just feel free to contact and ask us. If you have other ideas about bitcoin trading which you think can be a part of the content, must share with us. It will be good to have a two-way conversation.