Bitcoin Board
Trading Bitcoins can be a very lucrative business, especially with BTC’s volatility, huge gains are to be made in between price drops daily. Bitcoin trading is done on a online platform called an Exchange. There are several Exchanges, but we will boil down a small list with the most popular exchanges with the biggest trading volume.
- Mtgox
- Bitstamp
- Coinbase
Signup on one of those (we recommend Coinbase), and start by verifying your profile. You might need to send them a copy of your ID or passport, so they can verify who you are. When you have a verified account, you can start trading Bitcoins. The first step is to send funds to your account via Wire transfer. We recommend that you start with atleast $110, to make sure that the price volatility will be worth it profit wise.
For example. If one BTC is worth $1000, then $100 will get you 0.10 BTC. When the BTC price rises 10$, you will have made $1. As you can see, the more money you put into it, the bigger the rewards will be. The price rises or drops anywhere between $10 – $200 daily (even more on rare occasions), so there is more then enough leverage to make a solid profit.
Bitcoin Trading
So, you have bought a few BTC’s, and you are now ready to trade them to make a profit. There are 2 types of traders: Daytraders & Weektraders or even longer. Daytraders start the day with dollars, then buy BTC at the start of the day and check for price rises or drops, to sell and buy accordingly to make a profit. Daytraders end the day with Dollars, to make sure that their profit is locked in overnight, because they can’t react to the market when they are sleeping. Weektraders buy at the beginning of the week, and look for big price increases or drops throughout the week. They go for higher margins, while waiting longer to make the actual profit.
We recommend that you choose one of the above type of Bitcoin trading type’s that fits you best, and stick to it. The rules for trading Bitcoins are very simple: Buy low, Sell high. There are various ways to predict if the price will go up, or down and the number one way is to stay up to date with the latest news. Positive news about BTC will mean that the price is going up, and negative news means that the price go’s down. In other words: Buy when there is negative news, Sell when there is positive news. You can use Bitcoinboard to stay up to date with the latest news around Bitcoin & Litecoin so Subscribe to our RSS feed, Follow us on Twitter, and Like us on Facebook
