If you have some capital set aside, you may be able to find some additional profit from technical trading of crypto.
Always manage risk, but I've seen HN types manage impressive gains this way. Even if you earned an average 1% a week while short-term trading on $10K capital as bitcoin channels sideways or broadly down, that'd be an extra $400 a month for which you wouldn't have to be working for anyone but yourself. On top of that, the experience and any unused funds can be applied forward for an acceleration of profits over time.
The practice is accessible and a lot of helpful technical trading lessons can be learned within a matter of weeks or months. It's easier in many ways than the stock market, where a baroque layering of various conditions like deadlines, splits, earnings, and other variables must be figured into trading.
Always protect your capital, set stops, notifications, etc. but IMO there's a lot of profit to be found if you have some amount of capital set aside, and it comes at no cost to you except as relates to your chosen risk threshold. (You can never lose what you don't risk)
Just an idea, I wish I had started doing this myself years ago. Good luck and I hope the startup works out well for you also.
Good Q, I started a while ago and brought in technical lessons from trading stocks, but lately I've seen some really great technical videos on Youtube channels like Chart Champions and Crypto Mobster. I know the former covers key concepts like support and resistance levels.
I've also seen CM cover things like BTC Dominance, which is important if you're going to play attention to transitions like BTC to ETH to Altcoins, which is important to understand as the market action seems to abandon your favorite coin and moves on to another asset.
I really don't know how those two Youtube channels rank or what might be better, but take a look and I'm sure you'll learn some interesting stuff. Again, I can't express this enough--protect your capital, set stops, set notifications. If you lose 15% you'll have to earn more than 15% to make it back. If you lose 2% and get stopped out, that's a much easier problem to solve if you are monitoring price resistance and breakthroughs on the high end.
I have also made a lot of good trades using technical concepts like the golden cross, three green soldiers, bull hammer, shooting star, bull pennant, bullish wedge, bull flag, double bottom, inverse head and shoulders, cup w/ handle, etc. You can look these all up for helpful picture-tutorials on your favorite image search engine.
In fact the startup is an offchain peer to peer protocol for crypto transactions between hardware wallets. I am finishing up the whitepaper this weekend, I can share it with you?
The time factor is tough. Alts are fine. I trade primarily technicals so I scout positions and entry/exit points rather than coins themselves. If that makes sense. It's pretty transient. If you want to make profit while you sleep on a coin, I'd look for low and sideways positions on quality projects when you can.
This weekend a lot of the alts are at higher positions and there's lots of optimism, so it may be better to wait until there's more fear and then cost-average into a long hold position, effectively buying low.
Well I am following altcoins that are in my area of expertise, which are stablecoins. I did a project last year that didnt work out but basically it was similar to Ampleforth. I also follow Reserve Protocol, Basis Cash, Empty Set Dollar. I wanted to write an algo to trade them but I dont have the time atm
Always manage risk, but I've seen HN types manage impressive gains this way. Even if you earned an average 1% a week while short-term trading on $10K capital as bitcoin channels sideways or broadly down, that'd be an extra $400 a month for which you wouldn't have to be working for anyone but yourself. On top of that, the experience and any unused funds can be applied forward for an acceleration of profits over time.
The practice is accessible and a lot of helpful technical trading lessons can be learned within a matter of weeks or months. It's easier in many ways than the stock market, where a baroque layering of various conditions like deadlines, splits, earnings, and other variables must be figured into trading.
Always protect your capital, set stops, notifications, etc. but IMO there's a lot of profit to be found if you have some amount of capital set aside, and it comes at no cost to you except as relates to your chosen risk threshold. (You can never lose what you don't risk)
Just an idea, I wish I had started doing this myself years ago. Good luck and I hope the startup works out well for you also.