Hello, everyone!
I’m here because I realized this weekend that I’ve been missing out on this fantastic opportunity to build wealth. I remember the early days of Bitcoin and how I thought the price in the hundreds of USD was too high. If only I had grabbed some…
Nowadays I have only a small income while I work part-time and go to school part-time. I have an opportunity right now to invest my free time into something like crypto trading and investing. My motivation is to help my family out of this rut of constantly living paycheck to paycheck, with utility bills backed up and sometimes causing shut-offs. So I’m hoping to be able to start making what little money I do have work for me.
I started with 50 USD yesterday and made a bad trade, losing about 5 USD. I decided to store some BTC (.0037) and try to trade with the rest. In a short time I’ve learned a lot about reading the charts and so on from when I made that bad trade, but I’m looking for potential advice as to the best way forward.
I can probably start doing small, consistent purchases as @peter suggests, but they might even be as low as $5 a week (though I can try to go higher at times). The reason I’m interested in trading and potentially day trading is because I don’t know how else I’m going to be able to build up when starting so low.
My tentative plan is to start buying into and holding BTC and potentially one or two other big coins like LTC and ETH. Meanwhile, I would like to start day trading alt coins to build up extra to hold or perhaps make bigger trades with as I get better at it. I am also considering buying hashpower to begin generating coins that way as well.
I am aware of the 1 BTC “ticket to the moon” and I am all for reaching that goal and holding it.
Some specific questions I have include (keep in mind I’m dealing with low amounts):
I’m here because I realized this weekend that I’ve been missing out on this fantastic opportunity to build wealth. I remember the early days of Bitcoin and how I thought the price in the hundreds of USD was too high. If only I had grabbed some…
Nowadays I have only a small income while I work part-time and go to school part-time. I have an opportunity right now to invest my free time into something like crypto trading and investing. My motivation is to help my family out of this rut of constantly living paycheck to paycheck, with utility bills backed up and sometimes causing shut-offs. So I’m hoping to be able to start making what little money I do have work for me.
I started with 50 USD yesterday and made a bad trade, losing about 5 USD. I decided to store some BTC (.0037) and try to trade with the rest. In a short time I’ve learned a lot about reading the charts and so on from when I made that bad trade, but I’m looking for potential advice as to the best way forward.
I can probably start doing small, consistent purchases as @peter suggests, but they might even be as low as $5 a week (though I can try to go higher at times). The reason I’m interested in trading and potentially day trading is because I don’t know how else I’m going to be able to build up when starting so low.
My tentative plan is to start buying into and holding BTC and potentially one or two other big coins like LTC and ETH. Meanwhile, I would like to start day trading alt coins to build up extra to hold or perhaps make bigger trades with as I get better at it. I am also considering buying hashpower to begin generating coins that way as well.
I am aware of the 1 BTC “ticket to the moon” and I am all for reaching that goal and holding it.
Some specific questions I have include (keep in mind I’m dealing with low amounts):
- Is it ever safe to withdraw back to USD if needed? Would fees make a big impact here?
- Is short-term day trading a viable option? Any advice for small trades in particular?
- How much of my weekly purchases should be stored vs. used for trading?
