So everyday is an interesting day when your trading. There seems to be a new negative story about bitcoin every day. Todaythe story is Russia is going to ban crypto trading like China. China had a much larger role in crypto trading than Russia, but it still scares traders. I try not to worry about things I have no control over, so hopefully it blows over as no big deal. The good news is that it only makes the coin go higher in price. We are almost to 5000 a bitcoin. Now experts from Harvard and bank experts have been predicting a crash anytime. We have to ignore these people, and hope it goes down around 3000 again, so we can buy a bushel full.
The China ban was a blessing for traders. I am still reeking the benefits. I am keeping a positive vibe about the whole industry. The problem is this, if bitcoin continues to be over half the trading market, it effects the profit of the alt coins. It seems like you cannot have a high price bitcoin and have alt coins that are going to make you rich. I could be wrong, since I am new to the game.
I continue to stay in the green with my trading. I have 6 coins at the moment, and they have been steady for over 2 weeks. No big gains which disappoints me a tad, But green is green. People who think this is a get rich overnight thing, are wrong. It takes patience and well….patience.
If you think this is a bad time to get into trading because the price of bitcoin is so high, its not. You need bitcoin to trade other coins, so say you buy a 100 dollars in bitcoin, if it continues to go up in price, you are making money each time it goes up in value. Don’t wait till its to late. Start small. Its fun once you start doing it.
Randy Tarpey CPA