Crypto trading has become one of the most lucrative markets on the planet. But it is also one of the most unstable and risky investments you could make. Opinions on the validity and safety of crypto investment range from one extreme to the other. Many call it one of the smartest things you can do. Others see it as little more than a Ponzi scheme set to burst at any moment. So, is it possible to have a career in trading crypto?
To turn anything into a career you first need to fully understand the field you are planning to move into. It wouldn’t make much sense to try repair a car without a basic understanding of how an internal combustion engine works. So it makes sense you need to fully understand what crypto is and how it works.
The basics are this: Crypto is a form of digital currency that isn’t regulated by any one governing body. It is only worth what the free market decides it is worth. It first came to prominence with the invention of Bitcoin, which is now one of the most powerful cryptos on the planet. These days there are hundreds of different coins you can invest in.
The first thing you will need is a platform to trade on. For beginners we recommend an app such as Coinbase. You will also want to invest in your own personal digital wallet. This is a physical hard drive whose purpose is simple to store all the crypto you own.
The next step is to figure out what you want to invest in. Before you ever invest in any crypto you should do what is called a ‘deep dive.’ This is an intense session of research on the coin that includes looking at who created it, how much of the coin they own, and how well it has been selling so far. You will want to do this on a varied number of coins so you can build up a solid portfolio.
It might be tempting to look right at the major coins such as Bitcoin or Ethereum, but we would advise against this as the initial investment costs are going to be very high and you’ll be dealing with a market more unstable than other coins.
There are many smaller coins that have been showing a lot of promise. Bitgert and Matic (Polygon) are two coins worth keeping an eye on. A lot of the crypto trading apps show you how to buy bitgert and matic with ease. These apps also offer you a look at the data charts for how well the coins have been doing over the weeks, months, and even years. You also sometimes need to be taking risks on a newer, lesser known coin. Because you never know when it might become something massive.
There is a huge difference between trading crypto as a side hustle and making it into a full-time career. And that is dedication. Trading crypto isn’t something that you can just do once a day and leave it, not if you want it to be your job. Crypto traders will spend a whole days and nights carefully studying the market. Making trades the moment the market shifts and following up on fresh leads and hints.
And it goes beyond being dedicated to the actual trading aspect. You need to be learning a lot about the world of business and economics as a whole. The best crypto traders dedicate their time to reading books on business and trading, or listening to crypto podcasts.