Jump to content
  • Get a FREE account

    The Most Active and Welcoming Forex Trading Community
    Join over 100,000 FOREX traders worldwide who share tips, strategies, and resources.

  • MrAdmin
    MrAdmin

    How to Make Money Trading CryptoCurrencies [Guide]

       (0 reviews)

    People have made huge sums of money trading crypto-currencies and continue to do so. This doesn’t mean crypto trading is easy and effortless. There is a chance you will lose money, you might end up losing all of it, but with the right strategies you can certainly minimize risk and loses.

    If you have some money lying around, you too can get started in no time with as little as you like. It’s never too late to start trading. You need to be strategic, patient, able to research and analyze market trends. As a rule of thumb - never invest what you cannot afford to lose.

    #1 - Acquire Bitcoin

    In order to start trading cryptocurrencies, you will first need to buy some bitcoins. The best way to do it is through a bitcoin local exchanger in your country. In the US, exchanges like Coinbase, Bitstamp and Kraken are go-to for most people. You can check exchanges in your country here.

    If there is no bitcoin exchange in your country, you could always use localbitcoins.com and buy bitcoin from other people. Localbitcoins is an escrow service which helps to match buyers and sellers. You can either pay the seller by cash or bank transfer. Most of the sellers advertise whichever payment method they prefer.

    localbitcoins

    Remember: you don’t have to buy a whole bitcoin ($2560 as of writing); you can purchase bitcoin in fractions known as Satoshis. For instance, 100k Satoshis is equal to 0.001 bitcoin. Now that you have some bitcoin, it’s time to transfer them to a trading exchange. There are many exchanges, but the most popular and reliable ones are Bittrex and Poloniex.

    #2 - Prerequisites for Trading

    Before you start investing your hard earned money in other cryptocurrencies, there are a few things to keep in mind:

    Research

    Before placing a trade you must do an in-depth research on the coin you want to invest in. The best starting point is the announcement page of the coin. It shows all the important information you need to know: total coin supply, technical details, development plans, mission statement, community speculation, and a lot more.

    Just google “coin-name ann” and go to bitcointalk.org forum announcement thread. Other threads you can find information about crypto-currencies are: Top Gold Forum and InvestOpen.com It is highly recommended to read the whitepaper (usually available on the coin’s official website). Join their team on slack and ask them questions in case you have any. You’ll be surprised to see how engaging these communities are.

    Stay updated

    News in the crypto world spreads like fire. Thanks to Twitter, Reddit, Telegram and crypto-specific news website, you can stay up to date with what’s going on.

    Pay close attention to the news on Twitter in particular and make sure they are from reputed sources. Learn to ignore biased sources and rumours. This are where pump and dump schemes take place; people post misinformation on websites and hope for people to fall for it.

    Recently, hoax of Vitalik Buterin’s (founder of Ethereum) death started spreading from 4chan, which in turn crashed Ethereum price and wiped out $4 billion in Ethereum’s market value. Don’t let these people get you; seek advice through trusted and unbiased sources, and make your investing decisions accordingly.

    Set achievable goals

    Cryptocurrency trading is not one of those get-rich-quick schemes. Set a realistic plan of return on your investment, it could be 5%, 10% or 20%. This market is very volatile. If you don’t stick to your expected returns, you’re bound to panic and make mistakes. As the crypto veterans will tell you, setting up realistic long term goals (2-5 years) will take you a long way in cryptocurrency trading.

    #3 - Begin trading

    You’re all set to trade. By doing your research, gain the right information at the right time and understand how it will interact with the market. This will help you predict trends - whether or not the coin will rise. Also, look out for any technical analysis on the coin - study charts and find patterns.

    make money trading cryptocurrencies

    In a nutshell, this is exactly what you need to do - buy low, sell high. If the price of a coin you’ve bought goes up quickly, cash out into bitcoin and buy back again once the price goes down. If it’s a coin that you really believe in - you’re confident of the idea, tech and team - you’d want to hold on to that coin long-term because a good coin will always rise back up again.

    There are a lot of apps that can help you track all your crypto investments. My personal favorite is Blockfolio, available for both android and iOS. It has major exchanges integrated to it and almost all the coins. Lastly, greed can be extremely dangerous in trading.

    The more patient you are, the better you will do. Period. No one knows what will happen to the markets tomorrow. Doesn’t matter how experienced of a trader you are, you will make some mistakes and lose money. Learn from those mistakes, get back up and make sure not to repeat them.

    #4 - Takeaways

    Investing in cryptocurrencies is a fun ride. There are a lot of ups and downs. The community is super active and always willing to help you out. Like I said in the beginning, always invest within your means. No need to sink your life savings in crypto trading. We are most likely living in a bubble which could burst at any time. Don’t overreact when the market is doing good and panic when it is down. Learn what affects the bitcoin market growth. Take it slow. Do your research before investing and most importantly, have fun trading.

    Edited by Daniel#MD




    User Feedback

    There are no reviews to display.


  • Forum New Topics

  • Members



  • Posts

    • The global sodium sulfate market is poised for significant growth, driven by its extensive applications across various industries such as detergents, glass manufacturing, textiles, and paper production. As per industry analyses, the market is projected to reach a valuation of approximately USD 6.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.05% during the forecast period from 2024 to 2032. Market Overview Sodium sulfate, an inorganic compound, is widely utilized for its properties as a filler, stabilizer, and processing aid. Its primary application lies in the detergent industry, where it serves as a filler in powdered detergents, enhancing the product's consistency and flowability. Additionally, sodium sulfate plays a crucial role in the glass industry as a fining agent, aiding in the removal of air bubbles during glass production. The compound's versatility extends to the textile and paper industries, where it is used in dyeing processes and pulp production, respectively. The global sodium sulfate market size was valued at USD 2,166.4 million in 2023 and is projected to grow from USD 2,256.4 million in 2024 to USD 3,076.0 million by 2031, exhibiting a CAGR of 4.53% during the forecast period. Market Trends and Demand Drivers The detergent industry remains the largest consumer of sodium sulfate, accounting for over 40% of the global market share. The increasing demand for detergents, driven by population growth, heightened awareness of hygiene, and lifestyle changes, is expected to bolster the sodium sulfate market. Moreover, the compound's cost-effectiveness and functional benefits in detergent formulations contribute to its sustained demand. In the glass manufacturing sector, sodium sulfate's role as a fining agent is indispensable. The growing construction industry, particularly in emerging economies, has led to increased demand for glass products, thereby fueling the need for sodium sulfate. Similarly, the textile industry's expansion, coupled with advancements in dyeing techniques, has augmented the compound's utilization. Market Dynamics Several factors influence the sodium sulfate market dynamics. The rising demand for eco-friendly and sustainable products has prompted manufacturers to explore alternative production methods, such as utilizing flue gas desulfurization gypsum, to produce sodium sulfate. This shift towards sustainable practices aligns with global environmental goals and offers new growth avenues for the market. However, the market faces challenges, including the declining demand for powdered detergents in favor of liquid alternatives, particularly in developed regions. This trend may impact sodium sulfate consumption in the detergent sector. Additionally, fluctuations in raw material prices and stringent environmental regulations can pose hurdles to market growth. Future Outlook The sodium sulfate market is anticipated to witness steady growth, driven by its applications across diverse industries. Technological advancements and innovations in production processes are expected to enhance product quality and reduce environmental impact. Furthermore, the expansion of end-use industries, such as construction, textiles, and paper, particularly in emerging economies, will contribute to market growth. Key Market Players The sodium sulfate market comprises several prominent players engaged in production and distribution. Notable companies include: Solvay Yunnan Yuntianhua Chemical Industry Group K+S Compass Minerals Chongqing Lixia Chemical Industry Guizhou Xinfa Chemical Industry Group Hunan Xiangxiang Chemical Co. Jiangsu Yangnong Chemical Group Sichuan Honghe Chemical Industry Group Sichuan Weikehai Chemical Group These companies focus on strategic initiatives such as mergers and acquisitions, product launches, and capacity expansions to strengthen their market position. Market Segmentation The sodium sulfate market is segmented based on application, grade, process, distribution channel, end-use sector, and region. Application: Detergent Industry, Kraft Paper Packaging Industry, Glass Manufacturing, Textile Industry, Others Grade: Anhydrous, Decahydrate, Heptahydrate Process: Natural, Synthetic, Byproduct Distribution Channel: Direct Sales, Distributors/Dealers, Online Platforms End-Use Sector: Automotive, Construction, Cosmetics & Personal Care, Pharmaceuticals, Others Regional Analysis Asia-Pacific dominates the sodium sulfate market, accounting for approximately 55% of global consumption. The region's rapid industrialization, urbanization, and population growth have led to increased demand for detergents, glass, textiles, and paper products. Countries such as China, India, Japan, and Malaysia are significant contributors to the market's expansion in this region. South America stands as the second-largest consumer, with growing demand driven by infrastructure development and heightened awareness of hygiene practices. North America and Europe exhibit stable demand, with applications spanning various industries. Recent Developments In September 2023, Cinis Fertilizer announced plans to establish a new sodium sulfate production facility in Hopkinsville, Kentucky, in collaboration with Ascend Elements to source sodium sulfate for the project. In November 2023, the U.S. Food and Drug Administration (FDA) approved Stride’s generic version of the Suprep Bowel Prep Kit, which contains sodium sulfate, potassium sulfate, and magnesium sulfate. Conclusion The global sodium sulfate market is set to experience steady growth, underpinned by its multifaceted applications and the expansion of end-use industries. While challenges such as shifting consumer preferences and environmental regulations exist, innovations in sustainable production methods and the rising demand in emerging economies present significant opportunities for market players. Strategic initiatives by key companies and technological advancements will play a pivotal role in shaping the market's trajectory through 2031 and beyond. Get Full Detailed PDF Report- https://www.kingsresearch.com/sodium-sulfate-market-1683 
    • Hi Admin, I have been a member since 2012 and have more than 20 posts. Could you please upgrade me to VIP membership? Thank you very much!
×
×
  • Create New...