Whether you like it or not, Bitcoin and other decentralized cryptocurrencies are the future of money.
I feel the adoption of crypto is just getting started in Africa. And this is mainly because every single day I get a lot of WhatsApp messages from newbies asking me funny questions 😂 like how much can they make trading $10 worth of Bitcoin.
That aside, I think what’s of most importance is helping this new entrant in the crypto space get the right knowledge. And that’s why we launched 9jacashflow academy and created our free crypto trading course.
You SEE! When I first heard about Bitcoin in 2013, I couldn’t comprehend it because there was rarely any information about it online.
It took me 3 years before I could buy my first Bitcoin in 2016, and guess what! I lost it to Ponzi schemes like MMMunited, Ultimatecycler, and many more.
But I wasn’t discouraged, instead, I was fascinated by what I kept learning every single day once I went down the crypto rabbit hole. Needless to say, it was very costly, and not everybody could survive the trial and error in this space.
Moreover, to combat the scams out there and the misinformation about trading Bitcoin and Forex, I will be dropping some insightful tips based on my experience thus far.
I’m sure you want to learn, so let’s get started.
- 1 Can you make money trading Crypto and Forex?
Can you make money trading Crypto and Forex?
To answer the above question, I need to first take look at your mindset. Are you in it for the short term or long term?
One thing I realize in the world of trading is that there is no one size fits all or one right way of doing things. It all depends on your competence, experience, and preference.
I believe that the only way to make money in Forex or Cryptocurrency is if you’re in it for the long term.
You invest (Buy and hold) for months, and years, that way you let time work to your advantage.
I don’t think Newbies can make real money in the short term, and this is mainly as a result of high frequency/algometric trading, and the fact that short-term trades can be costly and in no time lead to fatal results. That is you lose all your money.
The second thing to look at is consistency
Do you want to earn a big amount of money in a month or two, and lose everything thereafter or do you want to keep earning little by little continuously every month for life?
In Forex for example, if you want to start making instant guaranteed returns immediately, you will lose your money. But if you’re willing to be consistent, and grow /compound your capital by 2% every month then you might as well start making money from Forex.
Mind you that you will need to keep reinvesting into the Forex business until a small growth of 2% of your portfolio becomes a tangible source of money.
What people won’t tell you about trading 😂
1 Trading is very difficult: Yes, it can be very difficult, especially to newbies. So forget all the Lamborghinis and Ferrari’s on social media and face the HARD reality about trading.
2. Most people make money from teaching trading rather than trading the market. I call them fake teachers 😂. I hope you wouldn’t be one of them.
3. It takes years to build the skill of profitable trading. If you think I’m wrong, prove it.
4. Margin trading is a way to transfer money from broke ass niggas with little Cryptocurrency to larger players with numerous cryptocurrencies. Only margin trade what you’re ready to lose.
5. You’ve got to trade less to profit more. 90% of day traders(people that execute trades daily) lose money.
I think have ranted much about the things they will never tell you about trading. I can continue to give you more and more but let’s leave that for another day.
Here are some tips that could help you improve your trading skill.
1. Get a job: Yes go and get a job. There is no way you can make money consistently as a trader if you’re using scared money. I mean it. I have experimented it and lost millions.
2. Keep adding to your capital monthly. Yes! You’ve got to keep increasing your capital base. Imagine you build your capital to $50,000. A 2% gain($1000) on your capital could cover your basic expenses.
3. Trade less profit more. I won’t say much about this. All I know is that staring at the computer every day is very different from placing trades every day.
4. You need daily exercise 😂 because that’s the only way you can clear your mind from the noise in the market.
5. Use proper position size and stop loss to protect your capital. It’s much easier to lose money that makes money in the market. All you’ve to do is place big bet size and never use a stop loss. I hope you never fall victim to this.
When should you start trading?
I’m not in the best position to tell you when you should start trading. The market is not running away, and it will always provide opportunities every single day.
I REPEAT! You don’t need to rush or be in a hurry. Take your time to read about trading and find a mentor.
The market will always be there.
If you have any questions, don’t hesitate to put it in the comments below.
And if you’ll like to join my online trading master class, feel free to reach out to me on Whatsapp (+234 810 185 0909).
Until next time my friend, keep learning 📖.