I think the first thing you need to do is try to focus on one earning method of bitcoins as managing all this stuff like trading, investing, mining etc. is difficult. you need to focus on one thing now and try to get maximum profit. I think you should take interest in mining as it has a good income and you can do a parallel work with it. Not much time is needed in bitcoin mining as trading or exchange needs so this is the best option for you.
I agree, I think that my primary focus should be just straight trading BTC until I get the hang of the game better, looking at all these alt coins and the concept of each individual one is straight mind boggling lmao. I mine just for the experience of it I guess, its fun. Plus an extra 10-15 $ a week and I don't pay electric, I just pay for the internet haha.
Thank you for your input, futile-resistance.
Well first of all you should make a spreadsheet about your crypto earnings and how much liquid cash yo have in hand. This is your capital and you must take care of that - because you will be risking the capital to make money. Also take a look at the market. I am sure it has changed a lot in these years with bitcoin touching 6k USD and Ethereum crossing 300USD.
I do not suggest mining to any these days. If you have super-cheap electricity and powerful mining rigs then you can try. But as difficulty rises it will become more of a loss than a gain. Also if you have a day job dont commit all your time to trading. After all crypto market is very volatile and risky - keep your day job and do trading from time to time but dont waste time on trading such that your job is hampered.
Yeah, I think creating some sort of spreadsheet would be a good idea, how much do you recommend as a minimum start-up investment if I'm just exchanging BTC? I've just been dabbling with $100 to get the hang of it. And yeah, when I was messing with the BTC in 2013 it was around 150 when I started and 300ish when I left. As of right now, the mining is just a fun project, and it heats my room haha. I'm unemployed for the time being so I got the time to mess around with it. But thanks man.
Appreciate your advice, TheUltraElite.
No need to pm me.
Just to make it clear, when I said "have never seen anyone posting trading activity", it's referring to other people who willing to share their trading profits. Usually, I will bookmark their threads to learn more about trading strategy or the best coins to invest, in this case; I can recommend a thread to you, but unfortunately I have never seen a trader posts trading activity. Don't get me wrong, I want to help you by point out a thread, but I have never seen any.
Haha yeah after I pm'ed you I re-read your post and got what you were saying, I thought I had done something wrong for a minute. And yeah, when you're making money of course you wouldn't wanna give your secrets out, you don't want everyone jumping on shit and reducing your profit. I've bookmarked some threads on different sites in which good traders give free signals and a lot of the time their signals are legit but I just don't have the extra capital to diversify and mess with altcoins, yet.
Thanks, Ragar02.