A Trading Journal is both an objective record of your trading decisions (numbers & dates) as well as a subjective record of why you made them and how they panned out. If you are serious about cryptocurrency trading you must be willing to keep a Trading Journal that is entirely honest. It is too easy… Continue reading What is a Trading Journal?
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Momentum/Position Trading
Another crypto trading strategy that is suitable for someone who is just getting started, and may lack the technical understanding and time commitment is Momentum Trading also known as Position Trading. Momentum Trading is essentially a more sophisticated version of hodling. A hodler will buy and hold – that is it. Momentum or Position Trading… Continue reading Momentum/Position Trading
Cost Averaging & Trading
The cost averaging, passive approach, can become an entry into full blown active trading, by adjusting the regular recurring investments based on an assessment of market conditions. If your research tells you that price will increase in the long term, your aim is to buy the dips on the way, making your entry points as… Continue reading Cost Averaging & Trading
Time Preference
If you are looking to generate significant returns from a small investment, you have no option to assume risk, but how much risk and the type of trading activity, will come down to your time preference. In the context of trading crypto, investing is the low time preference approach – also known as hodling. You’ll need… Continue reading Time Preference
Allocating Trading Capital
The amount of money that you can commit to trading crypto should be determined by what is known as discretionary income, which is what is left after you’ve paid all your regular living expenses and taxes. If your intention is to grow your discretionary income then the general advice is invest the majority in low risk… Continue reading Allocating Trading Capital
Earning from Trading
What you’ll learn Allocating trading capital The importance of time preference Difference types of crypto trading strategy Earning crypto requires a trade-off between risk, effort and expectation. Trading crypto has the potential for significant returns but it requires a significant amount of both risk and effort. Many people will make the mistake of simply opening… Continue reading Earning from Trading
Should you mine cryptocurrency?
If you’re a tech geek who loves getting hands-on and learning more about how things work, cryptocurrency mining can be rewarding. Setting up your own bitcoin mining rig will teach you more about crypto than hundreds of hours of tutorials and textbooks could. From a knowledge perspective, then, mining could be worth a look. If… Continue reading Should you mine cryptocurrency?
Choosing the best cryptocurrency to mine
Although we’ve focused on Bitcoin so far, there are in fact hundreds of cryptocurrencies that use a Proof of Work consensus mechanism and are thus mineable. Comparison sites such as WhatToMine allow you to determine the most profitable coin to use based on your hashpower, ASIC type, and other factors such as network difficulty and market price.… Continue reading Choosing the best cryptocurrency to mine
Using A Mining Hosting Service
A better approach might be to use a service that hosts a mining rig for you. You pay for the machine and the electricity but everything else is taken care of. You can see your ROI via a dashboard and even work out a breakeven point. Here is an example from Compass Mining. Summarising the… Continue reading Using A Mining Hosting Service
How to mine bitcoin
Solo mining – i.e. attempting to find new Bitcoin blocks using GPUs or ASICs that you control – is no longer profitable. Even with multiple ASICs linked together, you could toil away for weeks, months or longer and fail to discover a new block. In the meantime, you would be running up an expensive electricity… Continue reading How to mine bitcoin