How to trade cryptocurrencies profitably?

I was introduced to cryptocurrencies last year.

My first love was Bitcoin. I invested my one month salary into Bitcoin. Bitcoin has since grown 20X.

But it’s growth has slowed since. It cannot grow 20X every year.

Imagine bitcoin being 200,000$ by end of next year.

Then, I learnt about altcoins - started buying on Bitfinex and most recently, Binance (If you’re not on these exchanges, you’re missing out big).

There are two ways you can trade profitably -

1. Spot winners early - Binance lists most good coins when they’re launched early. Follow Binance on twitter, and keep updated on which coins they’re launching, research about them and buy early etc. I bought POWR at binance when it was launched at 0.14$ - it was trading yesterday at $0.87
2. Margin Trading - You can margin trade on Bitfinex.
   What is Margin Trading? According to Investopedia,

Margin trading refers to the practice of using borrowed funds from a broker to trade a financial asset, which forms the collateral for the loan from the broker

You can deposit 1 BTC on Bitfinex in Margin wallet and Bitfinex will give you leverage upto 3X.

How to Margin trade profitably?

1. Never Trade a shitcoin - Always trade a long term potential coin - like OMG, ETP, NEO, BTC etc - because you know that they’ll almost always come up.
2. Figure out a pattern - Most coins oscillate in a certain range. You’ll need to figure out that range. For OMG, it was 7.01 to 7.50 till last week - now its 7.80 to 8.20. To start with, you should always long the coin, never short it (to start with).

Thanks. I wish you good luck trading. Remember, perseverance is the key.

I still make bad trades but I learn and make sure I don’t do the same mistake again. :)