Cryptocurrency Bot Trading Bitcoin Ethereum Transactions Per Day

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What can I do to prevent this in the future? If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Another way to prevent getting this page in the future is to use Privacy Pass. The day I first heard about Bitcoin on Reddit, a friend had also called me to tell me about it.

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We spent most of our friendship talking about Ayn Rand and programming, so when we heard about a currency that was software and couldn’t be controlled by governments we were very interested. 600 worth of BTC and my friend and I planned on buying a mining rig. Being 22 years old in New York City is a financial struggle. I sold it all and ditched my plans for a mining rig.

My financial situation needed to be stabilized before I could invest in assets based on my philosophical beliefs. Bitcoin stayed in the news over the years. The price went up and down, silk road happened, the legality of it was called into question, exchanges were hacked, and people gained and lost millions of dollars. Through it all, Bitcoin’s price kept rebounding, kept going up. Ethereum hit the scene with the promise of using the blockchain for more than just currencies.

You could build decentralized apps on top of Ethereum and even new currencies. Unlike in 2011, I didn’t need the money I invested to cover any bills. In the same period I shut down my company, Bitfountain, after running it for 5 years. Bootstrapping my own company gave me an unprecedented amount of freedom. I lived in 4 countries, traveled to many more, and only worked a few hours per day.

However, since the company had run its course, I needed a new source of income. I applied for only one job as a software engineer. It was the kind of job people love – high salary, all the Silicon Valley benefits, friendly team, well funded company, challenging engineering problems. After three rounds of interview they decided not to move forward with me. I’m not going to lie and say I didn’t want the job anyway. But I also feared losing my freedom. I’d be working more for less money and less flexibility than I had while running Bitfountain.

Gone would be the days where I could spontaneously book a flight to India with no return date. No more of the four hour lunch breaks that I’ve come to cherish over the years. Going through the interview process made the possibility of losing my freedom real. When they rejected me I didn’t even think about applying for another job.

1. Optimizing the Workspace

I went into panic mode searching for a way I could make money on my own. Check out this presentation I gave on why I trade. My first month as a cryptocurrency trader At this point I still owned Ethereum and the price was still swinging back and forth. Since I needed an income and didn’t want to get a job, it was time to try this trading idea. But I set a strict requirement that if I didn’t earn enough money to pay my rent after a month, I’d quit trading. It’s fourteen months later and I’m still trading. I signed up for two exchanges: GDAX and Poloniex.

GDAX made sense because it is run by Coinbase, the company where I purchased and held Ethereum. Those are the first two exchanges that I used. Now I use others since each exchange has pros and cons. I wrote about the best cryptocurrency exchanges if you’re interested in getting an overview of the possibilities. A live crypto exchange is intimidating at first glance.

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There are charts and numbers changing at the speed of sight. I felt overwhelmed but sat through the confusion to try and make sense of what I was looking at. Soon I could see where to place orders to buy and sell, and the charts started to make sense too. 100 investment in my first 45 minutes of trading.

As the month went on I spent hours trading. I’d buy when the price looked like it was going up, and sell when it looked like it was going down. I didn’t use any technical indicators and I didn’t have a strategy. I made enough to pay my rent, so the possibility of making a living from this was validated. Although I profited, I wasn’t sure if I just had a lucky month.

I wanted to formalize my trading knowledge so I could do more than buy low and sell high. There had to be a real strategy to this stuff. I read as many books as I could on trading stocks and foreign exchange markets. I made a lot of mistakes.

But eventually I found my rhythm and strategies. Earning Bitcoin while my rent is paid in US Dollars This isn’t an introduction on how to trade cryptocurrency, but I need to give you some background on it before continuing on the topic of making a living day trading cryptocurrencies. For myself, and most crypto traders, the goal is to increase the amount of Bitcoin we own. I don’t care about the US dollar, at least not directly. When I look at the price of a cryptocurrency, I look at it in terms of BTC. The goal is to get more BTC. Another thing I need to make clear is the type of trading I do – day trading.

My base currency is Bitcoin, which I use to buy Altcoins like Ethereum, ZCash, Golem, etc. When I make a trade to buy an Altcoin with BTC, I could end up selling the Altcoin back for BTC within a matter of minutes or hours. All of my profits are converted back into BTC at the end of each trading day. Again, even though I buy and sell several Altcoins, at the end of the day my net worth is in Bitcoin.

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They don’t allow you to trade with USD or another fiat. I’m simultaneously investing in Bitcoin by holding my day trading profit in BTC. I earn more USD when the price of Bitcoin goes up against the dollar. I believe in Bitcoin as a store of value. Why was it important to clear this up? Because I’m earning Bitcoin but my rent is paid in USD!

I need to sell BTC for USD to pay my bills. Several things were on my mind the first time I had to do this. What if I sell my BTC now and the price shoots up tomorrow? Won’t I be missing out on profit? Yes, but your bills will be paid. If I don’t sell now and the price of BTC drops, I won’t be able to pay my rent.

Final Words

Sell now so you can pay your rent. This is a conundrum that you’ll need to deal with as an investor or day trader. You can always hold out for more, but at the same time you are risking a loss. If you have bills, just sell the Bitcoin for fiat and don’t look back. When do I sell Bitcoin for a Tesla Model X After a few months I got better at trading. I was earning more Bitcoin than I needed to cover my monthly expenses.

At the end of the month I sold only what I needed, and kept the rest of my net worth in Bitcoin. Around this time in my trading career it was getting to the point where I could have bought a Tesla or put a down payment on a house by selling my Bitcoin. Let’s say the price of Bitcoin has reached an all time high, as it has done so many times in 2017. Do you sell your Bitcoin to realize your profit in USD? I am faced with that decision every day now.

Taking the USD I’ve made to buy a home is a solid decision. I can live a nice middle class lifestyle in Los Angeles. Or I can drive a flashy car while I rent a crappy apartment in Los Angeles. It all comes down to your values. But that’s not the route I am taking. Those aren’t the patterns I am looking for when I trade.

The wild bull runs are hard to find, hard to time properly, and easy to go in the opposite direction where you lose a lot. Those gains are only exciting if you understand how far they can get you. I’ll make much more money in the long term. Of course the numbers above assume you trade 365 days per year. Not many people are willing to forego vacation and weekends to work as a full time crypto trader, even with numbers like that. It makes a whole lot more sense if you are only working 90 minutes per day. At this point I am actively trading for only 1 to 2 hours every day.

Not only that but I also let my emotions control my trades. For example, I once purchased Stratis after the price dropped massively. My assumption was that on such a sharp decrease in price, it had to rebound eventually. Now I have my strategy that I stick to without letting my emotions interfere. I have a set of coins that I like trading so I only look at those charts. I have patterns and indicators that I look for on those charts so I can quickly flip through them.