Can I make trading crypto my full-time job? is probably a question that you have asked yourself several times. This is a courageous choice. The market always shows us every day how risky crypto trading is and how risky it is to make it a full-time job. However, it is very personal and depends on how willing you are to sacrifice and how much money you want to earn. Anyone can make himself or herself wealthy through crypto trading. Here are some valid reasons why you should not be afraid to take this step.
The Crypto Volatility
Even though the cryptocurrency market is fairly new, due to enormous sums of short-term speculative interest it has experienced significant volatility. For example, the value for bitcoin increased to $19,378 between October 2017 and October 2018 and decreased to $5851. Other cryptocurrencies seem to be relatively more stable, but new technologies often have a speculative effect.
This market is so exciting because of its volatility. Rapid price fluctuations on the day can provide markets with a variety of options, which can take time but sometimes it may not, but at the same time raising risks. So make sure that you've done research and have a proper risk management plan when you choose to make cryptocurrency trading a full-time job.
Exposure To Leverage
As a leveraged product, CFD is a trading system that allows you to open a "margin" position – a deposit of just a fraction of the value of the transaction. In other terms, you could become exposed to a cryptocurrency market to a large extent while using your resources to a small extent.
The gains and losses from your crypto trading represent your position's total value as soon as it is opened, so the margin in the market gives you the chance to make large returns on relatively small investments.
You effectively turn the management of your investments into a third party that is willing to use the influence of life or death on your property in a traditional banking and credit card process. The accounts may be locked without notice of violations of the Terms of Service of a financial institution–forcing you to jump around hoping to get back into the system.
Perhaps the main benefit of cryptocurrency is that you are the sole owner of the subsequent private and public encryption keys that constitute your cryptocurrency network identity or address unless you delegated the management of your wallet through a third party service. This is one of the solutions to the question, "Can I make trading crypto my full-time job?"
The cost of lawyers" time with bank authorizations and contracts can be tedious when buying property or vehicles. Cryptocurrency enables you to make instant property and asset transaction payments and settlements.These transactions need not be intermediaries present, and given that the entire blockchain is decentralized, it is based on a peer-to-peer system that prevents the problems of exchanging currency in transactions across borders. The smart contracting system also guarantees that transactions have no legal or broker-cost and are valid.
Well, I think I have answered the question "can I make trading crypto my full-time job?" It is now upon you to decide on how you are going to venture into it.