Trading can be very profitable. But requires consistent practice and is ready to lose money as well, there's nothing like a 100% win rate.
Few things you need to keep in mind, that might help you in your journey. If you decide to trade crypto.
You need to choose your approach to trading; is it p2p, spot, or leverage /future trading?.
Now each of these approaches has little to high risk. Has a new trader I won't recommend leverage/futures trading to you. This is because the high risk and your portfolio can be wiped out in sec if you don't know what you are doing.
I have been there, especially when Binance sends you a liquidation letter... Emotional damage in Chinese accent.lol
But don't worry there are other safer ways to make consistent money from crypto.
Thinking of p2p? Yes, it's.
P2p trading is better than spot trading in my opinion. But little profit and requires some capital.
Most Platforms do offer p2p trading portals such as; Binance, LocalBitcoins, remitano, okex etc.
However, some require having a merchant badge which I won't go into more detail about.
But here is the catch...
You need a strategy, and that's where your Arbitrage skills come in place. ( the act of buying /selling for profit.)
Don't worry; I will share with you 3 strategy;
- You can decide to provide liquidity for investors for their trade. It can be USDT, USDC, BCD or even BTC itself with a profit of 0.09 to as high as 1% fee just depending. Also, keep in mind you need a good Bank account for this with a high daily limit. Additionally, you need to know investors who trust you or you trust.
- Another strategy you can exploit is buying low and selling high. Usdt for example which is my favourite. You can buy low at one exchange and sell high at another exchange. Very lucrative if you can move high volume to accumulate profit.
- Lastly, you also buy/sell at the same exchange, almost related to the second method but this technique requires some technical skills which I can't go deeper into right now.
Lastly, whichever approach or route you choose keep these skills under your sleeves.
Trading psychology
Bookkeeping/Record keeping
Technical/fundamental Analysis
Integrity / Trustworthy(p2p trade)
Teamwork skills.
P.s Every approach is profitable but you have to study them and focus on it. Don't follow those pump and dump groups or Youtubers who only care about their pocket. there is a lot of content on YouTube about spot and futures trading but way less on p2p trading though. Anyway, Goodluck in your journey...