Crypto moves fast but I like to move steadily.
Crypto is a volatile area and we have seen it make every move possible and some that we didn't even know existed.
We are at the stage again where the general public are taking interest in what is happening across the crypto sphere but it seems as if the are making the same old mistakes that we all did in the beginning.
Crypto is only to get rich quick.
I have a friend at work who is all about crypto right now. He thinks that he will day trade his way to riches without knowing anything about the markets or the tokens on it.
He is convinced that he can trade his way to profit and turn over $100 per day in trades successfully.
Now I'm no crypto expert but i don't see this working out very well. It's his money and who knows but he might just get lucky and hit 100x by buying shitty altcoins and trading bitcoin but i doubt it.
I just gave my best advice of growing a steady portfolio and how to do it for a very low cost in a safe and secure way. If he wants to chase riches then that's entirely up to him.
I am building positions and compounding. He might even do a lot better than me but i prefer a safer and steady plan to keep growing my assets and put them to work.
Make the crypto do the hard work
There are so many different ways to earn crypto now that it's great for anybody getting started.
Not only that but there are multiple ways to get a return from the crypto that you do hold.
My goal is very simple.
Build a portfolio that payes out $100 a day in passive income. When I get to that stage I will be able to start living off those returns and not need to work.
Then with the power of compounding, I will be able to keep adding to those positions and increase that $100 a day while using it as a source of income.
It's a long game but one worth playing and one that is working nicely to this point.
Some people do very well playing the markets but for me i would rather play to earn.
Then earn from investments.
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Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
Just tell him about Defi / Cub :p
100$/day passively is a dream for many.
Take into account the taxes as well!
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STOPWell depending on how much money he has, he probably could make that but I think going steady is the best way to do so. The larger the returns you are pursuing, the more risk you are taking.
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I believe steady is the best way to grow around here. Moving really fast could be disastrous and unhealthy for growth. The more risk the more the chances of losing your money. It's safe to be a little conservative so one don't get rekt. I love the idea of compounding. It help build for the long run.