Trading Dogecoin for a profit and you can do it too
On January 15, 2020 was a very interesting day since I managed to sell my entire position with the Dogecoin Cryptocurrency, I have several reasons why I made the sale but one of them is because this investment had generated me obrt 10% return In the short term, I usually prefer to buy and hold but in this case I saw the opportunity to take profits since most Altcoins were moving up and I decided to take profits, even though I do not believe this coin will last for a long time but it is an asset that can be traded for profits in the short term.
A little history about Dogecoin
Well, let’s start talking a little about the history of this coin, as you know Cryptos were created to be able to buy and sell goods and services electronically on the Internet, there are several types of currencies and Dogecoin is one of them, the most Popular at the moment is Bitcoin but this currency became something popular thanks to the Reddit forum, this currency is used to give money to people who provide content in said forum and it got very popular during 2019, with this came the opportunity to invest in this currency and have the potential to make money with it, I use Robinhood’s platform to buy and sell coins and yesterday I managed to generate over 10% profit, below is the price chart for Doge:
How to make money buying and selling Crypto
What I want to share with you today is the following, there are many markets such as Forex, Stocks now we have the ability to make money buying and selling electronic currencies, when the value of something goes down and you think there is a possibility that it will increase in price you can buy and wait patiently to sell later, this strategy has generated me very good money and there are several things you can do to make sure you get a good return on your investment.
How can I know if something has value and will rise in price?
First of all I want you to know that this is not a recommendation for you to buy or sell anything, before buying any type of asset you have to do a verification and study your market, I use Robinhood in the United States to access the market and your you can also do it having your own account, in this case I had a position of several months and I was down for a while but what I had to do was buy and buy to lower my entrance cost and I had to be patient, once I realized that the prices of all Cryptocurrencies went up then it was when I sold them for a very good profit, I not only had to see the indications of the graph but I also paid attention to the news and what people talked about on the Internet, as soon as I had the opportunity I made my sale and generated my profits.
As you can see, if it is possible to make very good money buying and selling coins, the key here is first of all to study the market and know what a good price is and what is not a good price, in my opinion any discount of 5 , 10 or 15% is a good entry point, I do not like to invest all my money initially, I usually invest only 10% of my capital and if prices go down continuously I average down every time they have a discount and then sell to a profit, in the same way I only like to sell at a minimum of 10% but sometimes if I have sold for less, it all depends on how much I think the market is going to rise.
I hope you take this opportunity to learn to buy and sell coins and learn to make money, many people are making a lot of money and you can do it too, if you want to learn more or have questions send an email and I can gladly help you or leave a comment.