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Posted on 8/6/24 at 11:02 pm to 98eagle
quote:
retired early because of Bitcoin and learned how to trade Bitcoin volatility and now make a lot more money than I ever did in my corporate job.
Do you have any related resources you could share with a young dad trying to earn extra income?
Posted on 8/7/24 at 7:30 am to kung fu kenny
quote:
Do you have any related resources you could share with a young dad trying to earn extra income?
I don't really have any resources except I learned how to trade Bitcoin volatility on my own. I just explained my strategy two days ago on the Crypto thread on this Tiger Droppings Money Talk board. Find that thread and go to page 2115 and look for my post on 8/5/2024 at 7:48 PM. A couple of extra notes. I do all of my trading within Roth and Traditional IRAs and an HSA, so I don't pay taxes for trading a lot. Also I amassed fairly sizeable accounts for more than a couple of decades of trading before I learned how to trade Bitcoin volatility. So it takes time to build up your portfolio to where you can make a lot more than your current pay doing what I do. Also what I do is risky especially if you don't have ice in your veins. So go read what I do and decide for yourself if this is something that you want to try or some other version of it. My strategy works for me very well so far, but I can't guarantee that anyone will have the same success as I do. I mentioned in another post on Monday that I made a trade when Bitcoin was at $53K. I will most likely be reversing that trade this morning if Bitcoin is still about $57K, I'll lock in about 7.5% more shares of BITO than before my initial trade on Monday. Then I just wait for the next Bitcoin pullback or dip and rinse, wash, repeat.
Posted on 8/7/24 at 7:36 am to 98eagle
A big reason you can find success trading is that you are unemotional about money. It's just numbers on a screen.
People learning to trade because they NEED money will almost always make emotional based decisions and will lose.
I would caution this young father to find other ways to make money and not risk what he has as it sounds like he NEEDS more money.
People learning to trade because they NEED money will almost always make emotional based decisions and will lose.
I would caution this young father to find other ways to make money and not risk what he has as it sounds like he NEEDS more money.
Posted on 8/7/24 at 8:13 am to I Love Bama
Good point. It's much easier for me to trade like an unemotional robot because I'm not going to get hurt if my strategy fails at any given time. During this recent pullback, the great majority of people were acting like the sky was falling. People panic even when the Dow drops 1000 points, which is like a 2% drop. Bitcoin just dropped about 20% in a couple of days. The majority of people trying to follow my strategy are going to freak out if Bitcoin has a big drop and they have one or more open trades like I do.
If someone followed my strategy and bought BITX last Friday, they would have woken up Monday morning down 35% and would be completely pissed off and depressed. Lucky I missed that trade, but I would have just implemented another trade just like I did on Monday. Many people would say look at that idiot buying a falling knife. I make more money eventually during times of Bitcoin falling. So you're right. My strategy is not for everyone and especially anyone who can't afford risk. Doing what I do during the wrong Bitcoin cycle would be like suicide to your account.
If someone followed my strategy and bought BITX last Friday, they would have woken up Monday morning down 35% and would be completely pissed off and depressed. Lucky I missed that trade, but I would have just implemented another trade just like I did on Monday. Many people would say look at that idiot buying a falling knife. I make more money eventually during times of Bitcoin falling. So you're right. My strategy is not for everyone and especially anyone who can't afford risk. Doing what I do during the wrong Bitcoin cycle would be like suicide to your account.
This post was edited on 8/7/24 at 8:59 am
Posted on 8/7/24 at 8:48 am to I Love Bama
quote:
I would caution this young father to find other ways to make money and not risk what he has as it sounds like he NEEDS more money.
Thank you for that caveat.
Anyone looking to make extra money to provide for their family ought not be trading bitcoin to try to earn it.
This post was edited on 8/8/24 at 5:24 am
Posted on 8/7/24 at 12:16 pm to SlidellCajun
quote:ought not be trading anything*
Anyone looking to make extra money to provide for their family ought not be trading bitcoin go try to earn it.
Posted on 8/7/24 at 10:51 pm to TigerTatorTots
I make good money, I am just trying to find ways to make more so my wife can work less. Raising a child is expensive.
Advice is noted, gentlemen.
Advice is noted, gentlemen.
Posted on 8/7/24 at 11:26 pm to kung fu kenny
You can make more than $100,000 trading money market mutual funds…
…If you have about $2,000,000 to start.
…If you have about $2,000,000 to start.
Posted on 8/7/24 at 11:44 pm to slackster
Yeah let me get back to you on that…..
Posted on 8/8/24 at 12:40 am to kung fu kenny
I’m just making light of the fact that many times when people talk about trading full time to make a living it’s because they have very large sums in the first place. Not trying to take away from those that get there, and I appreciate 98eagle being honest about accumulating a large sum himself, just pointing out it’s all relative. 
Posted on 8/8/24 at 11:45 am to slackster
quote:
I’m just making light of the fact that many times when people talk about trading full time to make a living it’s because they have very large sums in the first place. Not trying to take away from those that get there, and I appreciate 98eagle being honest about accumulating a large sum himself, just pointing out it’s all relative
Have a buddy who left a nice paying medical device sales job due to being burned out (happens to a lot of us). He attempted to day trade full time. Roughly 2 months into it he hit me up asking if I knew of any open positions.
Posted on 8/8/24 at 5:48 pm to I Love Bama
quote:
A big reason you can find success trading is that you are unemotional about money. It's just numbers on a screen.
People learning to trade because they NEED money will almost always make emotional based decisions and will lose.
I FULLY agree with that!!
For so many, if not most people, money is a very emotional topic. Just look at how many threads appeared on this board when the market dropped on Monday. Even people who had 20 or 30 years until retirement were showing signs of panic - not about their taxable trading accounts, but about their 401K and IRA retirement accounts. So in those cases, they were in fear for their retirement funds. IMO, especially for younger people, that was an irrational fear, but still a fear.
Fear = emotion. So yes, the worst thing this fellow could do is undertake an activity (a risky one at that), where money that he needs necessarily has to be put at risk on a daily (day trading), or even weekly basis (swing trading).
Good post.
Posted on 8/8/24 at 6:00 pm to UltimaParadox
quote:
Don't worry one billion Tether bucks will help soften the blow
Like clockwork
I am sure those billion tethers minted are all fully backed
Posted on 8/8/24 at 6:12 pm to UltimaParadox
You get triggered every time Bitcoin rallies.
Posted on 8/8/24 at 7:16 pm to Chuckiee
quote:
You get triggered every time Bitcoin rallies
Patently false... The price is irrelevant to me. I'm triggered by the very existence of this massive waste of resources.
Posted on 8/8/24 at 9:15 pm to TrigSwig
Bitcoin is not down 17% tonight
Posted on 8/8/24 at 9:18 pm to 98eagle
Are you in BR? I pretty much trade options on a daily basis, been in crypto since '17 and would be interested in meeting up to talk more about your trading strategy. I've read your comments over and over and am still not "there" yet.
Posted on 8/8/24 at 10:44 pm to thatguy777
quote:
Are you in BR?
I'm in Alabama. Most of my strategy and comments about it are scattered in the Crypto thread over this past week. My strategy works for me whether Bitcoin is trending up, down or sideways as long as Bitcoin is volatile and recovers from dips within the trend. The more volatility the better. The bigger the price swings the better and the quicker the recoveries the better.
Sometimes I have to wait several weeks to close a trade. That is not fun, but I already anticipate that will happen sometimes.
Other times, the volatility is great, like this week where we had two nice back to back dips with quick recoveries. I closed my last open trade this morning because Bitcoin hit my reversal trigger point. If I would have waited later today, I would have doubled my gains on the last trade. Still I made over 15% in more BITO shares just this week for the amounts I was trading. Doesn't bother me at all because I trade on the trends. Holding my trades because Bitcoin seems to be ascending is not in my plan. Continued holding of BITX' due to greed when a trigger price point has been surpassed will kill the strategy over time in my opinion, plus I don't trade on emotion and I don't want to start. No fear and no greed for me.
Quick recoveries to reversal trigger point prices make this strategy easy because you get quick wins. Lengthy recoveries that endure periods of Bitcoin falling almost continually will make life miserable if you don't have ice in your veins.
Basically I pretty much ignore news and charts. I just trade on Bitcoin's price alone. Whether Bitcoin is falling or rising, I'm not fazed. With my trading mind set I have no fear or greed. My whole goal is to increase my BITO shares without investing any new capital. I don't try to predict tops and bottoms. My trades are made in the up and down trends. I know Bitcoin will always recover and hit my reversal trigger points in this cycle. At least that is my mindset. What I do requires a lot of discipline. It is also risky. There are no guarantees.
Posted on 8/8/24 at 11:04 pm to 98eagle
I get the general concept of your trade, and trust me I am no stranger to seeing volatile swings in my accounts, crypto, options etc. I was looking at the BITO chart today, and the price doesn't correlate too well with BTC. I know it is a futures ETF. I know it pays a large divvy, but I am failing to understand the end goal when BITO could cut the dividend and the ETF could tank, or could it? There are a lot of new products out there, who says everyone doesn't pull out of BITO.
ETA. It sounds like this is more of an arbitrage trade, not technically, and I’m trying to wrap my head around the best way to do this
ETA. It sounds like this is more of an arbitrage trade, not technically, and I’m trying to wrap my head around the best way to do this
This post was edited on 8/8/24 at 11:13 pm
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