Sunday, December 10, 2017

Risk-Free Cryptocurrency Trading!

In my Nov posting, I mentioned that I was trying out trading the cryptocurrencies. I bought a hardware wallet to try out.

Since then, I have injected a total of 2 tranches of capital. After trading for 1 month+, my trading profit came out to be about 87%. This should not be surprising, given the recent strong run-up in crypto prices. Back in my Nov posting, I included a screenshot of BTC price of <SGD$10k. Fast forward to today, BTC is trading at >SGD$20k

Even though I am mentally prepared to lose all my capital put into cryptocurrency, I decided to make my cryptocurrency trading risk-free. What? ... How can trading be risk-free? much less for cryptocurrency? ... Well, I have just cashed out my total capital amount put in. The amount cashed out was in fact more than my capital, as the cashed out amount was in USD instead of SGD which I injected, realising capital gain in exchange rate.

For the remaining paper profit, I have decided to keep it invested in BTC/ETH as my position is now free-of-cost. Even if the cryptocurrencies failed and plummet to zero (which I doubt it will), I have gotten my capital back intact. If it do take off and rise further in value, I can ride the trend. Win-win situation!

1 comment:

  1. That’s very simple to understand about cryptocurrency. Thank you.

    Crypto trader