LogFAQs > #928004966

@gloBal_enemy posted...

Do you guys actually make much money out of this? I appreciate there can be some big swings which helps make even smaller holdings/portfolios have substantial gains (or losses), but even then with transaction costs to actually convert to real cash, isn't it not that profitable?

It absolutely is profitable. The fee to sell is depends on the platform in which you sell. If you sell P2P, there's none but you still need to coordinate the setup yourself. On a platform like Coinbase, the fees to sell range from 1.5%-4%.

https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

But when you swing trade, you don't sell to cash. You sell to a stable coin like USDC or Tether. These are (supposedly) backed by the US dollar. So you can flip between currencies without fear of volatility like what's happening now.

I don't swing trade because I'm much too emotionally invested in Chainlink. But I do implore people to learn how to swing trade. It tests your ability to make decisions based on logic without the influence of emotions. The less attached you are, the better because this can really crank up the anxiety and stress. I feel that people who don't give 2 craps about crypto would be really good traders.

Of course to make those life changing gains, you have to believe in the project you're invested in, which comes at odds with the fundamental rules of trading. So they say, there are smart traders who make a lot of small gains, and dumb investors who make the insane FU amounts of money.
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