I have around 40 btc. With this, is it possible to earn $100,00 a year by day trading btc?

So I managed to get these bitcoins when the price was around $100-$120 each way back when! Sometime just before SR was seized. It was part of my earnings as a vendor at that time, I had kept this aside for a rainy day, and after SR went down the heat was on so I didn't cash these coins out.
At the current price it is about $32,000.

I can just break even by selling 6 bitcoins at the current price so the rest of it is pretty much a gain.
Im wondering if anyone has managed to trade bitcoin on a market with the price fluctuations and hedging it and managed to make a big cut out of it? Would it be possible to "invest" the rest of the money and double it or more?

And anything that one should know before hand or watch out for..?

Any ideas appreciated thanks guys


Comments


[20 Points] dlayover123:

You're asking this to drug dealers and buyers. I'd find a better sub to post this on but just don't say where they originated from.


[3 Points] Caddigalaclac:

I feel if you know that little that you have to ask you'd be best just selling it off.


[3 Points] Thriz_whistle:

It is possible, but the most probable outcome (by far) is that you lose some or all of your bitcoin.

Think about it, OP. If making tons of money tradingn BTC were easy, wouldn't everyone be doing it?


[2 Points] Loyal_Oil:

BTC investment sites ususally seem to be sketchy at best. You can margin trade, but anyone who tells you they can read the market better than some computer algorithm that some team has developed, is lying. Marging trading is similar to gambling, except you are given leverage on the BTC you have in your account. You can win a bunch or loose it all. Honestly just mix/wash your coins and start spending them, or if you believe in BTC just hold and hope that the price will double. That is really the only way you are going to have a decent shot of doubling your coin. That or put it all on Black on a gambling site.


[2 Points] None:

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[2 Points] None:

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[2 Points] coffeencreme:

I'd post this question on r/bitcoin. Just don't mention the dnm part.


[2 Points] None:


[1 Points] ChicagoDrillinois:

ive made lots of betting sites and such


[1 Points] ThugHercules:

If it's similar to stocks you'll need a much higher capital and unless sites offer margin, you won't make enough to quit your job


[1 Points] Mellow334:

Just sell it all and get your money


[1 Points] buticanfeelyours:

It would be possible to earn millions per year but it's all down to the quality of information you have.

How good is your information? Can you reliably predict a raise or fall?

Try it. Open a spreadsheet, start with 40 coins and buy and sell on paper. Remember to deduct whatever fees are involved with each trade, and see where you end up in a set time.


[1 Points] mrsadeyes:

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[1 Points] Wanted_drugs_2day:

Do not try to day trade. Become a LBC trader instead if you are legal now.

Buy bitcoins @ 15% under market value, resell @ 10-15% over market value. Bank deposits don't pay very well but the more anonymous methods such as cash by mail demand better margins.

Keep records of your trades and pay your taxes. The higher volume you can do the more you'll make even if you lower your margins.

This means if between buying and selling you make %25 of market price on each coin which at current prices amounts to $187.50.

Surely you can buy and sell a whole coin a day. There are many who buy and sell 10-20 coins daily.

The problem with LBC is gaining trust. You will have to have very small margins to even get customers so don't count on it for income until you have a larger customer base then start inching up your margins. Everyone wants to trade with the guy with 3000 trades and 100% feedback for a little more than some new guy who is charging just a little bit less. Offer a promo where you only make a dollar or something obscene off each coin to get going. Oh did I mention pay your fucking taxes.

I would do it in a heartbeat if I had the capital. I know a LBC seller who mails out over 10k a day and likely buys that much. He makes bank but he also has a brother who is an accountant so that's gotta help lol

IF you're not legal than follow in the footsteps of vendor gold and mail drug dealers their cash for coins. Gold deals in an absurd amount of fiat and coin and he's been around since SR1 if he's still around. He charges somewhere around 15% so every hundred in coins they send you you send back $85.

This really adds up when people are cashing out 10k-100k at a time. Don't come on the scene as a stranger though. You'd have to vouch for yourself somehow.


[1 Points] coltsrule7:

only if your a real wall street type meaning you need at least a kilo of coke/ 1000 addy pills, a nice car, suit, and of course lots of people to say fuck off too when the economy crashes due to your stupidity.

If all the requirements are meet then congrats you can trade btc for profit


[1 Points] Pelican_Vendor:

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[1 Points] Hong_Kong_Post:

There are two sides to every trade - it is a zero sum game (of course). On aggregate and over time, on one side of the trade you have the traders who live and breathe this stuff and are much more experienced than you. On the other side of the trade are those like yourself who think turning a profit day trading is gonna be easy. These guys start off very excited, and blinded by the thought of easy money, have probably ignored the advice of friends, family and anonymous redditors. They make a few plays, start off small have a few wins, a few losses, but soon think they know what they're doing. The reward centers of their brains are stimulated in exactly the same way as someone who thinks they have a method for playing the slots. It's the same mechanism - ie:

The thing that makes day trading for the layman even more dangerous than the slots is that you can make money doing it, and there are people that do. So it doesn't seem as stupid as taking all your money to Las Vegas. The end result will likely be the same though coz the guys and institutions that do make a living out of this have been doing it a lot longer than you, have better analytical tools at their disposal and the knowledge to use them, and have a much larger bankroll than you.

I agree with what others have said here - you're more likely to make more money setting yourself up as BTC trader on LBC.


[1 Points] GotMeSomeAlpandMDMA:

BTC gambling site turn that 32k Into 96k man


[1 Points] speedfleek:

Anything is possible. I can say with certainty that you will not profit 100k any year from day trading 40 BTC, much less every year. Day trading BTC is more difficult than traditional trading.


[-4 Points] blackhippietor:

give me some bitcoins