I am new to cryptocurrency and I am wondering if I can make money with cryptocurrencies even if I am new to this. I am unemployed and can't really find a good job so I am thinking of taking a risk by speculating in cryptocurrencies. Thanks in advance for those who will answer my question.
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Can you? Sure. Will you? I certainly wouldn't bet on it.
I certainly wouldn't suggest that an unemployed person that is looking to generate income start day trading anything. When you lose your job, the last thing you want to do is pile on more risk. Beyond that, most people that day trade lose money. Those that do make money rarely beat the market with any consistency. And if you could beat the market, that would require a large amount of effort that would almost certainly be more productively spent looking for a new job and/or acquiring additional skills to help you land a job.
Day trading cryptocurrencies, though, is even less likely to work out in your favor. You'd be speculating in an asset class that has a very high degree of volatility meaning that it would be very easy for you to lose a lot of money quickly. You'd be speculating in a market that is relatively low volume and relatively unregulated so it is relatively easy to get taken advantage of (either maliciously or in terms of not getting the best possible price when you want to buy or sell).
You might get lucky and make money but I'd certainly wager that you'd end up still unemployed but with a much smaller nest egg at the end of your adventure.
Justin Cave
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Sure you can if you are knowledgeable enough. Invest at your own risk. I suggest you do some research on your own first.
