If you’re looking to Make Money from the crypto coin SONM (SNM) then we have details on how to do that below, trading is much better than holding (or hodling as some say) as you can increase your investment sum as well as the value of that investment over time. So you can trade SONM (SNM) and other coins too if you’d like and increase the balance that you have of that coin, all while the value of that coin increases too which means very big profits.
Trading SONM (SNM)
So the best way to trade SONM (SNM) is to follow these steps, we cover all that you need to know for trading SONM (SNM) and other alt-coins so that you can make easy profits:
- There are a few different accounts that you are going to need to open those first, the first is Binance as this is where you will be trading your SONM (SNM). Binance is easily the best crypto trading platform as it has by far the lowest fees, has the best coins and is also very easy to use.
- The second account is Coinbase, this is where you buy the initial Bitcoin (you trade in Bitcoin so use it to buy and sell SONM (SNM)). We recommend that you start with a small amount while learning to trade but enough to cover several concurrent trades as you need those as you’ll never be 100% successful in all trades so you need a good amount to allow for the occasional one that goes bad (they’re not bad for long though as you just hold these until the price increases so that the bot can sell them), so we recommend $150 to cover this.
- Once you have bought some Bitcoin you simply need to send it to Binance so get your Bitcoin wallet address from Binance and then use that on Coinbase to send all of the Bitcoin to Binance.
- So once the funds have arrived you are ready to start trading, but in order to do that you are going to have to understand indicators as these are what are used to signal that a buy or sell is needed. The best thing to do is to go to TradingView and use the interactive chart for SONM (SNM), have a look at the indicators for data like RSI, MACD, SMA, EMA and Bollinger Bands as these can all be used to signal your bot to buy (or sell). So the best thing to do is to simply play with those indicators and try to match them up to the highs and lows of the SONM (SNM) price, so for example when the RSI is low the price is generally low or you can use crossovers for indicators like MACD, SMA or EMA as they usually indicate a price increase.
- So once you understand the indicators (just experimenting on TradingView is easily the best way to do that although there are lots of guides online) you are going to need a trading bot and by far the best is Profit Trailer. This is because it’s very fast and effective, most bots are slow and so miss opportunities or sell too late and so can ruin your trading business but Profit Trailer is so fast and effective so is easily the best choice. You will need to download the bot and run it and then set it up, you will need to enter your Binance API keys and then set up your settings (see the Profit Trailer Wiki for great information on that).
- So enter your settings and use the Wiki to understand them, use those that you have used on TradingView and that you can see work for SONM (SNM) which means a very high chance of success. Even if you are only planning on trading the one coin (SONM (SNM)) you still need to have several SONM (SNM) positions open so be sure to use a percentage of your balance like 10% for each trade as not all will succeed (they will eventually but you will have to wait on the failures for the price to increase enough to sell again, which the bot automatically does), so having lots open means that most will succeed so you keep the trading going at all times which means more profit.
- You then need to have a selling strategy and Profit Trailer can use lots, we find though that a simple Gain amount with the trailing feature turned on is the most successful (so it will sell at likely the highest amount possible before the price falls back down). So if you are only trading SONM (SNM) it’s much better to trade rather than hold, see Compound Daily for an idea of how you can grow your investment, at the same time as the price is generally increasing over time too so huge profits!
- To withdraw your profit you are going to have to transfer Bitcoin (or any other altcoin that Coinbase support) back to Coinbase and then transfer the funds to your bank account from Coinbase as Binance don’t allow you to withdraw to a bank account.
- Don’t withdraw all of your funds though, it is better to keep it growing and so withdraw a small amount like 20% per month so that the total investment grows and so do your profits.
- Lastly, don’t fall for any scams as there are so many in the crypto world, the companies mentioned here are 100% safe and that’s easily verifiable online as they are huge companies. If something sounds too good to be true, it is!
So that is how you can Make Money from SONM (SNM) and make a lot of money doing so. Holding does just that, as the value of the coin increases you obviously make money, but if you are trading SONM (SNM) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on SONM (SNM) Trading
Liquidity of the coin is measured from the volume and volume percentage of the coin. Here one needs to be careful of the exchanges which inflate the coin volume to attract traders. This returns to the criptodivisa a finite, quantifiable and impossible either increase or decrease its flow, as some governments to control the price of its currency. Every 4 years, obtaining Bitcoins halved.Profit trailer has become well famous for the returns that it has provided to its users. It has accomplished this by way of a mixture of its friendly interface, and the amazing community surrounding it.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. One of the major factors which increase the price of cryptocurrencies is the hype it creates in the starting and Reddit is the best place to find them. Reddit is full of people with a lot of knowledge and they are "early adopters", they will mostly go for new coins which make your work easier, instead of researching just follow the hype train of reddit. This is the location in the dashboard that provides the information about the currencies you are interested and followed. If a currency is on this list it indicates the most credible list of currencies to be bought.
Motto should be to buy low and sell high
Now, what is this currency all about? Cryptocurrency is non-other than the currency that uses cryptography as the way to convert information into uncrackable codes to track transactions. Right now there are more than 1600 coins in the market and it's very hard for newbie's to find good coins to invest and most of the time they end up losing a lot of money. Even BTC is not a good coin to invest in 2018 but this market is not completely dead.
Now that you have selected the coins to invest in, you need to find an entry point for your investment. Technical analysis has forever been the top strategy for finding an entry point when investing in financial assets. Ethereum is the second biggest crypto currency after Bitcoin. Ethereum has come down to 500$ from 1500$ (the peak value in 2017) in just a few months. That’s the reason I am giving it 5th position in this article instead of 2nd.
Today you can buy almost anything you want using bitcoin . You can pay passages Expedia, buy computers on Dell.com or newegg.com , furniture and household items on Overstock.com and to buy directly from amazon.com discounted up to 20 % using services like brawker.com or purse .io. And more and more ways to use bitcoin to buy goods and services appear. It has a simple user interface that make it easy for the beginners to make an investment in the cryptocurrency.
While sending bitcoins is instantaneous, and any operation can be monitored in real-time confirmations that shows the screen when using the Bitcoin software come to represent the process of clearing. Decentralization and forks are also counted as some of the major issues. They are much excellent to come up with the exploration and broad the technical stuff even much more appropriately. For example, an easy strategy would be to have ninety percent and ten percent short. This technique assumes you more confident in a long position. So, this technique may cater any level of danger.