Managing your Bitcoin to Altcoin daytrading with a team of Virtual Assistants
After I bought a piece of bitcoin, I quickly got interested into daytrading with the goal of increasing the total amount of bitcoin I hold. You should think about doing that too if you still only HODL.
Or HODL a part of it and daytrade with the other. There are big movements in the altcoins and if you are on the right side of the trade, you have a chance to increase your bitcoin, which currently are at a all time high of about 20K $. Per Bitcoin.
Now, if you are anything like me, you have a job and other responsibilities. In addition of managing cryptocurrency, which requires a whole more of involvement, learning and absorbing information than a wad of dollars in your pocket - if you want to daytrade you really need to absorb all knowledge that you can.
Hiring a team of Virtual Assistants to help manage the information flood of the crypto world
I quickly realized that I will not be able to keep up with this next to work. What I know I can do, is hire and train virtual assistants quickly and effectively.
My team: one guy from the financial industry from Pakistan, one lady with a PhD in finance from Serbia. Multicultural team: check.
The platform I hired both of them from is called Upwork (previously Odesk).
I can recommend it over other platforms like onlinejobs.ph, with which I made lots of very disappointing experiences.
(Do your research. Here is an informative article about both services. My personal experience with half a dozen hires from onlinejobs was less positive than with upwork.)
Upwork is free to join, but takes 5-10% on top of each payment, made hourly, to your staff. This means if you outsource for 500$/month, Upwork takes around 50$.
The good thing is the screening process when hiring and you have a very tight control on what your staff does, since upwork provides regular screenshots of their work.
Here the assistant from Pakistan analyzing Stellar Lumen vs Bitcoin, following a method from Youtube.
The Bitcoin trading method: Boss Method (from Youtube)
The method I follow: I chose one youtuber: Brandon Kelly.
His method made sense to me. You use the ups and downs of altcoins to trade against Bitcoin. The end goal is to increase the total amount of Bitcoin you hold, independent on how many dollars the Bitcoin is worth. Check out this playlist in his channel, where he goes into depth explaining his method (for free).
So I am following him and holding several cryptocurrencies in addition to Bitcoin:
However, Bitcoin still is the big majority
Communicating effectively with a team of virtual assistants
Back to working with a team. You need a platform to do teamwork. I use Trello, it's free. You can think of it as a project management tool. In addition to using this platform where through the discussions, the documentation takes care of itself, I have had a few skype calls and chat via Whatsapp when a trading event comes up.
Here is a look behind the scenes on my cooperation with them. It almost runs 24/7 with one of the three of us online, scanning the market, making trading decisions.
I hope this gives you an idea on how to have an edge over other traders. Consider that you can pay your assistants in Bitcoin, too! Or, if you profit from the current all time high, you can definitively afford paying your assistants a good wage, so that they can do a great job, making you rich!