Create Profit Centers With Side Hustle Income Part 3
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| A True Profit Center That Generates Income When You're Not There |
Check out the 3commas website here! So in Part 3 of this series of blogs I want to show you a near perfect side hustle. Honestly, this may be the most perfect side hustle I've ever seen. By no means is anything I say here meant to be taken as any kind of financial advice. I want you to understand I am a tow truck operator by trade. I have no college education and I am not independently wealthy. I am simply presenting to you information that I have discovered and interpreted in my own way.
Most everyone has heard of cryptocurrencies by now. You probably don't understand what it even is, but you have a general idea that it could change the way the entire world does business, and hinder sinister governments from controlling people.
It has other qualities as well. It is beyond the reach (at this point) from federal regulation (to a degree). It also has no central exchange. It is not controlled by banks or even the Federal Reserve. It exists wholly online. It is traded wholly online. Each currency is controlled fully by its programing and can only be altered by a vote between those who hold the currency (you and me).
I won't go into all of the specifics about cryptocurrency. I don't know enough to do much more than confuse you with details I don't fully understand. One thing I do know a bit about is trading currencies albeit fiat currencies that I'm most familiar with. Cryptocurrency trading is not much different in nature. It is very volatile though. Volatile simply means that the price of one currency can have dramatic swings in a matter of seconds. This makes cryptocurrency a great opportunity for those who like to profit from the swings in price.
The problem is, most people do not have the time to sit in front of a computer screen all day or night and watch the prices so that they can buy and sell at the right time. Well, I'm not 100% certain about this, but it seems that 3commas may indeed be the perfect solution.
I signed up for 3commas about two months ago. Two days before the big 50% drop in bitcoin value. Remember what I said about volatility (haha). The bad news about that situation is I was not yet familiar with the bots, had no idea what I was doing when I set them up, and watched as my account dropped.
Mow, I'm not telling you I have made all that money back and then some by using the bots on 3commas. I haven't. Not yet anyway. But, I have been doing a bit of studying on the topic and have begun finding a few setups for the bots that seem to be profitable. Am I getting rich? No! But I can see how over a time these bots can start making some pretty good income for you if you stick with it.
Basically what you do is you connect 3commas to your coinbase account through an API key that you get from coinbase. Don't worry, this does not give 3commas the ability to withdraw from your account, just the ability to trade in your account on your behalf.
Once you do that you can set up the bots to trade based on certain criteria that you give them. They will trade over and over and over again as long as you leave these bots turned on.
I have made nothing but profits since I have found a criteria that seems to work well in all market conditions up to a 60% market drop. In other words, you should stay in profit with your bots as long as the market does not crash more than 60%. The odds of that happening are pretty astronomical, but I guess it could happen.
Here is a link to how my Bitcoin bot is set up. It is profitable and automatic. You can create this bot on 3commas for free indefinitely. You will need to connect it to your trading account. If you do not have a trading account I recommend Coinbase as it is based in the USA and is a public company on the US Stock Exchange.
I'll be sharing more info about 3commas in the future as I learn more ways to use it.
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