iCoinPro is a program I joined a few weeks ago. It provides training about Bitcoin – what it’s all about, how it works and how to use it.
The Core Training concentrates on Bitcoin itself while the advanced training looks at Ethereum and why it’s different to Bitcoin. The training also looks at other popular cryptocurrencies and various ways you can make money from them. This includes mining, lending to others, staking and investing in cryptocurrencies.
There’s a live Google Hangout every week for members to keep up with what’s happening in the crypto world. Additional training is often provided during these live calls too. A recording of the latest call is available to watch in the member’s area but there isn’t an archive of older calls to review.
iCoinPro is also a Multi-Level Marketing system (MLM) program. The more people who sign up under you, the bigger the commissions you earn. If you’re good at recruiting others, this is certainly a program to consider.
A Strategy For Trading Cryptocurrencies
A third component is The Micro Profit System module. This teaches a method for making micro profits (typically 0.3% – 1%) when trading cryptocurrencies on the Poloniex exchange.
This is what interested me most.
Why Poloniex? Because it’s trading fees are very low – 0.15% when buying and 0.25% when selling. The Kraken exchange has similar low fees but doesn’t allow trading in the range of coins that Poloniex does.
I dabbled in trading a while back. Not successfully I might add. That’s simply because I didn’t know what I was doing. So I was curious to see if the method taught in iCoinPro’s Micro Profit System would actually yield profits.
The idea is not to try to anticipate the peaks and troughs in a coin’s valuation, hoping to get those 10-20% gains we often hear about. The Micro Profit System is about making multiple small gains over time. It’s about not being greedy.
Better to make a small gain than a loss of any kind is the philosophy.
So does the system work?
The Micro Profit System
I have to say that, yes, it does. Not every trade will go your way, but the idea is to still come out ahead even when you end up with some losing trades.
iCoinPro have a calculator that gives you various sell prices to get profit on a coin after you’ve bought some, based on the price you originally bought at. Buy and sell fees are factored in and you’re provided with a table of sell prices, based on the percentage profit you want to get. Staying on the low side – 0.3% to 0.5% – means you’ll have more successful trades.
You’re also taught how to set up Stop Loss trades where, if a coin’s value starts to unexpectedly plummet, you can have the exchange auto-sell for you at a predefined price so you limit your losses.
Below is an example of the values for an Ethereum Classic (ETC) trade. All prices are in Bitcoin (BTC). I bought 4.5 ETC when it was worth 0.00572498 BTC, for a total cost of 0.02580105 BTC. Purchase fees are deducted from that amount so I ended up with slightly under 4.5 ETC.
The Sell Data table lists the sell prices (in BTC) to achieve Break Even, a 0.3% profit, a 0.5%, etc. profit. The Loss figures would be used in a Stop Loss trade to mitigate losses if the coin value went south instead of increasing as expected.
I opted for a 0.5% profit, so entered the sell price for that into Poloniex, along with the number of coins I wanted to sell (all of them in this case). Within a few minutes, the coin price had risen as I’d hoped and I collected my 0.5% profit when the coins sold.
Identifying when to buy and sell is the strategy that the Micro Profit System teaches.
I started trading a week ago with 0.06 BTC to test the system. Every day I’ve done 1-5 trades (depending on how the various coins are performing). I’ve stayed on the low gains side, looking to get 0.3% or 0.5% profits. On some coins I did get 1% profits.
As of today, I have 0.06281453 BTC. That’s about a 4.7% profit in just 7 days. A couple of trades didn’t go my way which has brought that percentage down.
So that’s about a 0.67% profit per day, on average. That’s more than some banks give in a year on a deposit account.
I’m also compounding my profits rather than extracting gains from my trading efforts.
0.665% compounded over 7 days gives about 4.7% profit so I’ll use that figure rather than the 0.67% I mentioned earlier (which is 4.7% divided by 7).
0.665% compounded over 30 days gives a 21.6% profit. Compounded over 365 days, it gives a profit of 1,083%. That’s a 10x return.
Are such profits likely?
I don’t know. The cryptocurrency world is very volatile. Coins come and go. The big coins, like Bitcoin and Ethereum, are constantly changing price, sometimes soaring in price, sometimes crashing.
The only thing I’d say if you wanted to give this a try yourself, is make sure you only use money you can afford to lose. Everything could go pear-shaped in the future or maybe cryptocurrencies will go to the Moon as many predict.
But I can confirm that iCoinPro’s Micro Profit System does work.
In order to make about $1 per day, you’d need to trade with about $350 worth of Bitcoin. It doesn’t sound like much of a profit, but compounded over time, it does start to add up. And if you’re betting on Bitcoin being worth a lot more in the future, then holding your profits in Bitcoin would be a smart move.
Here’s one of the recent Hangout’s to give you a better idea about the program…
Filed under: Cryptocurrency