I have lost a bunch of BTC since entering the space about a year ago. I tried being part of a 'pump' group but I ended up just being a victim of the whales and lost about half of my holdings within a minute. Now if we look in dollar value it was only about $400AUD and it wasn't crippling but it hurt nonetheless. It exposed how naive I was.
I was also very good at FOMOing in at the top and running out of position so I'd have to sell lower just to be able to enter new trades.
I also signed up to use a trial version of a discord bot designed to do automated trades. I found the bot difficult to control so I lost value there.
I tried everything, and that was sort of the point to begin with.
As I watched value seep out of my account I decided to stop and rethink my strategy... actually, just create one.
When the bot ceased being supported a bunch of people got together into a trading pool. It was a little pool and it worked alright to begin with but it was only really recovering funds that pool members had lost previously. A more formal pool was designed and more members were added to this. Contribution sizes were also upped.
Now when I first got into crypto it was for learning how markets worked. I don't have the capital nor the understanding to enter into the stock markets, and the entry bar for crypto was not only much lower. There was no bouncer at the door checking for collar and shoes before being allowed access. I entered crypto because I had control and it was on my terms.
My plan was always supposed to be that I am in control. My wrong calls were mine and my correct calls were also. So I opted out of this pool and continued to just play around with what I have and to keep learning for myself.
It turns out this pool was severely mismanaged and many people lost many Bitcoins. My plan is nowhere near perfect but piece by piece it is improving and the debacle I have seen come out of this pool has made me thankful for my ability to learn and adapt from my mistakes.
I am by no means a successful trader now and I'd never tell anyone how it should be done. Remember that crypto is here to liberate people and make them responsible and in control of themselves. With this in mind I think we can be rewarded with minimal risk.
