My journey in the cryptoverse has been filled with emotions, ups and down; there are few people who have spent years in the crypto world who experience a day of joy or sadness. There are a lot of things to learn, and I will share four things that I have learned with you all so you can gain them. Some of it might be new to others since they are new to the cryptoverse, while others will just agree with me because they have come across this same path.
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The first thing I learnt is to learn to control your greed. There are various platforms where you can trade your cryptocurrency or token. You can either swap them for fiat currency or trade them to gain more. I once traded on binary options with Litecoin, and at that time I invested 10 USD as a beginner. Since I wasn’t an expert in trading crypto, I bought a bot to do it for me. The first week was great as the bot was making profits, trading input was $1, and I made $1.60 on every successful trade, but greed came in and I wanted to make more. I increased the input to $5 just to increase the chance of earning more. I trusted the bot so much that I left it running, got back, and met a lot of lost trades, from $30 to $2. So beware of greed.
The next is to invest money you can avoid losing. The crypto market is being ruled by two beasts, the bear and the bull, and this beast don’t send anyone before they take action. You can be a millionaire one minute, and they will render you a penny owner the next. So I always tell people, Don’t invest your school fee or house rent into crypto, especially when you are a learner. Invest money you can avoid losing.
The next one has to do with the mental health of everyone which is Emotion. They say that emotions sometimes control us humans and even affect our decision-making. So one thing I have learned in my journey in crypto is that you must not get emotionally attached to your trade if there is a huge loss, especially when the bear is ruling the market. Depression might set in. After losing $30 back then, I went into depression because it was my hard-earned money I invested in it. So one needs to be mentally fit before stepping foot into the world ruled by two ravaging beasts.
And finally, I have learned to be patient. You know the adage that says "the patient dog eats the fattest bone?" I believe that adage only works for crypto. In 2018, I bought BTC, which was worth 500 naira in my local currency. When the BTC market was going to the moon, I thought to myself to sell when my BTC was worth 1,300 naira, but I waited patiently, and guess what? In 2021, I sold my BTC for 5,000 naira. Imagine waiting that long for profit. So that's how it is.
There are still are still a lot that i have learn but this are the ones i will share with you all, I am sure many people can relate and are willing to share some of the things they have learned too.
