1 Month Into Crypto

Hey guys, so I’ve been wanting to write something since my last post but just didn’t have any good ideas, but it’s been a month since I joined into the crypto world so I’ll make a post about how it’s going for me so far as new person to crypto.

TRADING HIGHS

I came in just around the time Bitcoin was hitting about 64k USD so I started investing and bought some when it dropped to about 59 and as it went up I sold making a very small amount of profit as I could only afford a small amount which was say $200 Then I started investing in other coins and seeing a profit in my portfolio and it was amazing seeing this when I just started out, it wasn’t much but still felt good.

TRADING LOWS

Now last weekend for the market it wasn’t great as prices for everything crashed as everyone saw. And as a new person to the game I was panicking! for the experienced it’s just another day of trading. But I was weak and lost money by withdrawing everything, a stupid move I know as I should have just held onto it, but this a great learning experience for me and I know what I should do next time something like this happens. Just hold and invest more into these dips and lower that average price!

TRADING TO FARMING

This is what I did next, I pulled all my money out of my Bittrex account and transferred it into my Binance, but here is where I learnt a new lesson on different fees for different coins. As I am quite impatient and just wanted to be done and dusted with my task (which is something else I need to sort out within trading) I exchanged my USD to USDT thinking the fee would be minimal (should have done my research I know) only to find it would cost me $80 to transfer my money which was already in a loss! So now I do a bit of research and find XRP I can trade for BNB on Binance and has a very decent low rate of 1XRP to transfer!

I now do another exchange from USDT to XRP and make the nerve wracking transfer, 5 minutes go by thinking that’s it I’ve lost my money but then a message from Binance telling me of a successful deposit and a sigh of relief from me!

I then make my final trade on the exchange for now to change my XRP for BNB and transfer it to my Binance smart chain MetaMask wallet.

MORE FEES!!

So I finally have my BNB safely in my wallet ready to put into the pool for farming but not before splitting it into CUB as well and liquidating them both for the pool which costs more fees... luckily I left just enough for the fees and having a fair decent split.

SAFELY BACK IN THE FARMS AND DEN.

And now after all that my money has travelled a long way back to where it should have been in the first place before trading! This is really a case of trying to run before I could walk. So I’m now licking my wounds and healing my investments in the farms and den which wasn’t a big loss really in the first place but it felt it to me.

Overall I didn’t really lose much money but it shows me how the market can change so quickly and how volatile it is. I knew the risks when trading and I’m glad this happened to me now than if I had invested maybe thousands into it and did the same thing. It’s okay knowing it’s a risk but doesn’t mean you shouldn’t do research, not saying I didn’t but maybe not enough. But then again you can research to your hearts content and still lose money but I am really no expert at this 😂

LESSONS I HAVE LEARNT

• Be PATIENT with cryptos it’s not going to turn you into millionaire just like that unless you are extremely lucky and know what’s around the corner!

• Invest small amounts for the long term and keep adding to the pot in small chunks.

• Do your RESEARCH before you do anything even if you don’t like it you will learn new things along the way.

• Detach your EMOTIONS from trading this is where you will trip up and lose investments by pulling out or even just giving up on it.

• And one last thing is write it down I feel what I have shared with you has settled me and helped me look back at it more clearly

Also feel free to give me your opinions and what you think I could have done better with the post and my strategy i would love to get some feedback to help me improve my understanding with all of this and myself, also any other tips You could add! not just for me but for others who are new to this :)

also also ;) I want to think @jongolson for @jongolson/2-strategies-to-beat-the-market-when-it-dips for this post as this inspired a lot of the lessons I've learnt also and I shall implement them into my strategy I hope you don't mind me including you in my post!