What's up everyone!
This is my first time getting into blogging. I've been so involved in crypto that it only makes sense to record my trials and errors. It will give me something to look back on, and will hopefully help other to avoid making mistakes that I will most certainly come across.
I bought my first $100 worth of Bitcoin through coinbase on 11/11/17, which turned out to be a very exciting time to get involved. Within 3 weeks my $100 went to $300. It was pretty fantastic to say the least.
During this time, crypto kitties was just released, so I went ahead and purchased some kitties with the profits I made. I was a total noob and sent my Bitcoin directly from coinbase to Bitfinex to turn into Ethereum to purchase crypto kitties.
I actually sent two transactions of bitcoin, totally about $40 in transaction fees. Brutal! If I knw what I know now that would have never happened.
The correct method is to, either purchase litecoin in coinbase and send it to an exchange.
Or get verified on Gdax (coinbase exchange) and transfer the bitcoin from coinbase to Gdax, then from Gdax to whatever other exchange you want to use. Personally I continue to purchase litecoin from Coinbase and send it for virtually free.
As the price of bitcoin continued to increase, I began to purchase more and more with the limited amount of funds I had. I got myself up to $550 invested. From there, I gained quite a bit with alt coin spikes that seemed to happen multiple times a day. I also lost a lot by setting incorrect buy/sell orders, transaction fees, selling at a loss (impatience), ripple reserve fees (don't get me started), and of course the crypto kitties that I neglected (poor kitties).
For a little while it seemed that no matter what I bought, it would double in value within a few days. My biggest holding was DeepBrainChain right after it came out, I got it around 1111 satoshi, and it proceeded to climb to 4x what I put into it. I made almost all my initial investment back just by holding this coin. But alas, the bloodbath began.
Had I have known what a market correction would look like, I would have been taking profits along the way. This is something I strive to practice now with my trading.
Since the correction started, a lot of my coins - no, all of my coins that were up 100%+ are now in the red by 30%-50%. I am adjusting my approach from strictly hodling, to being more of an active trader.
I know trading is not recommended, but for me, seeing my coins move up and then fall all the way down, it's a no-brainer that I need to get involved in the peaks and troughs. I don't recommend this unless you've studied a trading method and are committed to sticking to the method and being disciplined.
I am still very new to crypto, and I believe crypto is still very new as well. I am excited for what the future of crypto holds. I look forward to continue to update my steemit blog, and eventually get some Dtube videos going, perhaps of my live trading when I get better, or just sharing techniques. Or maybe i'll get addicted to creating content like I am addicted to cryptocurrency.
Stay safe out there, until next time, PEACE!
