After learning about Blockchain, I became interested in learning about what Bitcoin is, what are ALT coins and so forth. Still , I was fearful to jump into the water. However, couldn't resist myself from being involved in crypto. I learned a lot of things of how and where to get registered for ICO, which exchanges I need to register, how to open a wallet etc etc through Google searching, youtube videos watching and reading blogs. Just sharing some below.
My experience with Exchange registration:
I learned where I can buy my first Bitcoin and Etherium through Fiat (Coinbase). Then learnt about other exchanges and registered there (Canadian Exchange 'Coinsquare' and 'Quadrigacx' as I live in Canada). Then to buy other AlTcoins wanted to register in Bittrex but it was not accepting new registrations. So found an alternative which is Binance. But it didn't stop there. I registered in Kucoin,Huobi,Cobinhood, Qrytos, Gate.io, Tdex, Bitstamp, Kraken, Bithumb, Bibox, Gatehub, HitBTC, and so on. Also need to specify about IDEX and ETher Delta which are decentralized in nature.
My Experience in 'Trading' and with 'ICO':
Tried to do trading for some time. But being a newbie , I lost money. Then came to know about ICO (Initial Coin Offering). However, also was not sure where to invest. Then came across some ICO Benchmarking sites. Through which I invested in 'Sapian', 'Copytrack', 'Adhive', 'Syncfab' and 'Faceter'. And off course I lost more than 70% of my investment there. Even though those ICO's were rated high with a big hype. I then learnt how those benchmarking sites actually awards high points in exchange of money.
Factors that needs to be considered before investing in ICO:
Then I tried to learn what are the factors that needs to be considered , which ICO to invest. I learnt about three factors that I missed before apart from the factors associated with 'Team', 'Community', 'Product prototype', and 'Type of project'. I learnt that due to 'Bear' market condition, ' Infrastructure ' projects are much safer for good return accompanied by three other most important factors ; which are 'Token matrics', 'Amount of fund that is proposed to be raised' and 'a renowned advisor's name attached to the ICO to keep the hype'. And most important point of all, those ICOs, that announce from the beginning that they would get listed within 4 weeks, those ICO's do good. Because , the ICO's on which I lost money, all of those were either saying that 'They cannot legally comment on exchange' or 'They are in NDA (Non Disclosure Agreement)'. Be aware of these two announcements.
First profit making ICO:
I made my first good return on 'Quarkchain'. Its because, it got listed very quickly within couple of days and so the project's hype was still on the air. After losing 90% of my investment in previous ICOs and trading, I recovered all of it in a single ICO. Which make me come to the decision is that it is ok to only invest in one profitable ICO rather than ten bad ICOs. And should not be concentrated on trading during bear market. Just HODL until market recovers.
What to do in Bear Market:
It is true that market condition emotionally drives everyone to sell their coins in loss. Which I also felt and did for some of my ALT. As I had already experienced the bear market condition in late March and April, I knew, what I needed to do at the current bear market in May and June. First thing that I did is that as soon as I realized price going down and down, I sold all my coins against Tether (USDT). Then I bought 'Neo' when it reached $38 . As we are in the bearish market now it is always recommended to convert all your coins to Tether (USDT) and buy safe coins when those reach bottom.
New ICO that I am currently looking at:
Currently, I have put my eyes on Sparkster. It check marks all the criteria to give me a good return. Hopefully, it would not let me down.
Telegram Group:
It's always helpful to be involved in telegram group of investors who share their knowledge and concerns. Though I needed to understand, who were FOMO-ing (Fear of Missing Out) and who were FUD-ing (Fear, uncertainty and doubts).
Conclusion:
Now when I look back, I can see so much ups and down, so much emotions, fear and excitement attached. I was so much under mental pressure, as I have a family to support and yet I was losing money. But I learnt my lesson and willing to not make the same mistake as I did before following this path. Hope that everyone enjoys my story and learn something from me.