Of Losses and Learning, how Stormgain is teaching me vital things about Crypto Trading

Of Losses and Learning, how Stormgain is teaching me vital things about Crypto Trading

By Scopeman | Crypto in Africa | 26 Apr 2021


I don't know why the thought of trading makes me think of a wild animal, like a tiger, escaping from its enclosed area - you just can't predict what will happen next. Will it go on rampage, devouring everything in its path; or will it go into hiding as it tries to find its way back to the jungle?

I can't remember exactly how I got onto Stormgain, a mobile app that mines Bitcoin on mobile phones, and also serves as an exchange and crypto trading platform. I probably signed up after viewing too many ads of it on one of my crypto faucet endeavours.

Anyways, I signed up and have so far been able to mine and withdraw $20 worth of Bitcoin. If you are familiar with the way Stormgain works, you will know that whatever you mine from the app has to first be traded and only profit made can be withdrawn to be spent as you please, and not the initial currency mined from the app.

Depending on the value of Bitcoin to the dollar and how often you come on the app to 'activate' a mining session (a mining session only lasts 4 hours, and has to be reactivated every four hours) it could take anywhere from 3 weeks to a month just to mine $10 worth of Bitcoin. Some people achieve it in less, some in more.

I think I managed to hit my first $10 in about 2 weeks at the time. Then I traded and learnt my first lesson not to use stop limits on a trade with such little capital. In the grand scheme of things, $10 can be considered a drop of water in the ocean, but if managed properly, it could actually yield something with some patience and discipline. I lost $3 of my initial $10 on my first trade.

On Stormgain you can't trade with any amount less than $10, so I had to wait till I had accumulated another $10 from my mining sessions. I eventually did and it was about the time of the recent great 'crypto plunge'. I woke up that morning and saw the huge dip and I thought it was a good opportunity to increase my account value by following the dip, but I was to learn my second lesson shortly.

You see, with crypto trading as with many other things in life, it takes money to make certain things possible. I wagered all my mined earnings, about $18 on the dip and bet that the dip would go lower. It did go lower, but the way it works is you have to have enough capital to cover the stretch of the dip, otherwise your trade will close automatically and you will lose your investment.

As I watched the dip go lower, I watched my hard earned, read mined, dollars disappear into thin air. It was not a lot of money, at least to me, but the lessons learned so far are valueable, and in a way, I am grateful I am able to learn these vital lessons now with smaller investments, and not with huge sums that could give one a heart attack should they lose it.

Overall, I have no issues with Stormgain so far. I think it is a decent enough app for budding crypto enthusiasts like myself to be introduced into the world of crypto trading.

I have a new strategy now, I intend to accumulate more currency before attempting my next trade on the app. Patience is an important key on this crypto journey, and I think this has been missing in my strategy so far. I very much intend to correct that.

If you have had a similar experience or just any interesting experience with Stormgain as well, or crypto trading generally, feel free to share in the comment section, so we can all learn from each other.

PS: This is not a sponsored post by Stormgain in any way. I am also not sharing any financial advise through this post. I am merely sharing my experience with using the app without any inducement.

That said, if you wish to try Stormgain for yourself and probably learn from my experience to make better trading choices, here's my referral link to sign up and get a $3 headstart to making your first $10 worth of Bitcoin: https://app.gostormgain.tk/friend/BNS27164492

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Scopeman
Scopeman

Author| Creative Media & Communications Specialist| Outlier. I am on a journey to discover the far-reaching benefits of cryptocurrency on the African continent, come with me!


Crypto in Africa
Crypto in Africa

Crypto in Africa explores the burgeoning journey and future of cryptocurrency across Africa.

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