Hello everyone, l’m here again with another piece l think might be helpful for us all in the crypto community. This time around I would like us to discuss the difficulties every crypto investor or trader might have experienced in his or her dealings with crypto. In my article l would like to express the some memorable events l went through ever since I started dealing with crypto currencies.
The first time l heard about crypto, l didn’t think very far about both the advantages and disadvantages associated with the community, for me, l was only in for the profit. Unluckily on my part too no one referred me into crypto, l did my own research after l read a lot of articles about how people are making money from crypto currencies. The journey wasn’t easy at first but with research and motivational articles, l never gave up until l started understanding things. When l finally started understanding things, l took noticed of some particular factors and l can say that those problems didn’t trouble me alone, but most people in the community have experienced them so l’m writing to highlight some of those problems for the beginners especially never to lose hope in their abilities. Let’s now discuss some of those problems.
Don’t Ever Try To Invest An Amount You Cannot Afford To Lose On Crypto Currencies.
Well, it seems this statement is quite popular now and I hope we all have worked on it. My first loss came heavily from this principle. I started with crypto through day by day trading and at first everything was fine. I first invested an amount l could afford to lose in trading of crypto currencies and made about six successful trades and I was deceived by those trades l completed. I therefore borrowed money from my brother to increase my trading capital and my brother was able to get me some money. Surprisingly when l increased the trading capital the mysterious time set in and that was around 2017 , where bitcoin crashed a lot. In lost a good percentage of my trading capital but luckily what was left was enough to settle the money I took from that my brother so l just gave him everything. I went offline and tried some other ways to get money into my online investment and trading again even after the loss. This will tell all the beginners not to fear losses in the crypto market because the market is volatile and there is no way any one can eliminate losses completely.
Always Be Careful About How You Enter Into A Particular Trade Or Investment.
This has also been a major factor we should always check very well. When you want to invest or trade a particular crypto, please be careful not to jump in without proper research. Don’t buy a coin because its price is increasing or has increased, now there is a dangerous strategy some group of people are always using and that strategy is popularly known as the “pump and dump”. This strategy mostly is always a plan from a group of rich investors or traders with high trading capital of like a million dollar and above. They normally choose a coin with low marketcap and pump the coin. Because of the price increase many innocent people like you and l might not know the reason for the sudden increase and when you buy thinking the bull run will continue like that, they dump their coins and go out of that market and the innocent people will be in very big loss. So my advice again here is always to study the coin very well and when the coin is increasing in price also do check some current news to know what might be the cause. When you see that there isn’t any news about why the coin is increasing, just wait a bit because after a bullish run in the market, there is always a dip so always be ready and when the coin is in the dipping period, you then buy again with the hope that very soon the bullish run will start.
My Third Lesson Came From Greed.
Greed is also one personal limitation that is so harmful in crypto. For long term investor, l think they are mostly not affected by this greed. This mostly is experienced by short term investors and traders. Always make sure to calculate very well the profit or loss you want to make from a particular coin before you enter into the trade. If you also enter the trade please don’t trade without taking into consideration the plan you made earlier before. If you think the particular coin you chose for the trade is rising so fast, you can always take away part or all your capital out after you made what targetted earlier. You can then still leave the profit you made from the trade either as an investment or cash it out if you fill the profit you gained is okay for you.
These are some memorable experience l had with crypto trading and investment since l started and l’m sharing them so that those that are still new should take care about them and even if you also try your best but still experience them, just look into and forget of the short term losses you might have been making. I also know most of us have other experiences, and will plead we share them below in the comment button and we all learn from one another.
But hey, remember today is Valentine’s day and that package above my gifts for everyone. There is nothing inside there material, but some more love from me. Valentine's day is all about love so l'm just sending some of mine to you as a friend and the community as a whole. Remember to celebrate this year Valentine's with the protocols of pandemic and be safe from this dangerous pandemic.
ONCE AGAIN, HAPPY VAL'S DAY TO YOU AS A FRIEND AND THE WHOLE COMMUNITY OF PUBLISH0X.
