I am not a very experienced investor, but I made some decent returns during my first year doing crypto-trading. That being said, I only have about $200 in investments left to my name. I am lucky that I am only a student, so I have plenty of time to recover and my financial obligations are being fronted by my loan disbursements, but it has been a devastating year for sure.
By around September I had investments worth around $12,000 that would now be worth over $25,000 with recent pumps in the cryptocurrency market. I get a lot of enjoyment from researching and trading cryptos. I am a prospective law student with a relatively weak technical background, but when I see the potential cryptocurrency has I feel excitement and want to learn everything I can about coins like Cardano, Ethereum, XRP and of course Bitcoin.
Despite doing all the research to invest and coming up with a mapped out plan I fell victim to an addiction that has ate away at my financial stability and personal confidence. Though it may only be something that another addict could understand, I have watched my investments profit only to be withdrawn in bulk to fuel the chase to win back my losses on table games like blackjack or craps. The feeling of losing is something that is completely irrational and is truly a mental block that I have yet to push past.
I always liked to believe the quote that Michael Jordan had in his recent documentary about how he wasn’t an addict but rather had a “competition problem”, but I think that excuse has fueled even more losses. The feeling that I get when I lose a wager is coupled with a lackluster feeling when I win as I am down so much anyway that it feels like I am attempting to climb out of a hole. Endlessly chasing a goal that does not really exist has been a horrible feeling that has left me speechless on countless occasions. After a gambling loss I will spend hours researching the markets and looking for job opportunities only to give up a few days later and spend more of my investments looking for a quick win with no real end goal.
I am sick of making mistakes and I am going to start to make myself better along with the world around me. I will hopefully be posting updates about my progress and I hope that I can one day serve as an example of someone who was able to turn the direction of their life around and make a change.
Gambling Help Hotline (for anyone else who wants to make a change): 1-800-522-4700