Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @chenty.

Hello everyone. It's a pleasure to be back for the second week of the third season of the steemit crypto academy engagement challenge.

We have been tasked with presenting our experiences in the crypto world. This is an interesting topic to write on which already reflects in the number of entries made so far.

I would now like to present my entry.

The cryptocurrency market presents us with so much opportunities that investing "smartly" or at the right time can help you make a lot of profit. There's no perfect time in entering the market due to its high volatility however, with enough research and trading strategies, you can maximize your profit and make full use of the market.

My First Experience Investing In The Crypto Market.

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There are at times I sit by myself and wonder why and how I didn't hear about and venture into the crypto space a lot sooner. I just imagine with the enthusiasm I have now how much profit I would have probably made when the price of bitcoin was well in its $1000 and Ethereum was far less.

However, I also thank my stars I didn't start investing in crypto a complete crypto "moron". At least I like to think I am not so late.

Like I've said severally on this platform, I got to know about cryptocurrencies via steemit. Before steemit I always heard of Bitcoin but without interest and lack of friends with helpful information I thought it was just another thing the boys were doing to make quick cash.

March 30th 2021 is a date I will forever have engraved in my heart. It was the day everything changed for me and the day I stepped out of my comfort zone to try something new. March 30th 2021 was the day I created my steemit account.

Before creating my account, a friend njaywan spoke to me and some friends about this crypto social media platform that rewards people for making posts free of plagiarism. That alone was captivating enough but I said to myself that before I would create an account, I would to get as much information from him as possible.

I was finally convinced on the 30th of March 2021 and had my account created at around 11pm. If creating an account can be counted as an investment in cryptocurrencies, then yes my first investment in the cryptocurrencies was on the 30th day of March 2021.

I felt so much joy after making my introduction post and getting it verified. I was eager to learn more about the platform so I joined communities of interest and started to take part in contests. I could soon feel the freedom and calmness in having my own source of income.

My First Investment In The Crypto Market.

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I have talked about how steemit was my very first investment in crypto but my first investment; purchasing coins or tokens wasn't purchasing steem tokens.

The very first purchase I made in the crypto market was in Bitcoin. After gaining some knowledge about cryptocurrencies and what it takes to be an investor, I decided to make my first purchase in cryptocurrencies by investing in bitcoin.

At the time bitcoin was valued at about $40, 000. I made a purchase worth 300 Ghana cedis which is $36.22 in todays market. With my first investing I didn't experience so much heart ache because it was an investment I intended leaving to fruit for a long time.

I had learned a lot from the academy and so I was very patient in leaving that investment to fruit. The price of bitcoin at the time would rise but not significantly and not to my end game but would just as quickly fall to around 40K. It was when bitcoin rose to its all time high at 64K that I decided to sell my btc because I doubted it would rise any further.

But before I could make my mind up and sell, it fell to around $62000. I wasn't sad at all because I made way much than I was expecting and seeing how much bitcoin has devalued since then, I am very pleased with my decision.

When I hear friends and colleague steemians talk about how much they lost in their first investments, I am happy I didn't lose as much. Although I have made losses after my first investment, my first investment in cryptocurrencies can always be remembered as fruitful and welcoming.

What Drives Me To Invest In The Crypto Market?

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The very thing that drives me to invest in crypto is enthusiasm and the desire to make huge profits. I am very passionate about the idea behind cryptocurrencies. I have witnessed how people get frustrated over hoe the banks handle their money and so having a system that is as transparent as cryptocurrencies drives me to invest more.

I have control over my funds and can use them any day or time. There's nothing like working days or opening and closing hours.

Reading about crypto projects and how they seek to change the financial world is also what drives me. Projects I have had the time to read, research and appreciate are ADA, AVAX and FTM. The names of some projects like Shiba Inu drives me as well just because the name founds amusing to me.

Another very important cryptocurrency driver for me has to do with the success stories we hear and read. During the SHIB rise last year I read an investor made billions in SHIB after investing about just $8000. A big hit like this is something I aim to make in cryptocurrencies someday.

Losses I have Encountered Due to Crypto Market Instabilities.

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I doubt there's any crypto investor in the world that hasn't made a loss or two in the market. I am definitely no different. Just like others I have had my own share of pain.

The most notable was just some months ago when LUNA crashed. I think I speak for a lot of people when I say I was very heartbroken. Before LUNA totally crashed, I still had so much hope that it would rise since it was such an established project and I had not read any bad news regarding LUNA prior to that.

The CEO kept rolling out measures they were putting in place to stop the crash and so I kept investing more because I wanted to take advantage of the market. Little did I know the market was not going to recover.

LUNC assets I still hold which are of no value.

Crypto Assets I currently Hold.

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Currently, I hold 8 crypto assets. I hold SHIB, USDT, LUNC, LUNA, TRX, MATIC, WAVES and STEEM.

• Why do I hold SHIB? I don't know why but SHIBA INU ever since I head the name is a coin I've held. I just like how it sounds and I believe so much in its future. I believe its significant rise last year was just the beginning and when the market bounces back SHIB will be an asset to look out for. Also, I hold SHIB because it's very cheap.

• Why do I hold USDT? I am the kind of investor that has always believed holding at least one form of stable coin. I'm sure by now everyone has fully experienced the market volatility and so knows how valuable it is to hold assets that are not vulnerable to the bad side of crypto.

• Why do I hold LUNC? I still hold LUNC because I didn't sell when it was crashing but rather bought more. There's no essence in selling it now as far as I am concerned but maybe false hope that it would one day rise again.

• Why do I hold LUNA? I hold LUNA because of the airdrops that was given to those that were affected by the crash. I hope it will make a significant jump in value someday.

• Why do I hold TRX? TRX is an asset that is so much underappreciated in my opinion. Before now I was one of those who did not value trx but after making more research into it I realize it holds so much potential. Instead of just leaving trx in your wallet, you can stake them and use them to vote for super reps and earn passive rewards.

Screenshot from my tronlink app

• Why do I hold STEEM? Steem has become one of my favorites because it ushered me into the world of crypto. Although I do not hold a lot, I believe in its future and that is why I power up some of my tokens. I would have had more after joining cub75 sometime back but I had to sadly power down due to financial difficulty.

Holding or Trading, Which Do I Believe In?

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Without question I believe in holding cryptocurrencies more than I believe in trading. The coins we see have so much potential and have the chance to rise so much at any time. I for one have benefited from holding my assets for months instead of scalping. I have made significant gains and that is why I believe in holding more than trading.

Some assets of small value I still hold in my trust wallet.

Just to be clear, I believe that if you want to fully benefit from holding, the best way is to have a trading plan. A trading plan goes a long way in helping you minimize losses and maximize profits.

My Advice For Cryptocurrency Newbies.

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There's so much to tell newbies that we sometimes bore them to death. The most important advice I will give to crypto market newbies is not to invest in money they cannot afford to lose. When you're caught in the dip, you will fully appreciate this term that is thrown around so much. Never invest with money you need in like days, weeks or even months.

Never think you can use your house rent, school fees or grocery money to make more. You will lose so much of it if you're not careful.

I will also advice newbies to stay far away from ponzi schemes. I always thought that after learning so much from the academy I wouldn't get caught up in a ponzi scheme. Some months backs I got introduced into CG trading. I initially had a plan of withdrawing a profit of $10 whenever I made some. I didn't follow this plan and ended up losing all my own. This get rich quick scheme can become so addictive and so I will advice newbies to stay away from any form of ponzi schemes.

CG ponzi scheme

I will also encourage newbies to make as much research they can into any kind of project they intend investing in. They shouldn't be caught in "FOMO"; the fear of missing out. Newbies should take their time to learn about a project before taking the chance to lose their money.

It's been so much fun making my entry to this contest. I would like to invite @kasib07, @olabillions, @sadiqxylo to partake in this contest.

Thank you.