How I loss money trading Bitcoin, Ethereum and altcurrencies as a beginner.
I thought I was 100% ready, but I wasn't
I had saved some money, now it was time to double it, I wasn't going to try any ponzi schemes because I heard a lot of people loss money there.
Bitcoin news was everywhere, the price for 1BTC had risen, it was A bull run and the market was hungry. I made some researches on google, got little information on how to register few exchanges like poloniex, Bittrex, Bleuexchange and the rest of them.
Coin market cap
This site show Capitalizazion of every cryptocurrency. I was so convinced that I could manage & and have contolling interest of all the coins that I wanted to invest in, I thought I had know everything and was ready to trade.
Bittrex
After few days, I acquired some Bitcoins, look out one or two tutorials on how to buy other coins, I invested some hundreds of dollars and started trading.
Bitcoin was growing fast with some percentages, Ethereum too had reached some rocks, Bytecoin was improving, Golem and some other coins were doing good, the market was Bullish.
Suddenly everything crashed, I ran into coin market cap and all the coins were on red percentage, some coins had falling under 30%, 20% & 10% I wasn't expecting the market to be that bearish but I had lost about 60% of my money already. My heart was beating fast, I was so restless and confused. It was a rush hour for me, so I decided to withdraw all my coins loosing more money due to the tax collected by this exchanges.
At last I was able to withdraw 10% of the money I invested, this was the worst thing that happened to me.
My Mistakes
- I didn't study any coin before I invested on it.
- I didn't spend time to really learn how to trade.
- I invested when the coins were high
- Started with a huge sum of money as a beginner
- I rushed in to trade, I should have started with few coins
My advice to anyone that wants to start trading is to do the opposite of my mistakes.
Always good to get advice from a person who got some experience
Yes, people wit experiences help alot, youtubers give 70% trading skill, I have watched a lot of videos and now I am making improvement.
As a beginner this is useful. Thanks for the info
you are welcome.
Good post...Could help someone make a better choice before going into crypto...
thank you...
Great article @xpency. I enjoyed reading about your crypto experiences trading, and can relate to this advice, as will others. It's very effective sharing your tips, especially for those new to the crypto world. :)
you are welcome
thank very much from the help it will go a long way to help us
you are welcome.
thanks for the help it will go a long way to help us
Thanks for sharing your beginning experience so people like me who is new can learn from it and hopefully don't make the same mistakes. I thought I'm ready and that it's relatively safe but reading that you could only withdraw 10% of what you invested at the end, I'm going to rethink and learn more before diving in.