Experiences of a noobie crypto trader, Getting started

So now it was time to decide how much money I would put into Crypto. I wasn’t going to put in all my savings, besides my disadvantage was having to send funds from my native country to the country of residence. Which would then become dollars or USDT on an exchange. I also liked the idea of putting in so much and try to make it grow rather than chase it if I started losing money. I wasn’t going to sell the house or use the credit card!

Anyway, I made my first trades at the end of June I bought 4 lots of XRP to a total of 271 XRP @ an average of around 0.2759. The price started to drop. So in the first 2 weeks of July I bought 359 XRP @ an average of 0.24826. The price was still falling.

I hadn’t really thought about when the best time to enter the market would be. I was all excited to start trading, thinking it doesn’t really matter what price I buy at. I would either hodl or sell when the price was more than what I bought in at. But I wasn’t buying the dips, I was just buying.

During the rest of July I bought more XRP, The price was still falling, but I didn’t care. I accumulated a total of 1,329 XRP. But now I was starting to feel a little frustrated. I was essentially stuck in a down trend with no sight of improvement in price.

Just to back track a bit!

I met up with a friend prior to starting trading who had experience with Crypto, who gave me a lot of links and ideas about trading. So it was with his help that I began. With knowledge experience comes. I started looking at other exchanges, and realised that the exchange I was using was so localised that with only about 5000+ traders using the exchange trades were slow in happening and it seemed to me that the market on this exchange was moving in the opposite direction or lagged behind with the price of crypto compared with other exchanges. Which ever crypto you cared to pick, also because it was trading in the local currency. Even their charts were basis line charts which didn’t give a person the sense that this was a professional exchange. So I felt handicapped using this exchange and started looking at other exchanges.

Everything was a learning curve, I didn’t know anything about wallets or how to get one. I didn’t like the idea of paper wallets etc and decided once talking it over with my friend that I would buy a Nano ledger. XRP wasn’t going anywhere price wise and I didn’t want to leave my XRP on the exchange. But I had to wait till mid august before my Nano Ledger was delivered. I could then transfer my XRP onto the Ledger.

The total dollar cost of XRP at this stage was $297.36 approximately.

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