Beyond the FUD and HYPE: My journey to Cryptocurrency Investments and Trading Part 1
Introduction
I have been trading cryptocurrencies for less than a year now and I can say that I had my fair share of success and failures in this endeavor. I had no formal training about cryptocurrencies and I rely on information freely available on the internet. Free ebooks abound (even paid ones if you know where to look). I am also lucky to have met some people who are more than willing to share their experience and know how on this matter. Their invaluable insight gave me a clearer view on cryptocurrencies beyond the the FUD and the HYPE.
In my quest and yearning to hone my skills in trading I have been doing research about technical analysis and fundamental analysis. It was taking too much of my time and found myself googling most of the terms I read. I realize that trading is no walk in the park. Traders with many years under their belt honest and humble enough to tell me there is no single formula or strategy that guarantees success. What works for them may not work for me. The best way to go about it is do it yourself and discover what works for you.
How I started investments and trading cryptocurrency
The very first platform that I joined was iqoption and the very first type trading I did was Binary Option with time frames of less than 1 minute. Knowing what I know now that is basically gambling. After playing around with the free account for a couple of days I mustered up enough courage and put some money in it. The platform allows a minimum of $10 so I invested the minimum. After a couple of minutes doing binary option I was able to make profit of around $16. To check if withdrawals work I tested if I can withdraw some of the money and yes I was able to do so it was credited to my debit card within 24 hours. I told myself that it was pretty easy so I continued trading for a couple of days. Unfortunately one wrong bid cause me to lose all my earnings. It was technical error as my internet was slow and did not get the position I desired. This experience did not stop me from investing more money into the platform. I invested another $10 US dollars and was able to increase it to $900 plus. I was using martingale strategy which I thought was the perfect strategy for the platform. The amazing part about this is that I earned that amount in less than an hour. However one wrong bid made me lose everything my earnings and my capital and it took only a couple of seconds.
That experience thought me a valuable lesson: Not to be too greedy. It also forced me to learn some of the indicators (Bollinger Bands, RSI and Fractals) in the platform as an additional aid to find my best position to bid on. Knowing this indicators helped a bit but I would not say had significant impact on the results of my trade.
I still trade in IQ options once in awhile but not often as I have found better platforms to trade in and later realize when taking out large amount of earnings required me to undergo KYC which irked me a lot. I mean when taking in investment they aren't really interested in getting to know their customers but when the customer wants to take their profit they suddenly require you submit several documents to confirm identity.
The second platform that I use to trade is Bitgrail. It is a relatively small trading platform compared to bittrex and Poloniex. I primarily use this to trade Raiblocks (XRB). It is a relatively new cryptocurrency that you get for free just by doing some "Proof of Human Work" by solving Recaptcha. In the Philippines that cryptocurrency has a very strong following. Our team reached membership of around 700+ members and have earned around 15,000+ MRAI. It was easy earnings for those you have the time and patience to do the Recaptcha. We buy the MRAI from the members at Peer to peer prices and trade them to the Bitgrail exchange. It is a relatively small trading platform compared to bittrex and Poloniex. I stop trading in Bitgrail when the Faucet for free Raiblock stopped abruptly last year October 2017.
Prices Raiblock soared last december unfortunately we sold out all of our raiblocks before that happend. If I waited 2 months I would have in my hands $500,000 USD worth of Raiblocks or around PHP 30,000,000.00 Pesos. Enough money in the Philippines to retire on.
At this point I was not really doing real trading I was just using the trading platforms as an exchange for altcoins to bitcoins. Around the same time someone introduce me to Bitconnect. It was a lending, mining, staking and trading platform. I like the idea of being able to do all those stuff but I was more interested in the novel idea of lending platform where you are guaranteed earnings just by lending your cryptocurrency back to the developers.
It is in this platform that I first started trading "Buying Bitconnect coins when it is low and selling it to Bitcoins when they are High" using the proceeds I get daily from the lending income. My initial capital for this is $100 dollars only but I was about to increase it to about $700 doing reinvesting and some trading. Some of the profits I have already invested elsewhere like in my steemit account and and some ICO. Unfortunately the developers of bitconnect coin decided to stop the lending platform and returned all investments in Bitconnect BCC. They have a new ICO offering called BitconnectX token which allows investments using LTC, BTC and BCC.
To be continued
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Thanks for the upvote :)
Hello @ankarlie,
your efforts and passion for cryptocurrency iss impressive. congratulate to you on your this success., my best eishes always for you for your plans, projects . GOD Bless you.
Thank you for your compliment and yes I am indeed very passionate about cryptocurrencies and I will be sharing my experiences here at steemit. This is only the first part wait for the succeeding articles i hope you will like them also.
We've all been there with bitconnect!! As long as you did take some of your profits out atleast it's way better than leaving it all in there. We'll definitely bounce back from thatbto newer heights. And there are lots of new altcoins with great potential coming out...you can surely get that retirement fund sooner than you think!! Waiting for the next chapter!! May the crypto gods be with you!! :)
Haha actually i am not thinking about retiring too young to think about it. I am only 19. Just an expression. Besides I think retiring is boring where is the fun in that. Pretty exciting week. I think these coming days will test the resolve of those who are real crypto enthusiast and those who really believe in this movement.
Thanks for sharing your story
It give me valuable lessons Not to be too greedy
Yes I learned it the hard way but you know what is funny I still commit the same mistake over and over again ahahaha..
that sux about how they stopped the lending. As soon as they are losing money, it just stops.. that's how it is. Funny, some of the names alone scream that it's no good for u.. like FUD.. there's a reason it's called.. :P
i'm glad u got a bit wiser about ur trading. Its true that u can buy $100 of this new, shiny ICO or token and make double your money real fast, but once u have bigger account, u can't trade that way or using those same ICO's and such. Thats where ETH, and STEEM, and XRP and the like are the ones to trade.
good post. its good info and to be informed. also nice to know more about what u've been through.
:)
It is still a long process ahead and I think there we will encounter other innovative ways of earning cryptocurrencies and use cases. It might not be a very good market now but I am sure that the market will settle soon.
:)
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Although your message is a bit misplaced i will congratulate you in your achievements cheers!
My true message is to thank you for your support, by personal delivery! Thank-you for the well wishes...Upvoted!
Thanks for sharing your experience in this new field. You are very determined as you following your goals. And you are capable to clearly explain what is it all about.
Yes I will share my achievements and failures. As one serves as an inspiration and the other as a valuable lesson.
I am learning about cryptocurrency too. Currently steem and bitcoin is as much as I have learned. I also checked superiror coin from one of the member here. So going to download that wallet and learn. Looking forward to learn more from you. :)
Rydhi
xox
Learning cryptocurrency is like investment for your future. I think we are experiencing a great transition to digital currencies. Early adapters usually benefit a lot more than those who watch on the sidelines.