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

Hello Crypto friends,
It is really wonderful to be among the participants of this week crypto academy engagement challenge.

This is week topic happens to be very interesting and involves our personal experience in the cryptoworld world.

Before joining steemit, many of us have long been in the cryptoworld while some got introduced to the cryptoworld through steemit.

Many have had positive experiences while investing in cryptocurrency while some have had negative experience due to the volatility of the cryptomarket.

Today, I will be explaining in details my experience in the cryptomarket market, stay tuned.

By nature I am a very "hard to convince" individual, especially it comes to financial issues.
Then, I hate anything called investment platforms, as I know of individuals that invested into the popularly known "MMM" and later made losses.

I know of individuals that went as far as borrowing capital all for investment and it crashed, they had to start from scratch again.

This experience further hardened my heart, and I said to myself that I'll never get myself involved in any investment platform/strategy.

In the year 2019 before the pandemic, I gained admission into the university and I resided in the school hostel.

One day, a friend of mine came to my room and asked I roommate and my roommate if we have heard of "love coin", and I was like, "which one is love coin" and he explained telling me that it is a digital token, and it will soon be listed on an exchange.

I didn't understand what he was saying, all I understood then was that, if I register using his referral link, I will be given 100,000 pieces of love coin token, and that the token has the ability of hitting 1NGN, which will make it 100,000NGN.

He also told me that on every referral I make, I will be given a bonus of 20,000 pieces of love coin.

This sounded like a promo to me, as many students has already joined, I then decided to register and I was given 100,000 pieces of love coin, I then began to refer and to receive my referral bonus.

After getting more than enough referral, I then went to request how I can withdraw it, but they told me to be patient, as the coin hasn't been launched.
I have been waiting since then 😂, that was my first experience of digital token.

After the experience I had with love coin, I became more hardened not to invest my money in any of this things.

Then the pandemic came which kept us out of school for a year plus, when we resumed, there was this news of safemoon everywhere.

Safemoon began to trend in my school, every student had at least 1million pieces of safemoon, but I decided not to buy, because of how love coin became a scam.

Then my friends came to me personally to advise me to invest in safemoon but I refused, telling him that I am not interested in cryptocurrency.

Then he narrated how he spent part of his school fees during the pandemic, and later invested the remaining in Ethereum, which later rose and gave him back enough money to pay his school fees.

When he said this, I just laughed and still refused to join, not until I heard about the rapid rise in safemoon token.

My friends began explaining to me how they have doubled their capital, and I was enticed by it.

When I wanted to invest, safemoon had become expensive already , so i was only able to buy few pieces.
Then my friends said I could buy a different coin too, then they introduced me to Safe Mars and Pit bull.

I bought 1million pieces of safemoon, 1billion pieces of pitbull and 5million pieces of safe mars.

I bought safemoon for 5000NGN = 50steems
I bought safe mars for 1000NGN = 10steems
I bought pitbull for 1000NGN = 10steems

Peer pressure and the desire to become rich at a young age drove me to invest in cryptocurrency.
I was told that if pitbull should hit 1NGN, I will have 1billion NGN, the thought of that motivated me to invest.

Another reason I was driven to invest was the thought of seeing my friends become millionaires from this same opportunity I rejected, I wouldn't forgive myself, so I had to give it a trial, and I thank God I did.

Loss in the cryptomarket is unavoidable, even experts still encounter losses, just that it is minimal.

I have encountered lots of losses as a result of the instabilities of the cryptomarket market, and I'll explain some.

When I invested in safemoon, it was so hyped that the price began escalating, I even had to take out of my feeding money to buy more.

Then after using my feeding money to get some extra token, I then realized that my total price has started to decrease.

I started seeing "-10%" written in red, then I went to meet them to ask what was happening, they said this is the time for me to buy more, it was then I heard "buy the dip".

After they said that to me, I didn't know what to do, I just had to watch my account value reduce to half, I couldn't cry, I just had to act like a man but deep within me, I was in pains.

Another incident where I made loss in the cryptomarket was the period when doge coin was rising.

When doge coin began to rise, many of my friends started buying and they were making profit, then when I wanted to buy, my friends told me to wait a little for it to fall so I could buy at a cheaper rate.

I then waited, the more I waited, the more it's price increase, I was left with no choice but to buy at a high price.

The results of buying at a high price is not new, when I bought at a high price, doge coin began reducing in price.

Since I haven't made any gain on it, I decided to wait for it to pump again, the more I waited, the more it dumped.
I had no other choice but to sell at a very low price, which is a loss to me.

Well, I am currently holding some few crypto assest just as will be displayed below.

^{SCREENSHOT FROM BINANCE}

As seen above, I am holding a few coin and they are:

• Steem
• Shiba Inu
• Trons

And as explained below are the reasons why I'm holding on to them

• STEEM

I decided to hold on to steem because of the research I made about steem and it's platform, steemit.

Steemit has a very good fundamental, considering the initiation of club status and it's engagement challenge.

Steemit happens to be the first of it's kind, rewarding it's users for publishing quality content.
With this, I believe that steem coin will definitely pump

• SHIBA INU:

The Shiba Inu website places an invitation to dog inspired artist from all corners of the world, which will help to foster the artistic shiba movement and lead the Shiba community into the Nft marketplace.

Buterlin the co-founder of Shiba burned 90% of his share of Shiba Inu after he has been given 50% share of the total supply of SHIB supply.

The aim of Shiba is to enable it become a global stable currency.

These and many other research made me invest in shiba inu

• TRONS

The reason I decided to hold on to Tron is because of its data I came across while making my research.

Below is the current data if trons when this post was made.
Tron has a price of $0.063663 and a trading volume of $485,783,000 .

Tron is also ranked #14 on coinmarketcap and a market dominance of 0.61%.
Tron has a market cap $5,884,524,135 and a fully diluted cap of $5,884,536,245.

The above Analysis and other project on Tron blockchain moved me to invest in Tron.

Before I can answer this question, I'll love to explain holding and trading of cryptocurrency.

Holding of cryptocurrency can be explained to be the act of buying a coin at a low price and waiting to sell after the coin has pumped.

Holding is more or less like a long term strategy, you don't sell until it gets to your desired price.

With holding, even if the market is going against you, you will still hold on to the coin as you believe it will later be pumped.

Trading of cryptocurrency is quite different from holding of cryptocurrency.
Trading of cryptocurrency involves studying the market very carefully which will later help you predict the future movement of the market.

There are three kind of analysis that help influence trading decisions and they are

• Fundamental analysis
• Technical analysis
• Sentimental analysis

Trading of cryptocurrency is a short term technique as one will analyze the market and make trading decisions depending on the analysis made.

I believe I both trading and holding of cryptocurrency and I do both of them simultaneously.

In my trust wallet, there are some few tokens I have been holding for years and this is so because I believe in holding of cryptocurrency

^{SCREENSHOT FROM TRUST WALLET}

I also engage in trading of cryptocurrency, I try my best to put to practice what I have learnt from the previous steemit crypto academy.

As shown above is one of my recent technical analysis which influenced my trading decision.

As shown above, I analyze the market using Rsi Indicator, alongside my support level.

As explained, I believe in both holding and trading of cryptocurrency.

The advice I'll give to newbies is probably the same advice every professional will give to newbies.

These are facts I came to understand as I progressed in the cryptospace, and I'll be sharing them now.

• DO YOUR OWN RESEARCH:

This is the first thing a newbie must learn how to do before investing in cryptocurrency.

There are so many investment scams in the cryptospace today, and not to fall victim, a newbie should learn to make research.

Do not accept any information given to you, as there are lots of rumors flying around.

• INVEST WHAT YOU CAN AFFORD TO LOOSE

The cryptomarket is very unpredictable, anything can happen.
Take a look at what happened to Terra Luna, no one would have predicted that crash coming.

So my advice to newbie is for them to only invest what they can afford to loose.
So not invest all your savings if you can't afford to loose them.

• AVOID FOMO

FOMO is an acronym for Fear Of Missing Out, as newbie, do not alway jump into a cryptocurrency just because it is pumping, do not follow the crowd, be calm before investing.

Another thing a newbie should guard against is greed, do not allow your emotions to take the better part of you when trading, the result is usually disastrous.

It is very easy for ones emotions to take the better part of him, so as newbie, guard against greed.

I am grateful that I decided to join the cryptoworld, ever since I joined, I have gained a lot of knowledge and have earned passively.

I also believe in holding and trading of cryptocurrency, and I appreciate our hardworking professors for their hardwork.

As a newbie, learn to guard against greed and invest only what you can afford to loose