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

I bring seasonal greetings to all steemians present here today. This is the second week of the engagement challenge and today we will be looking at the topic of my experience investing in the crypto market. Everyone present on the steemit platform who has spent at least 6 months must have had some experience when it comes to investing in the crypto market.

My first investment in the crypto market was in January 2021 when I first got to know about the steemit platform. Before this time, I have been hearing many talks about crypto but never understood how it works. As of January 2021, I was introduced to the steemit platform by a friend and he directed me on how the entire system works. He went as far as introducing me to some exchange platform where I was able to trade the steem asset I got via my articles.

My very first trade was like magic, as I said earlier I never understood how the entire stuff works but immediately he guided me through and I sold the asset within a few minutes the amount which I sold the asset landed in my account. I was so happy because I never believe it will work in this order.

After seeing my first trade in the crypto market, I was also advised by my mentor that aside from earning steem, I can buy some other asset when the price is low and then sell it when the price raises. So during this period, I decided to invest in HIVE, at that time HIVE was a little lower than steem. So I purchased about 1000 HIVE and had it stored in my wallet eating for the price to rise.

The main thing that drives me to invest in the crypto market is the testimony given by a few of my friends. A friend told me he bought ETH when the price was about 30,000 and within that time the price has reached up to 500,000. So with this conviction, I had a belief that crypto assets can make some stinky reach within a blink of an eye and I'm hoping to have such an opportunity someday.

Yes, I have encountered a lot of loss as a result of the instabilities in the crypto market. At the first orientation, I was given by the person who introduced me to trading and that I should always invest what I can afford to lose. Before this great dip in the price of crypto, I invested in luna and I had about 50,000 but within a few hours, I saw my money drop to about 23,000 and the only luck I had was that I sold it at that amount because I was scared that I may not have up to 1,000 left after the dip.

I was happy because I didn't lose everything in the end but I lost almost 27,000 which is a very big amount of money. There are other losses like when the crypto market is trending and more profit was made and I insisted on holding instead of trading. My account value dropped from $120 to about $53.

Currently, I have a diversity of assets that I'm holding. Most of these assets are an asset I traded during the steemit academy contest and after making some research on a few of these coins and I found out that they are worth investing in and even holding I decided to leave them in my wallet after my trade.

From the above screenshot, you can see a list of coins currently on my portfolio which I am holding at the moment. Most of the coin values have depreciated because of the dip in the market right now. I invested in this coin because I have faith that they are the future and they have great potential to rise very well.

To me, trading cryptocurrency is more profitable. Over the years I have noticed some people just keep the asset dormant in their wallet without any usage. So the value only increases when the price of the asset increase. But when you trade your asset you stand the chance of growing your portfolio on time. Even if you decide to bold the coins for some reason you can stake them which is another means of trading and then you will have more increase in the size of the coin and the value with time. So I recommend trading cryptocurrency instead of holding it.

To all newbies who wish to invest in the cryptocurrency market my advice to you is to invest what you can afford to lose since the crypto market is very volatile. Another thing you must do is always study and make proper research on the coin you wish to invest in before investing in it. Read the white paper of the project and know if the project will stand the taste of time. More also, ensure you find a reliable exchange platform for example binance and use it for your investment as well.

The crypto market needs you to be well informed before investing. Remember that you must always be ready to invest exactly what you can lose. Crypto Investment can make you rich and also can make you poor with a splint of an eye so don't put much trust in it because you can lose your mind when things go wrong.