Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @rafk
Hello
Greetings to all members of the steemit Crypto Academy community. I hope we are all doing great. We all welcome to the season 3 week 2 contest with the theme: My Experience Investing in the Crypto Market. We are most engaged in crypto, one way or the other. So I will have a lot to say about the topic. Stay tuned.
INTRODUCTION |
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A cryptocurrency or simply crypto is a digital currency designed to work as a medium of exchange with the help of a computer network which is independent of any form of central authority, like the government or a bank, to uphold or maintain it service.Despite their name affiliated with currency, cryptocurrencies are not considered to be currencies in the a common sense . Crypto classification range from commodities, securities, as well as currencies, but still cryptocurrencies are generally seen as a distinct asset class in practice.
Cryptocurrencies do not exist in physical form like paper money we used, and also not issued by a central authority. Cryptocurrencies usually use decentralized control which is not the case with central bank digital currency.
The first decentralized cryptocurrency ever created was Bitcoin. It was first released as open-source software in 2009 by a group of persons or individuals with the name SATOSHI NAKAMOTO. As of early 2022 the market place has witness a creation of over 8,000 other cryptocurrencies, out of this, more than 80 had a market capitalization going over $1 billion.
Investing in cryptocurrency is much more part of our daily activities, as most of us are involved in one crypto activity or the other. I am a cryptocurrency investor and I will say I have encounter a lot of experience as I list in this content.
| My First Experience Investing In The Crypto Market |
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My first and famous investment I ever made in the crypto market was as a Forex trader. After taking lectures and Forex classes, attending Forex seminars on Forex trading, I decided I to had give myself a try a be part of the crypto market. I first started by trading with a demo account and it was quite going well. I made unanimous profit from the trades I put. I equally followed the rules during my formation, starting with the smallest lots size irrespective of the $100000 training capital I was given in the platform. My tutor used a Forex broker by name Deriv and I was likely to use the same broker.
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Deriv is a Forex broker who provide both Financial currency pairs and Synthetic indices. I was trained with synthetic indices but now I am self learning currency pairs and getting little help from experts as well.
| What Was My First Investment In The Crypto Market And What Drives Me To Invest In The Crypto Market. |
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My First Investment
My first ever deposit in the Deriv broker was of April 2020. I made a deposit of $5 and enter a few trades on volatility index 75 and I made $4 profit for the day. Coming back the next day I was so confident that I enter 2 point with a lot size of 0.005. The market went against me with 20 pips and that was the end for my account. My account was blown, I was a little worried but not too much because the amount of money was quite small and I was just tasting my skills. I learn one lesson for that day
⭐ No multiple entry and
⭐ No over trading as well.
From my first investment, I failed but left satisfied since I knew what went wrong with my first try and I was also ready to come back more prepared.
What Drives Me To Invest In The Crypto Market
"What drives me to invest in the crypto market" , is a question I so much love to answer. Looking at the big picture, I have heard a lot about Forex trading and I was so much interested because I saw people making it " Big " In the market, the kind of activities they engaged in and I couldn't wait to be part of the big dream.
After my losses in the first investment, I came back and invested $34 in my account and I was able to raised and withdraw up to $300 after trading in a day. This amazing profit got me even more obsessed with the market and I get me the impression that I could also become the trader of my dreams. So my greatest drive was the lifestyle and worth of a trader and I was like if they could do it, I can do it too.
| Have I ever encountered any loss as a result of the instabilities in the crypto market? |
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First thing that should be at the back of the mind of anyone investing in cryptocurrency is that "LOSSES ARE INEVITABLE .This is what I mean, losses of part of cryptocurrency irrespective of the domain. Before I was even introduce to crypto I was mentioned of the "Sweet" And the sweat" Days.
I have ensure losses in the market more than two times due to unstable market
As a crypto holder, I invested $200 as portfolio in an altcoin TERA LUNA early December 2021 . My portfolio raised up to $300 by early Feb 2022 and by May 2022, the coin crash to 99.9% and my account vanished just like that. Though the coin was relaunch early June, and various accounts subsidies, we never receive the initial before the crash.
As a Forex trader I have set in trades and the market goes against me not, one or two days but many days. This is no new to any Forex trader and what we do is try as much to have at least 75% profit strategy and 25% losses.
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| [screenshot from Mt5 Deriv loss day] | [screenshot from Tera crash] |
| What Crypto Assets I'm I Currently Holding? Why Did You Invest In Them? |
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Do to the dip in cryptocurrencies at the moment I currently do not hold are coins since the markets are still set setting. I will only want to buy and hold when the markets have decide it direction. Apart from holding currencies, I am currently trading and making profit on Deriv . I develop a strategy which is so far working well in my favor.
I had two option, either to trade financial pair or synthetic indices but I prefer synthetic indices for reasons being that;
🔸 synthetic indices does not depend on event or happenings, example a shortage of crude oil in the market with affect currency pairs eventually
🔸 With synthetic indices I am free to trade 7 days a week, while with financial, I can only trade 5 days a week. Markets are closed on weekends
🔸 I make more money on synthetic markets.
Deriv synthetic indices are Volatility, Crash, range break and jump indices. Check my current account.
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| As An Experienced Cryptocurrency Investor, Do You I Believe In Holding Or Trading Cryptocurrencies? |
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Cryptocurrencies and the entire blockchain is the future. The are just 2 things left. " Either you are investing or you are not" It all depends on the you. More to this,
Investing in crypto is a personal decision and also do your own research before engaging in any crypto activities be it holding or trading.
I believe in trading crypto as well as holding base on this facts
🔸 I trade only coins or pairs I have mastered for a long time and
🔸 As for holding I do intensive research before buying to hold a coin. Perhaps most of the Alt coins you see are not worth holding And yield less.
| What's My Advice To A Newbie Investing In The Cryptocurrency Market |
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Absolutely it's a tough one here to answer, but as I said earlier investing in cryptocurrency is absolutely a personal decision and if anyone has made his choice to be part of the crypto market I have this little piece of advice for you.
📌 Look at your skills at the moment to see if your are able.
📌 Be honest to your serve.
📌 Seek for crypto financial advice from experts
📌 Learn about cryptography
📌 Follow financial news
📌 Attend seminars based on crypto and get tuition classes as well,
📌 Read and learn about airdrops
📌 Give yourself a try and most important,
📌 Invest what you are able to lose.
If you have all above in mind, you can sure give yourself a try.
CONCLUSION |
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Cryptocurrencies and investment has been part of me since 2020 and I am so happy I discovered crypto at the time. When I evaluate my self from the time of investment till present, I see that I am on the gain. I love crypto and crypto has become part of me. If you are new and you want to join feel free to follow my tips above. Get to me as well if you need help. Thanks to all for reading my post. I now invite these persons,; @chiabertrand, @tangwe-rene, @patejewell, @temitopef and @saxopedia to join me participate in this contest.
Credit to : @rafk
Losses are inevitable as you say, the instability of the cryptocurrrency market has always posed as a problem, i wish you more wins !
There's a saying that Never invest any money that you can't afford to loose. I can see you've a great experience with crypo and like you've said, I must learn cryptography and offcourse I way follow financial need to be like you some day
Investing in crypto is for the hard hearted because its the money you dont know whether it will yield the profits.
But its all about hope that if others can,why not me.
I havent invested into any crypto but i am planning to in future.
I hope i make the best decision then.
All the best friend!
Thanks for sharing with us buddy. But forex trading is different from crypto trading if I’m not mistaken.
I do agree with the advice you’ve laid out. We tend to invest with money with cannot afford to lose. I’ve been a victim of that and so I know how painful it is to lose money you need.
Thanks so much bro