Crypto Academy Week 12-Homework Post For @fendit [Don't Get Lost In The Fuzz]

Hello @fendit my very amiable Professor and my fellow students in this great community. It is with a heart full of delight that I come here to share my homework post with you all. This days, I look forward to every new week just because of this academy. I must say that the professors have been doing a great job.

Today, I shall share my experiences in trading and the mistakes I have made in the Crypto World under the homework task from Prof @fendit.

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Answer to Question A.

Cryptocurrency trading and investment has now become my major occupation for close to a year now. Since the Nigerian government does not care about the citizens, everyone gets self employed in one way or the other to fend for a living.

Every since I knew about cryptocurrency, I had had rest of mind in my search for job because I had always believed my financial problems have been solved. I started crypto with a zero knowledge of what it is all about and with no proper knowledge and guidance so, the journey had been rough at some point.

Let me share one of my experiences. About 10 months ago when I newly started trading, I think two weeks of my being in crypto, I bought BTC when it was about $9k with the advice from my brother who seemed to have kind of gotten small experience in trading (though he knew nothing then). After few hours, BTC fell to & $8k+, almost entered $7k,I waited for about a week, 5days,I felt I had waited for too long, so I sold and lost about $26.

Over the months, I have gathered so much experience and I know to a large extent what it takes to make it in this business. Aside from one's knowledge and experience, there is a need to be patient and be in control of one's emotions if one will ever make a headway in the cryptocurrency world - this I know.

For the situation in Question A, if I had bought BTC at 62K and I see the situation going on before reading this post, with all the knowledge gotten and the experience gathered, I will simply wait and exercise patience.
This is what I would do. I had known that just few weeks I started trading and over the period I have been trading and investing, I had been faced with so many situations like this.

In order not to lose my capital or part of the profit I had made, I had learnt to exercise the highest level of patience while waiting for a coin to return back up to where it was or go past it. This will also make me not to be in one point in my trading and hustle for a better life.

Now that I had read this from you, my resolve had been strengthened. I now know that even with my level, I had been doing the right thing. So, now that I had read this in a course, if this same situation happens to me, I would do the same thing I had been doing - patiently wait to avoid loss and I would do this with the highest level of rest in my mind.

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Answer to Question B.

1. What mistakes have you done when trading and what did you learn from them?

Being in @SteemitCryptoAcademy course had exposed me to many things I was ignorant of in crypto and now I knew I had made so much mistakes in the course of trading.
Below are some of them.
Mistake 1: I came into crypto trading without getting the required knowledge which made me use the trial-error method. This had made me lost a lot
Lesson Learnt: I have learnt to do research about internet based stuffs like this before dabbling into them.

Mistake 2: I had bought several number of coins without making proper research on them in the past.
Lesson Learnt: I have learnt to know the about of every cryptocurrency I buy. This will give me an insight to what will happen to the coin in the future.

Mistake 3: In the past, I do invest all my money into one cryptocurrency which made me me lose part of my assets.
Lesson Learnt: I have learnt not to invest all my money in one cryptocurrency.

Mistake 4: I borrowed money which I used in starting up crypto trading. This made indebted for months.
Lesson Learnt: Because of the way the cryptocurrency market works, It is not properly to borrow money to start. Borrowing to do crypto can make one indebted and give sleepless nights which can make one sick.

If you have little experience when it comes to trading, tell if you got to know about someone else's experience.

The little experience I had gotten in crypto trading has made me correct all my mistakes but most of these mistakes were known to me from the teachings from the different professors in this community. I have been so exposed to crypto by you all and I have been able to expand the capacity of my knowledge with the help of you all. I will only mention a few of you whose teachings have stuck to my brain.

1. Prof @fendit teaching on how I can earn passive income from crypto platforms.

2. Prof @alphafx teaching on the mechanism of holding and trading of coins.

3. Prof @sapwood teaching on the curation and voting system in the steemit platform and steem blockchain.

4. Prof @yohan2on teaching on how to choose the coins for an investment portfolio on cryptocurrency.
   Just to mention few but this classes remain my best so far in this @SteemitCryptoAcademy course.

I believe all of you have been able to deliver classes based on your knowledge and experiences in cryptocurrency, so I have learnt from you all.

2.Which of the strategies discussed in this class you find the most useful for you? Why?

Although all of the strategies discussed are useful, I still find two most useful for me; over trading and fear of missing out.
In my experience with trading, these two had always been my issues. They have put me in more disadvantaged positions than they had ever worked for me.

First of all I always want to trade and make money even when the situations are not favorable. This had made me bought coins when a coin hasn't really fallen to its limit or when a coin is in a bullish run.

Secondly, over the months I had been trading crypto, I have always put of this mindset of gaining from a bullish run in order not to miss out. I had been always tempted to buy at a point and see if I could make some profits if it shoots higher from where I bought. I am also tempted to sell and just make a little profit from a coin I bought at a very low price where I can gain a lot with a little patience.
I had also been tempted to buy in a bearish market which may not have gone down enough so I wouldn't miss out of the profit when it rises.

Now I know these two are just costly mistakes that I should take note and avoid.

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Answer to Question C.

People join WhatsApp and telegram or any social media group where they get signals from experienced traders on what coin to buy at each point. I do not really belong to any of such groups but info has it that they have been very accurate in their predictions and these have benefited members of such groups.

In a situation where I got this kind of info from a group like that, even before reading this class, I will quickly run a check on the coin and know what is about, check the chart to study the indicators to know the direction of the coin before buying it.

This class is like repetitive class or class for re- emphasising what I already know. Repetition has a place in learning, so what I would do before I read this class is what I would do now.

This is my entry on the homework task by Prof @fendit.

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Special Mentions:
@steemitblog
@SteemitCryptoAcademy
@fendit