My introduction to Bitcoin...
I’m not really new to Bitcoin, I first heard of Bitcoin was back in 2012. I know, I know, I know, only if I had invested that early......
I didn't invest in it in the beginning, mainly because I didn’t really understand how it worked until recently, and my perception was Satoshi Nakamoto was trying to send a message to the world about decentralization and Bitcoin was never going to have real store of value. And Bitcoin price stayed relatively flat for a few years. Fast-forward to early 2017, Bitcoin price was rising fast, this time it seriously got my attention. I took a deep dive into Blockchain technology, and I believe Bitcoin may lose its value one day, but Blockchain technology is here to stay.
Took the plunge...
I bought some Bitcoin at around $1000. I soon realized that Ethereum had more room to grow, so I bought more Ethereum when it's fairly cheap. Then I discovered the whole realm of Altcoins, the most brilliant decision I made was put everything into Antshares just before it was rebranded as NEO, and sold all of my NEO at around $40, so there, I made my first crypto fortune, but that was pure luck.
After I sold off NEO, I tried to diversify as much as possible, just like every newbie was supposed to do. I got into OMG, Lisk, Ark, Pivx....... as you can imagine, I bought them on the way down after the China FUD before two major hard-fork. However, I had no experiences finding a good entry point, and I didn't understand what dollar cost averaging was. I just knew that even Bitcoin goes to zero, there will be other succession to the Bitcoin throne.
One crucial mistake I made was that I converted all my Bitcoin into Alts, of course, who doesn't want to grow their bitcoin holdings.
Trading...
As I saw my portfolio was shirking, I decided to day trade to increase my position. What got the best of me was FOMO, I began to look for a potential pump to make quick profit. I had no idea of the concept of traders take profit no matter what. 3 major coins I bought into at the high were Mona, Vertcoin, and Bitcoin Cash at three different occasions. After I bought in, I researched reddit and saw people would say things like "this is not a pump, Bitcoin cash is going to replace Bitcoin." I let those reddit posts influenced my decisions, even though at some point I should've taken profit, but I didn't. Due to the fear of losing all my investment, I sold them at huge loss when people started dumping. Greed is the biggest guilt in investing.
The new outlook...
Now the market is over half trillion dollars, if I had only held on to all the Alts I bought back in the summer, I'd still make profit on the dollar level. It goes without saying, everybody knows that 90% of the day traders loses money, but yet so tempted.
Three lessons I've learnt so far.
- Make educated decisions.
- Patience is the key.
- Set a clear and achievable target to take profit, and don't look back in anger and regret.
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