Hello everyone.
Second post here and i didn't know where to start so why not with my story in the crypto.
First, sorry again for my bad English, i'm not a native speaker and did learn English from TV Shows, so blame Netflix ;)
I did fall in crypto in December. Bitcoin was around 900 dollars and i have 600 dollar around, so i did tell myself ? Why not ? I did miss the train of the 1 dollar bitcoin, 10 dollar bitcoin, 100 dollar bitcoin, no way i'm not in it when it's going to be 10 000 dollars.
So, after the army of shit ID things you got to do before you can finally buy a fraction of bitcoin, i was happy to be the keeper of a little bit of coin. With that, i did also buy 10 dollar of Nexus who was very cheap at that time, i did hear about it, many was enthousiast, so why not again ?
No strategy here in the first time, the only one was to HODL and bitcoin is going to moon someday and i will be rich ! Math was simple, there are approximatively 21 000 000 bitcoin (if i do recall correctly), we are 7 000 000 000 so u better got yours before everyone wants one. With this in mind, i did convince myself that bitcoin price will hit moon in some (put two digits here) years. Maybe, i will not enjoy it, but i'm sure that my child will be happy when they are going to have it.
So seven month past and my lazy strategy was pretty cool ! Bitcoin hit 2 500 dollar and i double my invest and nexus has x5. Even, if i did put 10 $ in Nexus, watch them growth was like a revelation. I was aware that you can become rich with crypto but for the first time, this seems real for me. Every investment on my life was meh and for the first time, i think i was doing the right thing.
This is were things start to begin interesting. With the success spirit, why not try to daytrade a little bit and try to catch some success ? On the paper, it almost seems too easy :
- Buy Green , sell Red (lol ;) )
More seriously :
- Find some coins you think it got potential
- Buy when you think it's low
- Sell Higher
- Wash and repeat
- Profit
Somethings in life seem's easy, but it can became very difficult when money and emotion is involved. I even think than youre emotion is constantly playing against you. You want to win the game, win money but the greed is here to make you made mistakes.
I did some good trades but i did make many mistakes too and the profit of the good trades were sucked by the hole created by the loss.
So i'm going to start to list some advice to the beginner in the daytrade game and hope you don't fall in some of the same trap :
Before everything, Hold is a real strategy .
It forbid u to make mistakes. Ok, you should have the good coins to hold, but it forbid you to lose ure capital. Hold stay the safest strategy and is not a strategy to underestime. It is so easy to do shit, if you are not sure about your moves, Hold will keep your coins safe.
I'lI know, this is not a good thing to take one example and try to generalize, but in my case, if i did just hold my Nexus, i will be much richer today.Have a plan, a real.
Not just "oh, i'm going to buy that and hope it will go up".
You need a plan, and a good one. A real strategy behind all your moves. There are plenty way off doing it, some will try to scalp (buy low, sell high in very little time), some will want to hold few days, others want to capitalize on the coin they think it will pump. There are plenty of strategy and the baddest one is to try to do everything or to not have one. Find yours, test it, and if it works, stick with it.Don't follow the hype.
I did follow some hype (Digi ...) and lose some money on that. It's hard to resist to the hype, because everyone is like " this is going to be the next big thing ! " And naturally, you don't want to miss it. But when a train has already started, it's difficult to get onboard and know when to leave.Know when to sell
Sometimes, shits happens and the good plans was a very bad one. Some strong downtrend can be very painful for your wallet.
First, your wallet lose value.
Second, your coins are trapped because you don't want to sell at that low price. But, if the downtrend don't reverse, you will just watch painfully the candle crash and even sometimes crush the bottom.
This hit me two times; lesson learned. It's a difficult decision to know when to stop loss, but it's a rules you can put in your general strategy --> If a coin lose xx %, i will sell it (even if i'm mega butthurted).Do not all in.
All in can make you rich ... or ruin you. Have a diversificated portfolio with solids coins and your not going to be afraid when you watch Blockfolio the red days.Information is power
When good news happen, a coin generally pump. The big winner are always those who buy before the train even start. They know what are the project with crazy potential and the know it will deliver so they just buy before everyone juste because one thing : They know.
So you need to know everything, go on twitter, follow the big crypto guys, go on every forum, slack, community, take all the info, synthetize and CARE. Double check, research, discuss... Don't believe every false prophet who are blinded by the cryptos they love. Many of them are everywhere and will try to convince you that this crypto is the best one. Don't fall in the obvious trap and try to flare the good plans !Control your emotion
This is like poker. When we lose, sometimes, we tilt and when we tilt, we better be far from our keyboard. This is human nature, you want to regain the lose fast and it's the best way to lose all. When things go bad, be calm, analyze where was your mistake and why did it fail. The learning phase is painful and at this game, we can't win all the time.
This was the first part of this series and hope you find it useful. I have plenty of stuff to share again with you soon.
I you have any questions, don't hesitate, i will be happy to help you if i can.
Have a nice day and best of luck in your crypto story !
Hi, @cheapes
thank you for your post!
Vote&follow you^^
Good points in this blog. I was about to post a similair thread. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. I found this great website: https://www.coincheckup.com This site gives a complete analysis and investment stats on every single tradable crypto out there.