Sometime 2019, a friend of mine constantly told me about cryptocurrency, XRP particularly.
I was so indifferent about it all for sometime, but you know, seeing how it carried an overarching public interest, it succeeded in stirring up some concern in me, as an open-minded lad I am. Then, it was so volatile. And my friend, Mark, made me believe he made so much money off trading the currencies.
As a student who was endlessly in dire need of money, my interest got ignited already.
I lived in Kenneth Dike, one of the school's boys' hostel. Mark traded on luno platform and he constantly displayed his profits to me each time he visited me from his apartment.
Little did I know that the sound of bitter cola is not its taste.
My mum left some money she felt was safer in my account.
Tension was already built in me.
So, after exhausting all my options of where to get money from in order to invest in the latest trend of cryptocurrency, I was only left with the option of tampering with the money my mum kept under my custody.
Do I fold my hands and watch others, including my friend, Mark, cash out on a daily basis? It was such a mind-boggling situation.
But I had to make a decision, such a hard one!
Guess what.
I finally signed up on luno and invested the money, money that belonged to my mum.
Trading started!
It was trading and learning concurrently...lol.
Incensed by exposure to the risk, the battle line was drawn, with 'fear' and 'greed' in the battlefield.
I learnt and traded the chart indicators, the support and resistance, coupled with the fundamental news.
Added to my already heavy academic curriculum, it was really a struggle!
Money was made and money was lost.
It was a pendulous movement, back and forth profits and losses.
Even a toddler can tell the fate of my mum's money by now...lol
Lessons were learned anyways!
There is no such thing as free money
There is no free thing even in Freetown. No better way to put it. Nothing good comes easy and money is one good thing of life, it is not excepted here.
People go about especially on the media, painting a picture of cryptocurrency trading as an easy way of making money. It is far from that. I learnt it the hard way.
Consistency over speed
In as much as one can earn a good return on investment in crypto at a blink of an eye, one can incur commeasurable amount of losses at the same rate!
The leverage in cryptocurrency trading will tempt newbies into believing it's a goldmine. If treated as such, it only wrecks on the long run.
In reality, money-making works on a 'slow and steady' principle, even in the crypto world.
The trend is your friend until the end when it bends
The trend is driven by demand and supply. Having known that, identifying the zones and trading the trend almost always guarantees a win.
In reality, in as much as you remain authentic, identifying and following the positive trends is mostly profitable.
Never trade with a borrowed money; trade with what you can afford to loose
Trading is highly risky.
You trade any amount you can afford to loose. It's always good to be as conservative as possible while trading the cryptocurrency.
In life, it applies, even though there is a saying: 'No guts, no glory' yeah!
Equally, wisdom is profitable.
It is wisdom to know your limits and it is bravery to discern moderation in all our dealings.
Thanks for stopping by, buddy💫
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Thank you!
That's quite a Lesson.. learning the hard way Indeed.
You've really outlined great points to considering and great approaches to investment that you learnt especially the aspect of not trading with borrowed Money
May this Crypto world favour us all in the very end I pray
Amen
God's willing, we shall milk it at the very best time.
Thanks for your time.
You're welcome