IF IT FEELS LIKE CRYPTO TRADING IS CRAZY -- IT IS -- SOME HELP FOR YOU! (FOR FREE) -- Make money...
I am going to reveal some secrets about myself when I got started in 2013 by buying cryptocurrency.
Things were much worse back in 2013 than they are 2018. If things seem confusing now, you should have walked in my shoes 5 years ago.
I learned some hard (and expensive lessons) back then...
To my followers, I give this free advice to you. Maybe I'll help you from making the same mistakes.
WARNING: IF any of you get lucky and rich from my honesty and if you become a multi-billionaire.. please remember me. :)
Simple things, like how to install a Bitcoin wallet, and understanding how it worked, blew my mind. Learning how to turn $100 fiat cash in my pocket into a number on my screen wasn't easy.
My first reaction is.. who in a sane mind would take $100 guaranteed paper money and give it to someone else, and then get $100 worth of numbers of digital currency on a screen? This does not make sense!
Everyone else was doing it, and I was very computer literate, and I heard other people were making money, so I said sure.. I'll put in $100 and see what happens.
I remember the first time I opened my Bitcoin wallet. I had 0 bitcoins. If I wanted Bitcoins, there was a local website in my country that said "go to this bank. Deposit your $100 into my account. Send an email that the deposit was completed, and you will get your Bitcoin"
Eagerly, I wrote down all of the information and I ran to the nearest Bank. The teller didn't recognize me, and I said "I'd like to deposit $100 into this account number, with this name as the owner of the account".
She did the transaction, and gave me a receipt. That was easy.
I rushed home, and then began to panic. Who did I just give $100 to? Is this real? What if I am cheated?
(Remember this was Bitcoin trading 2013)
About 45 minutes later, I got a message on my computer. "DEPOSIT RECEIVED. You received 0.87 BTC"
Now I was on a Bitcoin Exchange. I no longer have $100 but I have 0.87 BTC. I logged in and looked at the charts. Bitcoin kept going up and down like a YOYO toy or roller coaster. Every few minutes my 0.87 was worth $102 or $92. This is crazy...
I didn't learn how to trade the stock exchange in school. I didn't know how this all worked.
All I know is that is that I put in $100 and if I wasn't careful, I'd soon have $92. But how would I ever pull it back out again?
So I did some research and reading. I started to learn how to place an order, and how to sell an order. It seemed easy enough. I watched carefully and watched how the YOYO was moving.
"This is a good time to sell my Bitcoin" I thought. The price is $110 and I saw it at $92 before. So I placed my sell order and boom. I no longer had 0.87 BTC. Instead, I had $110
I sat there and realized.. I just made $10 in one second of trading!! This is fun!
In 2013 in my country, people would work a whole hour to make $10. I just made the same amount in one second.
I was super happy. I didn't do anything else after that and just sat there proud of myself.
I didn't know how to get my money back at that point, but I wasn't ready to.. if I could make $10 in one second, surely I could make $20 in 2 seconds? Who knows?
I waited for the trading charts to continue moving for the next hour, and I found another opportunity. I placed a bid to sell my $110 USD for 1.02 BTC
Soon as I pushed the SELL button, the market reversed on me. No one bought it. My order sat there and the market started going down again!
DARN IT. I spent a whole hour at watching the way it worked. I was already ahead $10, now I'm losing money!
...
So I re-placed a bid to buy BTC at $100 (in 2013) again. My order got filled. I had 0.864 BTC now. Less than the 0.87 I started out with..
HEY! Why do I have less? I did more research and learned "the exchange takes a small percentage for trading fees". Oh I didn't know until it happened ARGH!
I then realized.. I have no idea what I'm doing. Why could the price of Bitcoin jump up and down so fast?
Then I looked at the exchange website I was on. It was called BTC-E and it had a chatbox.
I quickly typed into the chat...
"Do you think Bitcoin is going up again?"
I got multiple answers back "NO!! Bitcoin is going down! sell! sell! sell!"
I then ran from that chat and put an order in to sell my 0.864 BTC for $98 USD. My order got filled
But what those guys said in chat was wrong! - Instead Bitcoin went up to $125! Why did I sell at $98 if they said Bitcoin was going down for sure? They told me to sell!
I'm not going to bore you with the details... but by now you might have guessed, I was tricked in 2013 by troll box chats.
When they said Bitcoin was going down, and I sold, the experienced traders said that so I'd sell cheaper Bitcoin that they could buy.
In simple terms...
Whatever they were hyping or dumping seemed to be the opposite of what I should do. All I was doing by listening to them was feeding the hungry sharks that wanted my bitcoin.
I lost over $500 trying to learn how to be an expert trader the hard way.
Until I learned one lesson. ...and this lesson will help you...
When someone says something is going UP or DOWN it means this:
(1) If they say it's going UP, it means they are already bought in, own it, and need you to buy it too to help make it go up
(2) if they say it's going DOWN, it means they have already sold all of theirs, they own none, and need you to sell yours cheap so they can buy what you're selling under price.
It's been a long road over the years to realize... the only person you have to blame (or praise) for losing or gaining money by cryptocurrency trading is yourself. Don't listen to other people in chat. Don't buy what the headlines in the newspaper or traditional media says.
Decide for yourself. After watching and learning. Should you buy now? Should you sell now? or should you make your trading decisions based on what someone else says?
If I would have read a blog article like this long time ago, I could have saved myself $500
The fine print:
Note to experienced traders: It seems like I'm giving away important secrets for free. But listen. We need more experienced traders who are into cryptocurrency to stop dumping their coins everytime a news article comes out that scares people. Cryptocurrency right now is at a pivot point. News is trying to scare everyone and the market is reacting to news in such a silly way. This is the only reason Bitcoin isn't worth $50,000 right now and ETH, STEEM, EOS, BTS or any other coin isn't worth 10x what you currently see on coinmarketcap. The news is hurting cryptocurrency, so we need to help new traders to realize, it's only FUD and NOT nearly as significant as it claims to be...
OMG...love that post. I think any veteran trader/investor had that experience when they were a complete newbie.
That experience is exactly why I teach investing on my blog and why I made the ScaredyCatGuide to Investing in Cryptocurrency videos.
Learn from our experience and save these troubles, right?
Thanks a lot for sharing your hard-won advice - and explaining why trollboxes are well-named (sigh).
Resteemed so others can learn from your experience. You got one year on me.
Thanks for sharing your information , I see this a lot where people panic sell ! and also hear all the time to HODL ! So really you need to make your best decisions on whats best for You . I would like to HODL as soon as I can get caught up on my bills since being laid off Last February . Thank god for Steem , Steemit and part time work ! lol! STEEM ON !!upped and resteemed 👍👍👍💲💲💲
That's the longest explanation of "HODL" I've ever read ;)
Haha !👍😂
I think you story is similar to many others here only at higher numbers... and I do not think it is over for many more in the future. I was lucky,I just bought on a whim, it rose and I thought it was cool so I continued little by little (branching out into others little by little as ell).
Until I joined Steemit, where it all became more real and I started selling, trading to accumulate other coins, but never cashing out.
I do not see a good something to cash out to or for... so I keep accumulating and HODLing, fun read thanks!
HODLing long term always seems to pay off. You just have to be strong enough to do it, and most people just can't when price temptation gets them.
Yes: for that reason, crypto is a fascinating market. One that went against all of my training, which told me to be wary about true believers. The Bitcoin fanatic who got in a/o '13 will still make out like the proverbial bandit even if he rides a big bear market down.
from what I am learning that it is best to buy and keep it moving and Hol for the long-term, from my reading, understand the market in how it works and do not be in a rush to sell. great read thank for the information will keep some of the things you talked about in mind.
Great post with lots of funny/enlightening tips…i.e…
…smh…I remember listening to all the WS naysayers calling BTC fake. FUD…didn’t invest :+|
Yep, do your own research and glean from trustworthy posts is the best advice. Being sold on what’s being sold by some sharks…might mean hodl to air.
Yes, it’s called paying it forward. You never know when the help you give a plankton today; might not reap a $1M tip in the future ;+).
Peace.
Wow what a great trading course I think that all has happened to us, even in steem buying expensive steem for sbd and then we realize that we bought at 1.50 and then that low to 0.13 recently, it was to start crying right.
but good you can not predict the movements of market, at least we should be able to identify the signs of possible tendency like peaks, valleys and tops in the movements of the currencies.
but as you say the truth that the education is paid, and it comes out a bit expensive, not to say enough.
but that's right, a thousand thanks for the advice, the ones that we spent there for the discord chat, we listened to all kinds of expert advice from experts who believe they know how to trade and very possibly the new ones make them fall.
Maybe the best you can do is as they say in many forums hold on.
those of us who are new to this and have very little but very little time your valuable advice are of great help as we can fall into the deception of the most advanced traders.
So we will continue hoping that the trading goes up and hopefully we can continue growing maybe not at the speed we want but if one day this will be our pension or retirement fund or our pleasure income to do what we could not do with our own income for the official work
thanks for the info
a big hug.
best regard @ galberto
Went through all this when it was my first trade with Bitcoin. Invested small to start believing in it, made quick money and almost jumped with joy, bought more and it started falling. Lost some money in the over excitement.
But now I am much better. Reading analysis, studying charts and HODLing
So that means you not only understood my story but lived it too, thank you for sharing it.
Does the story have a part of thinking about Hardware wallet ? Mine does.
All starts are difficult, but for the go-getters, there is sometimes much to achieve. But to become a go-getter you have to believe in what you are doing. It does not make any difference what you are doing. It is the belief in the ultimate goal that drives you on. Whether you are a crypto investor or a teacher or whatever, when it is difficult and you loose faith, you have to trust you choose the right goal and continue.
Never knew your stories about trading. Very helpful. Emotions do tend to cloud logic sometimes. I think because crypto is still in its infancy it will be very volatile for the years ahead. I have been trading stocks and options before crypto and I can tell you right now crypto trading is by far more difficult to gauge if one just looks at charts. 10% up or down on a single stock is big news in the financial world. 10% up or down days in the whole crypto market is normal because it happens almost weekly if not daily. This is too volitale for me to trade in.
I am new so do not trade much in crypto but believe in the ideas of decentralizing and freeing myself from manipulation of fiat currencies. Therefore I am in it for the long haul. I buy some coins, I am most likely going to keep it for months if not years. Bigger market cap coins are safer because they are harder to move in price. Thanks.
Interesting I hcizo to reflect his experience and at the same time learn to make my decisions through technical analysis and news
This is an educationally valuable thing.I can always learn new thing from your blog.Share such a news with our carry on your activity.I will wait for your upcoming post.
Thank you
Thanks for your valuable and informative post about blog,crypto & so on.
We can gather a lot of information by your post.By dint of, we can increase our skill that is beneficial for all steemians.
I will always visit your site & wait for your upcoming post.
Thanks @intelliguy
@Resteem & follow has done.
I can not comment very well, since I have never invested
in the stock market of values, @intelliguy in 2013 to be
your first time You run with the luck of not losing everything
so you only lost 2 dollars. Although later you say you lost $ 500
trying to learn the business.
In my opinion, although I am not an expert before starting in this world of
bag as a novice should first make course of "traders" so that
Have an idea of what they are getting into.
In my country, a saying that goes like this: "DO NOT DO SPELL IF
YOU DO NOT KNOW THE PORTIONS"
which means do not invest in something you do not know very well.
@intelliguy Your post is fabulous, it's full of personal experiences you had. I learned a lot specially from the mentioned two points. Its full of information and very helpful for us.
Thanks for sharing.
If you really believe in yourself & bitcoin than it will be easy to to makes a decent amount of money from it .But the one should be having enough patience because patience is the key to success.
I agree. But that only works when the majority of market participants stop reacting to news so the markets continue to be stable. Sure there will continue to be dips an huge upswings... but at some point if everyone become scared of news, it ruins the market.
Looks great!! You are awesome @intelliguy
it really helps a lot! Learning from our own experience is the best part of life.
Hahah that was a fun story! I hope you managed to recover the bitcoin in time for the big jumps.
There’s no need to have a competitive mindset on crypto. The way I see it, someone is going to make money and it’s not just gonna be you, it’ll either be a regular guy or a bank who makes that buck, depending on who’s gets on first so it might as be the regular guy you meet.
Coins mentioned in post:
Yes, they are all down unnecessarily because people keep staring at news articles which are nothing but words. Wait 6 months. None of these prices will still be this low.
Januaries are always slow. Wait for Novembers. LOL. Remember Bitcoin and Ripple at end of 2017.
Thank you for the information
Great information. I do still disagree with you about Bitcoin which I think is dead in the water, but a big yes to the rest
If Bitcoin was dead in the water (which I agree it should be by now), it wouldn't still be #1 on coinmarketcap. Look up the term fungible. It may explain why it remains the top.. and will still remain the top.
If its units are interchangable, why does that give it an advantage over other cryptos like Etherium or Steem, that do everything faster, cheaper, and better than Bitcoin.
How long can the worst popular crypto stay number one?
Remember Ubuntu? - took a long time but eventually that pile of crap sank from number one :)
Thank you for sharing your experience with us. I am convinced most people start trading crypto with no experience at all. Only a few people have experience in trading stocks. And even this is not a certainty of doing well, because the cryptomarket is moving so much faster and is reacting extremely volatile on every fud that has been spread. Self education is the best way to improve your skills. Posts like these help to learn more about trading on the cryptomarket. Hope to read more of this in the future.