I started getting into Cryptocurrency in June 2017. I was seeing so many people making massive gains since the start of the year, I did some research and jumped in with a small investment in Ripple of $420.
Well.... what a massive learning curve I have gone through in such a short time. I realised research should not involve listening to Youtube videos created by random people, I realised I knew nothing about reading the markets, I realised I know nothing about Exchanges and fees and overall I realised I knew NOTHING!
Over 3 months I have invested $850 and my total balance is $700..... a lose of $300.
Now, you might think Im an idiot and find it hard to understand how someone could lose when the Market Cap has increased so much. Well it's easy to do and Im typing this out for all those new Cryptocurrency investers to learn from my mistakes.
Its hard to invest in any Cryptocurrency and then see other currencies increase in value all around yours, and yours stays the same or goes down. So you reaction is to move to a different crypto. Then after you move your investment, your previous investment starts going up and the currency you move to starts going down..... so now you've gone down twice!
I found it really hard to invest in the dips, or in Red. Its hard to listen to a random peoples youtube video and not get caught up in the hype, you must do your own math and research and invest on your own fundings and beliefs.
In this 3 month period my investment was down to $450, almost down 50%, but in all seriousness, its been a cheap learning curve and now with my limited but useful learnings, my investments are starting to trend back in the right direction.
I would highly recommend any new people getting into Cryptocurrency to only invest a small amount to start and be prepared to make mistakes and lose most of your initial investment. No matter what research you have done before making your initial investment, I promise you, you will learn so much more in a very short period of time.
Thanks for reading and Good luck.
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Like buying gold/silver, with cryptos, PATIENCE is required to buy low to sell high, rather than panic-buying and overpaying, thinking you will miss out on whatever crypto running up.
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The space is rapidly developing so floods with all kinds of people investing and developing crypto currency. The massive growth in first half of 2017 also lured me in. However I agree with you there isn't any easy money to be made anymore. People who had own btc, Ltc, eth, and others at the beginning are cashing out. While newcomers buy in on the hype but never.
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