Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @emmy7924

Hello Steemian

Today, I welcome you to my post. Greetings to you and your loved ones. Indeed I am very much happy for participating in the contest that was organized in SteemitCryptoAcademy which I have discussed about my first experience investing in the crypto market.

Discuss your first experience investing in the crypto market.

My first experience investing in the crypto market was the same year and month that I signed up as a content writer on Steemit platform. A very good friend of my who is also one of us here with the username @josepha was the person that Introduced me to cryptos in February 2021.

@josepha and @emmy7924.

At first, when I was introduced in the crypto market I took my time and studied the market very well before, I then invest in three coins which you will get to know about them later.

I stated investing in the crypto market using Roqqu wallet. At first, i was so afraid to invest in the crypto market because I wasn't too show if what am investing my money in was a legit business or fraud. But from the way @josepha analysed everything for me I was prompted to invest little amount of money to see how the crypto market work.

In my first Investment, I made a profit of about $1.3 within 3days that I invested. I was very happy about the profit thinking that I will lost my money and also in other for me to sure, about if it's really paying, i ran to the person that Introduced me to the crypto market to help me and withdraw the money to my bank account.

Although, there was a day that I loss money in the crypto market when I was trying to do things on my own thinking that I now know everything. Around late February that the central bank of Nigeria CBN stopped banks and other Fintech companies from faciliting crypto transactions that year the only exchange I was using suspended it withdrawal and deposit which happened at the time I was desperately in need of money.

Then I never knew of Binance exchange, until I saw someone on one of the WhatsApp group that I joined that posted the transaction that he did in his Binance P2P. As soon as I saw it i chatted the guy privately and told him that I have coins for sell and he said, he is looking for USDT and I accepted and login to my Roqqu wallet and swap the coin I was having to USDT without knowing that the minimum that I could have sent out should be 10USDT which I will also be charge with $1 as service fees as of then.

The guy I met on WhatsApp, sent his USDT wallet address to me and was waiting to receive the coin so he can send my money to me of which I have already sent it to him. After sending it, i called the guy and informed him and his respond was I haven't received it. Hmmm I started feeling cool within me. I chatted Roqqu to know how far, I couldn't get respond at that very day, until the next day that I got their response saying that my coin was send successfully showing me the transaction hash.

However, the reasons why the receiver don't received the USDT was because the quantity that I sent was less than the minimum quantity that I should have sent. So it was my fault, and that was how I lost my money that year.

What is your first investment in the crypto market and what drives you to invest in the crypto market.

My first Investment was in three coins that I bought the same day. The first three cryptos that I invested in the crypto market, was XRP, STEEM and TRX.

These three coin was the coin that I can afford then since there was low and based on the amount of money I was having as a started. My first Investment cost me 5000Naira (300 STEEM). Inside the 5000, I bought 10 XRP, 50 TRX and 20 STEEM.

What drives you to invest in the crypto market.

One of the thing that drive me the most to invest in the crypto market, was the way @josepha explained the crypto market to me. The day he introduced me to invest in the crypto market, he gave me a lot of assurance and even promise to pay me back should Incase I run lost based on the agreement that we make.

However, we agreed that after buying the coin and I need my money back, I should sell the coin to him that he will buy it and immediately he make that statement I became so eager to invest and after I had invested for the first time and saw that I made profit, I became serious about investing more money.

Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss

Yes, I have ever encountered loss as a result of the instabilities in the crypto market. The loss that I encountered was as a result of my inability to sell at the time that the coins I was holding rise. I allow the coin to keep on rising thinking that it's the way the crypto market works without knowing that they will be a time that the coin will fall after rising.

Because of the flutuation in price I had loss my some of the money that invested so many time even around march which is earlier this year that I invested $100 into crypto the money fall and what I was seeing was $35 which I even got angried and deleted the wallet because seeing how my money has fall it makes me feel so bad so I had to delete the wallet out of my phone untill when I have seen that the coins has rise above the level that I bought them.

What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.

Currently is only STEEM that I am holding in my MEXC Wallet. I decided to be holding Steem and to invest in STEEM because of the assurance that I have for Steem.

As a Steemian that I am i see it as a must for me to hold and also invest in STEEM. As for now it's only Steem coin that I want to focus on which it's the reason why I even created MEXC wallet Account. After gathering some good amount of Steem I will start trading it for more STEEM that I can send to my STEEMIT Wallet for proper savings through Powerup where I can get more influence in the Steemit plaform.

As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?

I believe in trading cryptocurrencies. The reason why I believe trading cryptocurrencies is that for any trader to make profit so much from cryptocurrencies that person most be a crypto trader and not holder.

Trading is the only way that we can use and accommulate enough cryptocurrencies. For example,trading with future trade is one of the best way to hit a very big amount of profit within a short period of time. Trading takes a very short period of time for me to make profit than holding. With trading I can possibly set my entry and exist price and once my target reach boom my profit is ready for me.

As a matter of fact, the STEEM that I am currently saving in MEXC wallet is for the purpose of trading right now my plans is to save a lot and set my sell order and once the price of STEEM get to get the level which I have set it will automatically execute. Immediately, my sell order is execute, I will then set a buy order.

What's your advice to a newbie investing in the cryptocurrency market.

Well my advice to a newbie inviting in the cryptocurrency market is that as a newbie, you should first make a research about the cryptocurrency that you want to invest on. Your research should be base on the future prospective of the crypto projects, what the project is meant for the owner of the coin etc.

Secondly, after you have make your research about the cryptocurrency that you want to invest on try an also make a research about the wallet you that you want to store your cryptocurrency if it's centralized or decentralized wallet.

Thirdly, as a newbie you should make sure that you only invest the amount of money that you can afford to lose as cryptocurrency market is highly volatile and associated with risk.

You should also know the price at which you want to enter the market and the price that you want to exit the market.

Additionally, always try to asked questions in whatsoever that you don't understand so you will not fall victim to scammers. Please always avoid most of the website or crypto projects that claim to be giving free airdrop because 80% of them are scammers.

Finally, try to keep all your information like Private keys and password safe.

Thanks for spending your time here..

I am inviting @simonnwigwe, @olabillions and @preye2