It's another great opportunity to have you on my blog once more, here i have stated in details on my experience while investing in the Crypto market.
Crypto currency investment is what i really like to invest my time and resources at, but there is need for one to understand how the market moves before investing he/her resources.
Note; this Cryptocurrency market can make you rich and equally makes you poor overnight. However, my experience from when i started learning the Crypto market and also investing can be seen below.
Discuss your first experience investing in the crypto market.
Getting to know about Crypto was through and advert during the Covid19 pandemic in April, 2020. At this time, guy were just hungry and there were nothing to do rather than to play games and watch movies.
I came in knowledge about Crypto through an advert concerning Octafx as a trading application. Immediately i saw it, i wrote it down and went home and start making research on how to trade the forex market.
But it wasn't easy for me because i don't know anything like
• Candlestick
• Open price
• Close price
• bullish/bearish market
• Lot size
• Stop loss
• Take profit
• Bid and ask Price
• Base currency and Quote currency etc.
All of this was very new to me and i don't really know where to start from! Indeed, i started browsing and reading script to really understand what the forex market is all about.
Another challenge was to fine a good broker but since i was a novice, i felt victim by some investing with some brokers with large spread in the market. Then i never knew about spread and it effect in trading the financial market.
What is your first investment in the crypto market and what drives you to invest in the crypto market.
My first investment was a lost because i didn't understood the market.
In November, 2020 i met a friend who educate me on investment in coin and introduced me to Binance exchange and Roqqu App but binance was confusing to me so i went for Roqqu exchange and bought my first ETH worth #5,000 which at this time 1 ETH was about #150,000
but since i never knew the movement of the market, the next day, the coin deprecated in value and i was left with #4,500 so i had to sell off at a loss.
After 3-4 month in early 2021, ETH worth was about #3 million before it start declining.
The most important thing that makes me to go into investing in Crypto market was to have an investment which will pay me off in the long run.
During 2021, i invested about #55,000 in Shiba Inu coin and it wasn't long when the coin appreciated in value and i made over Xs 6 of my investment. Because of the move, Roqqu brought in Wakanda Inu and i saw the price at #0.00025 and i sold my Shiba Inu over #150,000 to purchased WKD Inu but the price fell. Currently my #150,000 is worth #12,976.37
However, investing in Cryptocurrencies has really given me an inside of what the world is aiming at.
Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss
The truth about this is yes, as i earlier mentioned, when i stated investing in ETH with #5,000 i sold off because of fear at #4,500. My major challenged then was lack of adequate knowledge about the movement of the Crypto market.
Secondly, i have discovered that holding your portfolio for over 3 to 5 year before selling it will not give you a huge profit like when you buy low and sell high in bits overtime.
A good example is what happened to LUNA coin which was trading at $100+ but fell to zero (0) in just a day.
Sometime ago, when i saw the price of Steem coin trading at $0.91 i decided to powered down my Steem but due to the instability of the market, the priced fell to $0.36 in value.
What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.
Some of the crypto assets that i am currently holding can be seen below:
• LUNC
• LUNA
• Wakanda Inu
• Win
Win coin was trading at a very nice level before the fall. I am strongly beliving that the coin will hit $0.0024 any time soon.
LUNA: I am holding this coin because i believe it will regain it position anytime soon. Because this coin went to that high and fell in a day, i believe the coin will gain momentum soon.
WKD: I am holding this coin because it is a community coin here in Africa. So if this project fails it means African coin has fail which i know that the team behind this project will not allow the coin to fail. This coin pump was amaizing and i am believing it to move again anytime soon.
As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?
Based on my experience i believed in holding than trading. This is because trading has taken alot from me while investing and holding in a long run can stand the chance of giving you good returns.
But if you can trade the Crypto market very well, then you can go for trading and this stands the chance of giving you returns daily.
Note it also involved high risk! This simply means in trading, one can easily loss all his asset.
What's your advice to a newbie investing in the cryptocurrency market.
As a newbie my advice is for you to try and carryout proper research before investing in any coin. This might be either by trading the market or buy and hold (sport trading).
Before going into trading, look for good exchange.
Make sure you carryout market analysis to know the direction of the trend through the higher time frame like the daily/4hrs before you can open a position in the lower time frame.
Make sure you used a proper risk management when trading. Example 1:2
This means you stand the chance of losing 1 while you gain 2 if the market go either ways.
Always put a stop loss to limit your losses and equally set your take profit.
If you are holding, once there is increase in price of the asset, make sure you sell and wait patiently for the price to fall back to major support line before you can buy back.
I am equally inviting @suzybest, @joyuduak and @jaspichman to partake in this contest
Thank you for your time.
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I don’t actually doubt this you know. It was reported that interest in the cryptocurrency market grew in the covid period as a lot of people had nothing doing hence they tend to the crypto market.
You got scared😂. I think the one who educated you about crypto should have told you that it is normal for your coin to fall. He should have told you that as the coin falls you shouldn’t sell. But I think after that you least valuable lessons though.
You are seconding the investing formula because I think generally it has worked for you. Generally I am someone who prefers trading over holding, this is because of financial restrictions. But you can trade and loose money too. I remember I was trading the Luna crash but I still lost a lot in less than an hour. So generally it all comes down to making a good research and putting your hopes in that coin.
Are you talking about the new Luna or old Luna, cause the old Luna had no way back seriously. It’s a shitcoin now.
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This is very true. Those of us who prefer holding to trading sometimes forget to take advantage of the market.
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