STEEM4NIGERIA ACCELERATOR CONTEST WEEK 9 - I WASN'T INFORMED.

Greetings, steemit neighbours.

Information can be divided into several categories based on how accurate and complete it is. These categories includes informed, uninformed, partially informed and misinformed.

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WHAT DO YOU UNDERSTAND BY BEING INFORMED, UNINFORMED, PARTIALLY INFORMED OR MISINFORMED?

INFORMED:

To be informed means having accurate and reliable knowledge or information about a particular subject or event. It implies being aware of relevant facts, details, perspectives, and developments that enable a comprehensive understanding of the topic at hand.

UNINFORMED:

Being uninformed refers to lacking knowledge or information about a specific subject or event.

PARTIALLY INFORMED:

Partially informed suggests having some, but not all, of the information needed to fully understand a particular topic or event.

MISINFORMED:

Being misinformed implies having incorrect or incomplete information about a particular topic, issue, or event. This can happen due to a variety of reasons, such as receiving information from unreliable sources, misunderstanding or misinterpreting information.

WHICH OF THE CATEGORY ABOVE WAS YOUR EXPERIENCE?

Sometimes ago, I became fascinated by the world of cryptocurrencies and saw it as an opportunity to generate substantial profits. Although I had basic knowledge about cryptocurrencies, my understanding was incomplete (partially informed), leading to financial losses.

MY STORY

It all started when a friend of mine told me about his cryto fortunes. I was intrigued by the potential for substantial gains. I did some research, focusing primarily on the success stories of Bitcoin and a few other well-known cryptocurrencies.

Driven by the fear of missing out (FOMO) and enticed by the media hype surrounding cryptocurrency, I decided to invest a portion of my savings without fully grasping the underlying principles and risks associated with it.

With no understanding of market dynamics, I invested in an altcoin based solely on rumors and potential short term gains.

Luckily for me, I made some gains which encouraged me to dive in deeply.

However, my lack of experience and understanding of technical analysis led to frequent and poor trading decisions.

As the cryptocurrency market is notoriously volatile, I experienced significant price fluctuations as some point in time. Instead of holding onto it for long term, I panicked due to short term price movement and sold it at loss.

I also fell victim to pump-and-dump schemes, encountered fraudulent Initial Coin Offerings (ICOs) due to lack of proper knowledge of crypto.

Despite my initial excitement and hope for significant profits, my lack of complete understanding and proper knowledge resulted in financial setbacks.

HOW DID YOU HANDLE IT AND WHAT WERE THE LESSONS LEARNT?

I began to seek professional advice, follow experts, learn technical analysis and proper risk management. This way, I was able enhance my chances of making money as well as lay a good foundation for myself.

A popular phrase says LEARN BEFORE YOU EARN. I discovered the importance of acquiring knowledge and skills before seeking financial gain. I've also come to realize that investment in learning pays off in the long run.

Thanks for reading.
I invite @thedummy, @tomas-web and @beemengine to participate in this contest.