I am very new to cryptocurrency, and I got into it because my husband loves it and really believes in it with a passion. My husband has given me some really great advice when it comes to cryptocurrency, and he has helped me to make a profit on the money that I have put in. However, the more involved I get in cryptocurrency the more I realise that this is something you really need to study to have all the knowledge yourself, because you aren't going to be able to trust the advice of others. I found out today, that includes my husband as well...
Last week I had decided to buy some steem, some antshares and some dogecoin, thinking of a longer term investment. However, today my husband wanted to purchase a different coin thinking of a short term profit, and granted, he didn't tell me that I should also purchase some, but I decided I wanted to. I didn't want to invest too much and I had about $50 worth of Steem from my posts lying around that I hadn't powered up, so I thought I would play safe, and just use that.
My husband said that I should get at least $200 to make it worth my time, so I sold $200 worth of BAT that I had to buy more of the coin, which then dropped in value, so that was a lesson learnt I guess. And hey, whats a lesson learnt if you can't write a blog post about it?
I have already been trying to educate myself as much as possible on cryptocurrency, being so new and having so much to learn, but this experience reminded me that having the tools yourself to form your own decisions when it comes to cryptocurrency, rather than having to rely on the advice of others is really important. No matter how knowledgable someone is they can't predict the future, and you don't want to regret taking others advice.
Speaking of educating myself, I recently paid $10 to do Suppoman's crypto course, because I thought it was relatively cheap, and I have really enjoyed his videos about crypto on Youtube. However, one thing that I have picked up on from listening to a few of the 'lectures' so far in his course, is that Suppoman himself is not without bias.
He talks in the course about the way in which he can influence demand of a coin by making a video about how great the coin is, and that will excite more people into buying it so the value goes up. I decided to buy antshares last week because I watched Suppoman's video and he was talking about how amazing they are, and how well they will do in the future. However, since his lectures, I realise that although he may genuinely think that, he also may possibly exaggerate that more to encourage people to buy it as he also holds antshares and this will help increase the value of his own portfolio.
Have you guys made some crypto decisions that you have lived to regret? What resources did you/do you use to educate yourself more on crypto and how to trade that you would reccomend for me?
Thanks so much for reading, reach out to me in the comments below!! Hope you had a great and profitable weekend!
Buy Buy Buy!
hahahaha
but BUY WHAT?
...buy anything people tell you to sell. And sell anything people tell you to buy. That's my philosophy!
love it!!
I think trading is a game of discipline. I have never traded cryptos and wont until i learn their fundamentals . I have toyed with the idea of buying small amounts of some and then throwing them in the bottom draw for a few years. I think every year i trade i look back at myself from the previous year and realize that i didn't know as much as i thought i did. :)
In regards to taking advice , its human nature sometimes to want someones advice or opinion as it can then not sting as bad when you take a loss.
We must own our losses and not take or ask for other peoples opinion for anything other than food for thought.
A famous Warren Buffet quote is "Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."
Wazza is a smart dude :).
Good post.
thanks so much for this advice, really helpful, i need to definitely take time to do more research. and yeah wont be using others advice as anything except food for thought going forward!!!
love the quote as well! :)
I am sorry :(
Great post, you are absolutely right, we should take advice from NO ONE and always do our own research, no matter how good someones intention is, they cannot predict the future.
hahahaha just listen to your heart :D have a bad experience huh
@hannahilicious
I totally agree with you! I don't feel too comfortable taking someone else's advice for crypto unless I research it myself. That is why I spent some time learning some technical analysis - that way I can verify why a certain person recommends a cryptocurrency to buy. Sometimes, you find that the price has already risen and you are too late to buy and might as well wait for a pull back. Those are just some examples where, by verifying myself, I can save myself from getting large losses right off the bat.
Ahhh yeah I think that is where I went wrong is buy buying once the price had already risen, so I should have held off!!
Thnaks a lot @amuroturah, is there any place online in particular that you recommend for learning technical analysis? :)
Actually, I'm a student of Suppoman as well and I learned a lot from his methods on his videos like the fibonacci retracement. It really helps you to determine if a cryptocurrency still has room for the price to drop or when it is time to get in.
you are my one of fav steemitian :)
awww thank you @jibi333 that's very sweet I appreciate it :) :) :)
^_^
Yeah it's very tough. I've been trading for about a week with very small amounts. It takes a lot of knowledge and studying to do good there.
yeah i need to study a lot more!! :)
Me bought the same course, got nothing but wishes of Suppo's
hahah so you wouldnt reccomend the course @ishah?
I havent finished it yet, only part of the way through :)
Whatever coin you find interesting, do more research on it. If you think that coin has a solid future use, then that's a good bet. In the end, it should be your decision. And it's true that the markets move with the sentiments and maybe that's what Suppoman is trying to do. But he alone, and a few of his students can't move the markets alone. If we are talking about moving markets, we are talking about millions of dollars. If you have millions of dollars, then yes you can move the market alone like how Ethereum prices went down to a few cents when Status ICO cashed out their Ethereum on GDAX. The thing with trading is that you wanna buy low and sell high. That sounds like common sense, but people usually chase the hype and with the fear of missing out, they usually buy high. This weekend's dip was a good opportunity to make some profit, the markets look like they are recovering now. But we are at the crossroads right now, either we will see another high with cryptocurrencies or the beginning of the bear trend in a few weeks. Okay I'm done with my rant lol. Enough steemit for me today :D
thanks so much @kryptokinghtk thats really helpful
I think thats what happened is I bought high without realising after value increased... I need to do some more research into what this bear trend is :)
Hope you had a good weekend!!
You don't have to find crypto related trading courses, you can even look up how to trade in the real stock market and it's pretty similar except crypto markets have wilder swings than regular "fiat" markets. The concept is same. It's all about reading the chart right. Hope it helped :)
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Never buy into hype! Still early live and learn make more on the next trade
haha yeah thank you @bradritter, you live and you learn :)
i'd assume most of the promo type video's promoting a certain crypto's are people trying to pump up their current holdings. It doesn't mean they don't believe their own hype necessarily..just be aware.
yeah! thank you @scalerman :)
Good luck @hannahlicious!
TRUE! - true trading rule - Do not trust man, man in general, do not trust woman, woman in particular, do not trust your fingers, always keep counting them ! Hi Nic here from Amsterdam @nicnicy and NO I can not be trusted...