Hey guys! Today I was looking back at my crypto journey, and boy what a roller coaster it has been! I decided to divide this post into a two parts as I have an exam tomorrow I'd like to study for!
A Summary of my Crypto History
I first got into crypto around late August of last year, so it's been almost a full year since I purchased my first 0.2BTC! This 0.2BTC rose in value fast as I invested in some random altcoins (I literally don't even remember which ones), and soon I had doubled my initial investment!
However, that was when I discovered crypto gambling, and within seconds I had lost it all.
Completely shook, I had no idea what to do. I lied to my mum about my situation, and borrowed another $2,000 AUD from her to buy back most of what I had before. Luckily for me, the market was quite good and it soon doubled, doubled, and doubled again! I withdrew about $7,500 AUD and just told myself I'll let the rest sit in here until it either goes to $0 or I become a millionaire.
Within a few months, I was sitting on 6 figures. Euphoria and excitement gripped me, but greed clouded my judgement. Many people around me, including myself told me I should sell, but my money kept going up, including one day which I "earned" $50,000. I literally thought I was going to be a millionaire by the end of the week.
However, I soon realised JUST how much money I had. I decided to sell my KCS (I was all in on KCS) into BTC and "diversify". I bought VEN and COSS.
Long story short, I put 60% of my money into COSS near ATH, then DCA down. COSS today is around 98% down from ATH, and around 96% down from where I DCA'd to. I am glad I sold at a 75% loss, which I used to buy Steem (which has also just kept going down LOL). After some calculations, I realise I'm in a slightly better financial position I am now compared to if I just stayed all in in COSS, but the most important thing is with the majority of my crypto in Steem, I can sleep well at night. Price doesn't affect me anymore knowing that I truly believe in this platform. Sometimes seeing a sub $1 Steem is discouraging, but at the end of the day I believe we're worth more. This brings me to my first lesson
Lesson 1: invest in what you believe in
It sounds easy, but it's really not. I thought I believed in COSS, yet at the same time when I was all in on it, I legit couldn't sleep at night. If you're constantly anxious about your investments, you NEED to do something about it, as at that point I feel it's more gambling than investing.
You're either in too deep, or in on something you don't really understand/believe in. For me it was both.
If you are anxious about your investment, consider your position and re-evaluate your choices. However, if you do make a mistake it's not the end of the world
Lesson 2: learn from your mistakes
THIS is something that can be applied to life all round. I currently tutor maths, and I try to emphasise as hard as I can that mistakes are natural, in fact it's welcome! Without any mistakes, what can we learn from?
After an investment goes bust, think to yourself, why? Try to think about what happened and learn from it. I understand crypto is volatile, unpredictable and sometimes simply irrational, but there's always something to learn. Sometimes it's easy to blame others, but if you're finding yourself failing a lot, the common factor in all those failures is you.
Lesson 3: don't beat yourself up
That being said, it's also easy to go overboard blaming yourself. Especially when everyone around you were like "wtf are you doing with this magic internet money", your mentality going in probably involved something to prove. When this happens, and things don't go your way, you're more inclined to blame yourself even more, since everyone around you was against your ideas.
Remember, everyone makes mistakes, own up to it, learn from it and don't dwell on it. I make $25 an hour tutoring at my current job, I could dwell on the fact I lost around 10,000 hours, or I could just simply NOT!
I understand that it's easy for me to just forget about my losses since I'm young with no responsibilities, but for those out there who are in a different boat, especially for those who never got to withdraw their capital, understand that you can make your money back, and more importantly, what's gone is gone.
This comes back to lesson 2, don't dwell on it, learn from it and hopefully next time you decide to invest in crypto (or anything), you'll have more experience so you can make more mature decisions regarding your money.
That's it folks!
I had about 8 lessons I wanted to write about, but I'll just leave it here for now and list the other 4 below! I'll expand on those points in a post tomorrow :)
- Lesson 4: don't invest more than you're comfortable losing
- Lesson 5: be methodical, not greedy
- Lesson 6: money isn't everything, learn about what you're doing
- Lesson 7: blockchain is still in its infancy, and I'm not giving up
- Lesson 8: the market is cyclical
I realise a few of those lessons are quite similar, but I'll write about them tomorrow anyway!
Thanks for reading!
If you came out with any Gains then you beat out 70% of the pack. Glad youeard some lessons from this whole process.
Thanks for sharing your wonderful experience And advise with us
Thanks for sharing your
Wonderful experience
And advise with us
- babyino
I'm a bot. I detect haiku.
50 grand in a day? that would be a dream come true ot me or anyone for that matter. lol
You're young but you seem to have a good head on your shoulders. Hope your gains come soon.
Lesson 6 is awesome!
Keep working, keep going, keep doing for the common good.
Thanks! I agree, even if I lose money here, I'm gaining invaluable knowledge, friendships and connections!
Yeah.
When time comes and we leave this world, we'll also leave everything. People would remember us how we spend time with them, how we share with them, how we help them. Its about the good things we have done, not how much money we have.
Wise words friend. That's why I felt the urge to start my own charity here on the Steem blockchain to help Venezuelans! Check our @crypto.charity! :)
Crypto is worth investing despite it's volatility
I agree with this fact illustrated
Crypto education is required daily
Haha, reading over it sounds a bit harsh, but sometimes thus is reality.
I'm glad you agree! :)
Great lessons from advance user in crypto world. Thank you for this 8 advices. As new user of cryptocurrency I will follow this lessons.
Peace
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Great article, thanks for the honesty and there needs to be more articles like this so people can learn.
It was good to read :) I hope you get more soon :)
Glad you enjoyed the read! With prices at such a low, the only thing I'll be doing any time soon is buying more Steem and BTC haha
I fill buy also ...m but I not have more money :)))
Thanks for the information
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谢谢你的分享。你是幸运的
good one. All the best in your exams!
Hi, I am very new here in steemit and so found your article really very useful as a beginner. Thank you so much for sharing your experiences.
Thanks for this honest feedback. Most of the time these stories do go about how great that they did.
I did jump on the crypto wagen late Dec 2017. So I missed the big train. At at the moment I did had a small profit but decided to let it ride!
I am now trying once in a while to bring down the average book price of most of my holdings!
But I decided that I rather see my port go bankrupt than to sell with a too big loss or selling them to cheap to others.
Cheers,
Peter
If you want to start investing in cryptocurrency join Coinbase and get $10 Free Bitcoin.
great lessons
Coins mentioned in post:
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Do not hurry. Opportunity is always there.
Dear author, I really like your content! You’re writing in a very interesting manner!
I think my last post will also be interesting for you:
https://steemit.com/cryptocurrency/@cryptofrau/buddy-platforma-dlya-avtomatizacii-razrabotki
Please, upvote it! I’ve upvoted your in advance.
Hey Thanks for sharing your Experience , This teach a lot to other people.
Other lesson from crypto, if something doubles the price with a short period of time, it's time to sell. If it did it few times, it was definitely time to sell.
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伙计，文章很好让我有所收获