Introduction
Most people's interaction with Bitcoin was and will be for a time through an exchange. Then, if you are like me, you ended up trading BTC for some pet rock alt-coin you fell in love with.
95% of people, before getting into BTC NEVER even considered trading but somehow, once they get into crypto, they automatically are initiated into it. But then the dangers come in...the temptation of greed sets in and the gambling starts.
I lost more coin that I should have...
This is a lesson I learned the hard way. I lost more money that is sensible to lose improvising myself as a trader. I am not a trader. I haven't spent 10,000 hours learning, taking courses, reading charts and trading with paper account.
Unless you are willing to go pro, what you are doing (and what I was doing), was a sophisticated version of gambling.
The odds are against you
The market is composed of extremely sophisticated players with AI, machine learning, veterans and exchanges all playing against you. They are wickedly good at taking the coins out of the hand of beginners. That's the point.
Imagine a worldwide poker tournament where you come in without any experience. You are bound to become roadkill.
Decide to go pro or...
Either you decide to dedicate hundreds if not thousands of hours learning the skills of trading (risk management, positioning, chart reading, trends, etc.) or decide to play the game differently by being a long term hodler.
In my personal experience, they are both hard. It's difficult to sit on your coin when the next coin is pumping at 35%. But time will reward you. I also find it easier when I'm earning yield on my coins. Currently, I'm earning 6.20% on BTC, 9.80% on USDC and 5.80% yield on ETH...and it's compounding weekly. It has really helped me sit on my coin and focus on building a bigger and bigger stash of coin.
Check out Celsius Network, when you sign up, they give you a free $50 in BTC when you deposit $400's worth of BTC, they also have the best yield out there since they are the biggest player.
Conclusion
I wish I learned the lesson sooner and wasn't as cocky as I was thinking that I was smarter than the market. If you are a trader, please share your experience below. If you are a hodler, please share how you are managing to sit on your coins without falling into the temptation of trading.
Posted Using LeoFinance Beta
Is Celsius decentralised?
And can you connect your wallet locking the funds with a smart-contract, or do you have to deposit?
If not, do you know of "good" offerings which do?
i'm a HODL'r yet i listen to DMan and sometimes act on his "Buys" and then HODL them, unless later he says he no longer "approves" the project then i may sell.. Here's an example of fruits of one of his Buys. i was late in a few months ago but still x3 so far, and could pump to x20 or x100 (who knows) if this works out: https://peakd.com/hive-193084/@atma.love/shjo5gxsya9i75hrepl14r?ref=atma.love
Thanks for sharing. May all your losses and gains lead to balance, presence, joy and peace.
Sat Nam
Atma
Decentralized doesn't necessarily secure. Many rug pull has happened in DEFi. And many Defi protocols use Celsius for yield because of their access to large institutions and even sovereign wealth fund. Celsius is a big business like Coinbase with checks and balances to not lose customers funds. So if that makes you uncomfortable, it's probably not for you. :-)
If your stock picks work then great! But beware, these guys are usually great in bull markets and terrible in the bear market. Good luck!