I first found out about bitcoin in 2014. I liked the idea of a currency uncontrollable by the governments of the world as I've always been somewhat of an anarchist in a sense. I loved the idea, however I was too young to have any savings to be able to invest in it.
3 years on (january 2017) and I found myself back in the crypto space. I found out about Ethereum and all these other altcoins, and I was amazed by the applications of these.
It's around this time that I realised that the average 9-5 job was not for me and I saw crypto as a way to escape this reality. This was my first investment of any sorts so I really had no idea what I was doing. I was buying a few Ether here and there just to start experimenting.
Since then I have learnt a lot. When I first started buying Ethereum it was around $10. I could have been in a very good position by now.
However I made several mistakes and I want to share 3 of these with you guys so that you don't do the same.
Do not try to day trade unless you have a good understanding of trading analysis and the market.
I lost around 10-20 ether trying to accumulate more by day trading, at the time this wasn't much but now that 15-20 Ether is worth around $6500.Do not buy the hype, anticipate the hype.
A mistake I've made and I see a lot of others making is buying the hype. In the current crypto bull market you may be let off for this mistake, however don't pick up bad habits.Remember to cash out at least a portion of your position when in profit.
This is one I have been guilty of. I've been in positions where I am at 1000% profit and did not cash anything out. This ended up being a slow painful process of bag holding.
Now realise even though I have made all these mistakes just having the foresight to invest in crypto has enabled me to make a 600% profit on my initial investment. The current crypto market is a great opportunity to make money and gain some freedom. I am going to spend some of my crypto profits to travel the world, something I could not have done otherwise.
I am still holding the majority of position because I see the potential blockchain technology has to be a part of our everyday lives.
So if you are interested in investing in crypto, do your research on both the projects and the market and make an informed decision.
All the best!