Selam to all Steemians,
In December 2017 I watched many delusional would be rich people on my Facebook friends list as they rode the Bitcoin train to the depth of depravity to deciding to never return to the internet.
It was crazy because they all opened up trading accounts on trading platforms like Bitmex or Bitfinex and some lost it all while they where teaching their friends and family about it over Christmas dinner.
Whats for desert mum? How do you like your liquidation.
That doesn’t mean I didn’t get sucked in the thought of pots of Gold over the next bridge. I should be so lucky!
As people were loosing their homes I was too busy partying off my newfound Steem wealth; in essence missed the over trading. Humble as it may seem looking back, it was a lot of money that I had never had before.
My account had around 6 btc at one stage and I lost around 5 btc investing in ICO’s that (I hand on heart believed in! ) subsequently died. I won’t name any.
My portfolio sits at around the same region it did in August 2017 when I lost it all. Then again, in 2018 I did the same after I built it all up from not having any.
If losing money wasn't going to stop me this is what did:
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After long thought and lots of spending money to get drunk because I lost it in the first place, here are the reasons why I stopped trading:
- I believe as with Gold... I do not suppose Bitcoin will possibly make everyone rich! I see it at best ,the best way to facilitate payments; nothing more nothing less.
As it stands many people that once used Bitcoin for the first time with the belief they had found Gold will never but any Bitcoin again.. or not. Either way, what happened was wrong. Many so called “Influencers” should make an accountful apology for the manipulation and false promises that were spread. The sheer delusional hysteria which they piled upon people as though some rabid plague is now upon the evildoers of mankind and we are in with a chance of delivering the final economic blow after we give them our dough.
- I read once, know your market and not trade in too many markets (or trading pairs) without due diligence never mind gut instinct.
I can’t count how much money I lost before I learned to watch a market for up-to at least 3 months before playing around. Even as Bitcoin was swinging to $20,000 I was busy partying and not cashing in on the misfortune of others not because of my morals but because I was too busy to care. For the first time in my life I felt rich and wanted to just enjoy my crypto blessings.
- I realized none of the money I earned from crypto currency was because I was any good at trading, but rather because I was lucky and good at keeping up with the waves and changes. The moment I stepped out and had a few nights away from my computer I missed everything.
More than anything it was luck; luck born out of boredom and too much internet with a little greed and desperation.
Nowadays I see the world for what it is, a machine to earn another type of currency that has no chance against the crypto currency revolution.
As for trading; it is best at high leverage. It is being controlled with lots bots that need a human to stop it going wrong sometimes. There are also smart people in tune to the pulsating rhythm and momentum of the market, even they aren’t always right.
Just my 500 btc.
“If you are loose with money never ask why money is tight.”
