I have always been attracted to bitcoin and cryptocurrency. As an anarchist the decentralisation aspect was very appealing to me. My very good friend who has been trading for years gave me a litecoin for christmas, best present ever!! Now, I had 'some' basic experience trading bullion but nothing could have prepared me for trading crypto!!
I signed up to an exchange and with my friend to guide me around the macd lines I was ready to make my first trade!! Just like that, my friend was off to the UK with the advice that I should not buy anything without looking into the coin, its development team and the roadmap.. but.... I am a woman and we like shopping!! I knew I wanted to play it safe at first so I split that ltc in half, half for trading with alts and half to trade with btc..
I had heard of ETN so bagged me some of them. I had my eye on some NEO so picked up one whole neo at a bargain. I took a look in the troll box and got the best lesson ever.This was where I made my first mistake, I seen some chatter about a coin and went to take a look at it.. this coin was stupid cheap and the volume was well over a thousand. I was really lucky here and managed to triple my coin on a few trades but I was in the midst of a pump and dump scam. I did well considering I was up but I was left, as they say in cryptoworld, holding the bag. Who know maybe someday that coin will be worth something but as it stands I am a bag holder!😂
At this stage my half a litecoin was dwindling and I had the bug... I went back to that trollbox to confess my sins and the weirdest thing happened... people started tipping me!! This to me was the best thing that had ever happened, these strangers wanted me to trade, they willed me to learn, no shilling or pumping just helpful advise and much doge!! I felt like the queen of the world.
Trading doge was ALOT less stressful than trading with bitcoin or litecoin and I managed to spend a few days learning the ropes doing trades on the doge market. I was really lucky until the doge market was shut down and my hand was forced back into the btc market. Doge was a great training tool and I made 60% profit in a few weeks. I have at least 20 different alts in my portfolio and still managing to trade my half a ltc against btc. This has all happened in the last month! Its been a ride to say the least..
So here are my tips from one newbie to another:
Get your head around decentralisation.
Ask yourself do you want to be a trader or an investor or both?
Dont just buy the coin that is being pumped, do your own research, what does the coin do, what is its team like, do they have a roadmap??
I got really confused at first with the amount of decimals, get your head wrapped around that too.
Learn about trend lines, anything goes in crypto but in general things follow a pattern.
For every one scammer there are a hundred sound folk trying to help
Never ever send anyone btc on the promise of being in their inner circle (more on that later)
What goes around comes around.
There are some very clever people in the crypto community, learn from them, thank them.
Its easy buy in, the hard part is knowing when to sell, if youre selling that is, I am holding that Neo for as long as I can!!
And last but not least, if the trollbox says buy x, its probably not a good time to buy.