I started my crypto journey back in Dec 2017 after fumbling across a crypto podcast. I signed up for an Australian exchange and bought some bitcoin and Ethereum. All was going well until the Bitcoin Cash hype began and I bought in at the high and sold at the low! My first FOMO mistake.
As I was limited to the above coins I moved to bittrex and dabbled in the world of margin trading. This was a fun game and quite successful at the start. But than the old greedy side of me caused me to hold for too long and not take profits. After gambling that money away and due to the restriction of not actually being able to do anything but margin trade, because of not being verified, I set up a Binance account!
At this point I was reading a whole lot of useless shit on facebook and listening to a few good podcasts, whilst trying to find some time to learn Technical Analysis. I transferred some money to Binance and started to diversify my portfolio. Caught a few good waves like ripple, but didn’t sell and the waves crashed me back to reality. At this point even a noob like myself was making money slowly due to the mass influx of demand on the cryptocurrency space!
But than Christmas hit, than FUD from basically every country that matters (except Australia). The old healthy portfolio took a strong correction and started to dip heavily.
It was at this point I decided to stop playing around and do some proper research. I opened a telegram account and started to follow the UK Crypto account. The main channel focuses on market updates with Technical Analysis and signals. From here you can (all free) https://t.me/ukcrypto
- follow links to the discord to chat directly with the content creators
- follow the education channel, which has an abundance of info on trading strategies, technical analysis and markets
- ICO review channel, reviews and rates ICO’s out of 5. You can also request an ICO to be reviewed.
If your looking to dig deeper into something you think has long term potential, reddit is always a good place to start.
Since the big dip I have been hodling and concentrating on learning a bit more. While signing up to anything with the word airdrop or free. Following https://t.me/AirdropFreeVerified - a good page providing multiple air drops daily and unlike some other channels, don’t spam you with the same thing more than once! But I have always been careful which email, passwords and information I have provided in order to get some free internet money.
Important lessons I have learnt from my time so far in the crypto world and some with the help of Ant at Crypto UK
- Everyone thinks they are skilled in a bull market. When really you would struggle not to make a profit
- Be prepared for the bear market – have the extra cash to “buy the fucking dip” (Ant)
- Buy the rumors and sell the news. By the time the news is officially released its likely the price has already adjusted for it.
- Sometimes the best position is no position. Sitting on the sidelines could have an opportunity cost, by missing a run. But it wont loose you money. If it appears to be a large correction coming, consider stepping out. Or just holding through if your not sure
- Make use of your stop losses and sell orders
- Profit isn’t profit until its sold!
- Don’t chase the green candles and FOMO. Crypto runs 24/7 and better than catching the tail end of a pump before the dump is preparing for the next one
- Don’t join a pump and dump group expecting to be faster than everyone else. You will get burnt!
- Don’t hold bags due to ego. If it’s a losing trade, cut the losses and move onto something else. Watching a coin trickling down can be swapped for a different investment with potential to grow
- Know your entry and exits and let the market come to you.
If you believe in the crypto space than become an investor, set and forget. For a few days at a time at least!
If you have the time to track your investments and buy and sell as a swing trader you may make more money. Don’t think you have to day trade and obsess over your Blockfolio to make money! And more importantly don’t invest more than you could afford to lose, take your stripper and cocaine money and invest that more wisely instead….