If you are an experienced investor, cryptocurrencies may just be the bane of your existence. There has been no other investment opportunity that is as volatile as crypto. From an investor's standpoint, the volatility is either your "juice" or your "poison". Since I enjoy investing in high-risk opportunities, it is my "juice".
I have made my mistakes and I have enjoyed some victories. Today, we won't focus on the positive (which already makes my skin crawl), but we will zone in on the negative. Here are the mistakes I have made, and perhaps this will inspire you to go in the opposite direction:
- Bitcoin at $600: I have been watching bitcoin from day one. I remember looking into the dark web one day out of curiosity and noticed that most, if not all, transactions that took place on the DNM were in bitcoin. Being the thrill-seeker that I am, I bought a couple BTC at the extremely high price of $3.14. As time went on, I acquired more only to sell them later that year at a nice profit. I needed the money.
Fast forward to the future, the price was up to $600. I wanted to get back in with BTC, so I bought 10 at $600. The price fell dramatically to about $500. I cashed out and took the loss. I didn't need the money then, but I did feel as if I just needed to "get out before it got any worse". If I had just been patient, my little investment would have been worth about $25,000+.
Getting ripped by Ripple: During the big boom back in June of this year, I had about 50,000 XRP which I had bought at 1.5 cents in April. The price per XRP had gone up to .00016 BTC, and I thought it would go higher. I purchased an additional 10,000 at that price, only to see it nosedive immediately after. Timing = not very good. To this day, I hold those additional 10,000, lookimg forward to the day of mass adoption of the platform.
Neutron (NTRN) and the Bittrex explosion: This token was on fire one day, so I scooped some up. I had about $500 to invest into crypto that day, so I just let 'er rip. The next day, it dipped to about 3 cents, which was ten times less than I bought in. To this day it still hasn't recovered. This was a knee-jerk purchase, but I am still going to HODL in hopes of a recovery.
The moral of the story is this: try to do as much research as you can before investing into any cryotpcurrency. Watch its movements within the market and beware of pumps. This is the ONLY time I have fallen victim to a pump, and I plan to make it the ONLY time :)