It is funny how many people want to start a new journey in the world of crypto to make millions in a few months. It is true when they say, you can become a millionaire overnight and can also go broke overnight in the crypto world but this phrase is referring to people that have invested heavily in the crypto world.
After sharing a few of my profits from my activities in the crypto space, some friends message me about wanting to learn about cryptocurrency, they want to know how to trade, this and that. The truth is, I have little knowledge about crypto and it's all thanks to Hive and most of the blogs I have read both offline and online. One thing I know for sure is that these sets of friends are not people to read and if they rush into the crypto, they would rush out.
I know more about the concept of hodling, buying, swapping, and waiting for the right time to sell. I know nothing about future trading, spot trading, or all those kinds of trading you have to watch the candle stick for bids and time to sell. I don't know how to do that much but I know the concept around this which made it very easy for me to know the right crypto to buy.
Also, I buy crypto when I see some of the investors I follow talk about it, after DYOR I will decide if I am to buy or not. I remember when Khal of leofinance was talking about $RUNE
I went on Twitter to read some news about it, Joined a few AMAs, and saw the potential of the coin. At that time, I was able to purchase $RUNE at a price of 1RUNE = $3 and was able to sell at 1RUNE = $9
I believe I was able to sell at the ATH of RUNE back then.
Learning when to Trade is very crucial if you want to make a profit. Crypto is not a place you can make fast money unless you want to invest heavily in it. If you are a small investor, you can buy and hodling if you don't know how to trade and understand how to read the crypto market.
As a newbie in 2018, it was the first time I decided to invest in crypto with little knowledge, I bought $BTC back then and sent it to an unknown wallet because they promised to double the amount for me. Well, I know better now. The remaining money I had on me, was converted into $BTC in 2020 and I held onto it for 1 year.
The coin I bought for 500 Naira in my country's currency was sold for 6,700+ in my country's currency. That's how long it took for me to hodl.
After explaining this to them, some backed out while just one person stayed behind, I was proud of her at first. I asked her to buy a crypto that was very low in price, and she went for $XRP at that time, XRP was $0.5 I was happy she was taking steps. She bought 5,000 naira worth of $XRP and within 2 weeks, she was expecting to have 10,000 Naira in her wallet.
The question of "When will it go up? When should I sell?" keeps popping up in all our conversations so I taught her how to sell. The next time we had a conversation she told me she sold her XRP and the price was already at $0.3 I felt bad for her because she lacked patience. The following week, XRP went from $0.3 to $0.9
Like I said in the beginning, crypto is not a place where you can come and become a millionaire in a few weeks unless you are ready to invest heavily in it, and it is not just about investing in it, you have to have knowledge about the blockchain and the crypto space.
Thanks for reading.