I had a bad decision and experience before, due to this issue I have regrets.
It seems that the market is doing good right now and bulls are currently fighting against the bears. They are doing their best to push the market upward, hopefully they will win for long term.
However, despite of this green market I would say that I am still in loss. A BIG loss to be specific. I bought a lot of coins few months ago while we were on the bull market and most of the coins reached their new ATH.
I bought them not to hold it for long term, I bought them for short trade. A 5% profit is enough. But due to flooding FUD in the previous month especially the “cancellation” of Bitcoin payment in Tesla, it brought us into a red and bloody market for a long time. Hence, I am still in loss.
Imagine, I bought some coin for $4+ each and even the market is currently green, I am still in loss because the current price of that coin is $2+ which is half of my initial investment.
I bought one token for $1.20 each and now its price is incredibly red, $0.22 as of writing. I think it is a shit coin now! This token is related to gaming but despite of “crypto-gaming season” its price never reach $0.30. Should I pull it out or still hold? Hmm.
One of the most annoying is DENT, I bought it for $0.01 each but due to FUD the price became $0.0009. Imagine my loss! After waiting for a lot of months I decided to pull it out, I sold it for $0.002 each. I had an almost -75% loss. But now, it increased up to +300% since I sols it. What a joke! As of writing the current price is playing between $0.007 and $0.008. Nevertheless I am still in loss despite of its massive pump.
Buying DENT is one of my biggest mistake that I regret. Back then, I didn't know about the relationship of the supply and price of the coin. Thus, I bought it without research for a short trade. I chose to pull it out because of its huge supply which is 100 billion (if I am not mistaken). Unluckily, I can't even stake it on Binance because it is not included on their Earn pool. Waste of time, waste of money.
In the last few weeks, during the red market, I bought Chromia ($CHR) for $0.11 each. In total, I had an approximately 300 CHR. Honestly, I did a research about this coin. In my opinion, it has a great potential in the future. It has a lot of partnership including Travala.com and their Twitter page is also active. It is related to NFT gaming, if you are playing Alice then you probably know this token.
I planned to hold this for long term to the point that I sent it to my non-custodial wallet, I believe that $1 price each coin is easy but due to bad decisions...I sold it for a cheap price and few profit.
I sold it in $0.17 each. I think I had more or less $10 profit. But now, its price reached more than $0.45 each. It was my biggest regret. Now, I don't know if I should buy again this token or forget it. Am I late? Hmm.
Next one is, I heard that holding $CAKE is worth it because of its staking feature on Pancakeswap. The auto-compounding in Pancakeswap is giving high APY which is playing between 90-100% APY. Thus I bought it when the price was $11.069 the price increased after a few days and I sold it for $13.772 each. I got a little profit. But seeing its price now made me think, its price now is playing between $19 and $22.
I bought $CAKE again in the price of $17.64. I decided to send it into non-custodial wallet and staked it on Pancakeswap to receive an interest.
Another mistake, when I visited cubdefi.com earlier I saw that you can stake your $CAKE that has higher APY compared to Pancakeswap, it is also auto-compounding.
I decided to unstake my CAKE in Pancakeswap I spent more or less $2.50 for fee. I had $0.44 profit from my stake. I decided to transfer it to CubDefi.com however, after staking it into CubDefi which I spent another more or less $2.50, I read that I will earn $CUB in that pool and it will auto-compound ANNUALLY.
It's not a good idea for me, thus I unstaked it again and go back in Pancakeswap to stake it again. Ugh how pathetic!
In total, I spent more or less $5 for staking and unstaking plus approving the contract. Don't do the same that I did!
The photo above are my current losses (as of writing) despite of the green market, I am still in a huge loss. These coins supposed to be for a short trade only but due to a fluctuation of the price and red market, my portfolio is still in red.
Conclusion
In this world, the crypto, there is one trait that you have: PATIENCE. It is a virtue indeed. There is no “easy money” when it comes to everything.
Don't do the same thing that I did. Think of it many times. Don't make a move that you will regret later.
Also, doing RESEARCH before investing is proven and tested. It is really important!
Author’s note: I will try to make something positive after this blog. Maybe my next article is all about the lessons that I learned after of these mistakes.