Caution: ( A long post buh filled with lessons)
2022 is quite an interesting year. There have been a lot of ups and downs, disappointments here and there, buh as one of my friends will say, "as Nigerians we go still survive". If all you do is survive this year, you've done so well, trust me.
One of my goals this year is to learn how to trade the financial markets, crypto to be specific. Crypto is one invention that has changed many lives for good and have also ruin many.😂
Anyways, such is expected by anything man-made. It can't be all rosy and green.
Truth is, I've been fascinated and excited by the way crypto and the technology behind it works. Buh I was more excited when I made my first profit from crypto arbitrage and cashed it out. Omo, I can't explain how I felt for certain. 100k profit just within few minutes, without selling any product, I was blown away. It was then that I made the decision to go all in into crypto. Then I discovered futures/derivatives trading...😁
My biggest discovery & my biggest downfall ever!
When I discovered futures trading, I was very excited because of the high income opportunity it provides, especially how you can make money when the market is going up or down, the leverage available to help you increase your profit and all the exciting stuffs.... little did I know that it will be my biggest downfall.
If you're into crypto trading, you will understand what I'm saying. I mean, I made some money trading futures, buh lost everything including personal money and borrowed money.😭😭😭
I subscribed to different signal groups, searched for that one holy grail indicator that will give me 100% win-rate. Buh at the end, I was left with hundreds of thousands of naira in debt, frustrated and empty. It was then that I understood why the word "crypto" started with "cry"😭
I honestly thought of quitting, I had no money again. I was so broke, eating 3 times a day became difficult, I had to sell some of my things to raise money...
The decision that changed the story!
Knowing very well that there's money in crypto and as Igbo man, I like money, as such, I decided to calm down and learn the skills needed to be a profitable trader, which led me to technical analysis.
I started learning technical analysis like there's no tomorrow, buried my head into every material I could find on technical analysis - I was hungry for knowledge!
Learning technical analysis exposed me to the mistakes I made earlier in my trading journey. The mistake most, if not every beginners make in trading is that, they approach it like a get-rich-quick scheme, and as such, greed creeps in and when it does, it triggers your gambling spirit which will make you think you're playing bet9ja. So when you enter any trade, your next prayer point will now be "God abeg ooh"😂
It's not your fault though, I blame the media for not marketing trading for what it is. E.g; OctaFx and co.
Trading is a game of probability, buh with the right knowledge of fundamental & technical analysis, it increases your chances of winning, buh there's no 100% guarantee that you'll win, even the best traders also lose trades. So losing is part of the game. What differentiates the profitable trader from a frustrated one is the number of loses they have and their trading strategy.
Now, I understand how the market moves and what moves the market, when to enter and exit a trade. When to trade and when not to. I no longer depend on signals before trading because I now generate my own signals, I do my research and analysis before entering any trade based on my own trading strategy.
I've even come to discover that some signals most "gurus" sell aren't a good one, buh how will you know if you can't analyse the market yourself.
Before now, my strategy was, buy when the market is going up and sell when it's going down. Little did I know about, retracement, fake-outs, market manipulation, etc.
Let me not make this post too long. In summary, in every venture you want to go into, first of all learn and understand it before jumping in. In all thy getting, get knowledge and understanding for it will be profitable to you in the long run.
I'm glad for my experience in the crypto space, and will never regret it, it has made me a better and more profitable trader, who trades the market with confidence and not sentiments.
Have you had any experience in the crypto space? Feel free to share in the comments section below, I'd love to hear from you.
Thanks for reading through!🙂