Introduction
Hello everyone and welcome to another post on Vendata's journey of the crypto world! I have not posted for the past few days and apologise to all who waited for me to create an article. Other business needed to be tended to, and I got distracted at other times with the crypto world and its discoveries, so I did not have enough time to post an article.
However, there is good news! As the title says, I have begun my first trades in the crypto market! It was a frantic adventure! Swapping from one cryptocurrency to another every few hours or even minutes; watching the price rise or drop at every second, constantly thinking of whether to buy or sell, finger hovering over the button for the moment to strike. There was so much that happened over the last few days at the beginning of my crypto trading, and I have so much to tell! It would not be possible to describe every event, so I will it to a short description of each event, otherwise the article would be ranting on and on about the decisions and thoughts that I had to make!
I will tell my first trading adventure to the main cryptocurrency I have traded to over the past few days, not all of them because that would be way too many, even just to have a few sentences for each. The number of cryptocurrencies I have traded with over the past days is over 10; that is extraordinary! Of course, if I traded with that many cryptocurrencies, you would say it was a mess, which you would be right. And it gets even bigger: the number of trades I made is over 75!
Bitcoin Cash (BCH)
Over the past week, I have been earning bitcoin cash from other crypto services, achieving enough to start trading in Binance (need at least 10 USD to trade). It was super exciting when I had enough to begin my first trade! What would I pick? There were so many options! Some I recognised immediately, the majority of which were the cryptocurrencies I mentioned in my previous articles (e.g. BTC, ETH, UNI, DOGE, etc.), but most were coins which I had no idea that existed.
Prices jumped up and down as each went, especially in the "Gainers" and "Losers" sections on the Home page of Binance. It was frightening, yet exciting, to see so many things happening at once. There in front of my face is a screen showing me thousands of transactions simultaneously occurring in each cryptocurrency, each affecting the final price, deciding whether it will fall or rise. It was so mesmerising to see so many numbers and movements! I could sit there for minutes, my eyes stuck on the screen, watching each cryptocurrency change in price!
To begin selecting any of these cryptocurrencies, I needed a versatile middle man cryptocurrency to do this. There were no pairs with bitcoin cash and other currencies, but I believe there was every cryptocurrency pair with Tether, and so I traded my bitcoin cash with Tether. Not only does Tether give presumably have a trading pair for every cryptocurrency in Binance, but it is also a stablecoin, meaning I can trust it not to jump crazily around in price!
Origin Protocol (OGN)
Here was my first serious cryptocurrency trade! I was interested in making some big bucks, and so went down to the "Gainers" section to look for some options. There, out of all the options available, popped out Origin Protocol (OGN). I was watching pump up in price. In some cases, it would drop a tiny bit, and I would think it would begin its crash down to a low price, but it defied my expectations. Whoosh! Origin protocol continued to rise in price, three times in a row it would strike largely upwards, and I was astonished by how fast it moved.
I realised that if I wanted to earn some money from this cryptocurrency, I needed to trade in it now. If I left it for later, it would already be too late. This reasoning led me to buy Origin Protocol. It was a good decision. I bought it just under 2 USD, and a few hours later I sold it a 2.05 USD, making 5 cents per OGN. It thrilled me that I made a profit! Here was my first decision, and it was again!
After I bought some OGN, I was curious about what it was. I just bought it from its price with no idea of the background of Origin Protocol, and so I did some research upon it. From my memory Origin Protocol is a company that aims for a better marketplace for real-world people by allowing flexible buying/selling amongst other features, one of which I believe was low fees.
Metal (MTL)
Hungry for more profits, I search for another potential price rocket to boost my profits even more for that day. I went over to "Gainers" and looked through the options. My eyes fell upon Metal. It was looking good, just like Origin Protocol, pump after pump in price in every second, waiting for it to crash, but never seemed to happen.
Feeling motivated by Origin Protocol, I jumped into Metal at its market price, getting it for just under 7 USD. It seemed like another good decision on my behalf. Metal moved up a tiny bit over 7 USD, and I sold, sensing that its crash was soon to arrive. However, contradicting my thought, Metal continued to go up, passing 7.20 USD. I was astonished and bought it at its market price again. This time it went down. Down the candle went. The opposite happened: rather than having massive jumps and small drops, Metal had massive drops and small jumps! I was horrified, I lost a good deal of my trade! I waited for it to resurrect and roar back up in price, but it never happened, and so I frantically sold it at the best price I could find: about 6.60 USD.
I had lost a great deal of my investment, but it turns out that I made a good decision. If I had held on to it, I would have lost even more! Just look at the current price of Metal, and you can see what I mean!
Dogecoin (DOGE)
This trade happened a few days later after Metal. You may have heard of what happened with Dogecoin, which I managed to benefit from as before, only to then face the crash and another loss. Basically, Elon Musk, the legendary leader of Dogecoin, sent a tweet on Dogecoin for April's Fools Day, which you can see below. I saw Dogecoin booming up in price, and bought it as it was pumping up, knowing that Elon Musk is a major influencer for cryptocurrency prices. Once again I was right, but held for too long, thinking it would continue to go up, and so I face another loss!
WazirX (WRX)
The next day I went back to the "Gainers" section of Binance, dishearten from another loss and looking for another option to boost my rewards back up. What was even more unfortunate is that I would have made a good deal of money if I kept to Origin Protocol, rather than selling it, teaching me to look more long term and not do short term trades, which are generally done by bots and prone to severe loses. I found WazirX one of the best gainers in the section, and so I went with it alongside its promising trend. This time I was much more cautious, making buys and sells now and then, and in the end, I believe I made some profit (finally!). However, I would have made so much more if I held, another mistake! Please learn from my mistake and do not do quick trades. I still find myself doing this, and I need to stop it and look more long term because that is what gets profits.
Theta Network (THETA)
I decided to go with one of my other cryptocurrencies I discovered earlier which looked promising: Theta Network. So far it looks to be doing good, and I sold most of it today with good profits, moving to a low and promising coin called BitShares (BTS). I think I just made the same mistake of going too fast, and so when BTS comes back to a profit range, and I will move back to THETA.
Conclusion
This ends the retelling of my first frantic trading adventure! There were so many more cryptocurrencies that I did not mention that I traded with, but that would take even more space, and I do not want to talk for too long. If you want a massage from this article, what I will say is trade long, not short which is for the bots!
And so here are my first travelling decisions in the crypto trading market, gaining new knowledge and skills to guide me into better decision making.