Stage 3: Enlightment
So, as i wrote in previous 2 posts, i discovered there's no really easy and safe way to earn money in crypto. Instead of just HODLing all my coins, which i find very boring, i decided to educate myself a bit more. I started learning about other cryptos, their teams and projects. It was hard, it seems like a waste as #Bitcoin was still on a huge bull run with small corrections here and there. Altcoins were doing good only few days while #Bitcoin traded sideways. Mostly that was the reason why i gave up of all Alts i initially got (as described in post I).
Anyway, beside #TrevonJames (@Trevonjb) (as mentioned in previous post, first trading tips ever i picked up were from his "Never lose a trade again" video) i started following other Youtube channels. Obviously, #CryptoNick was an easy find starting with Tre, but others as well:
Now, to clear things up: i was never involved with #Bitconnect. Being a software developer i know how hard / impossible is to create an algorithm that would properly respond to such outside-event driven mechanism as crypto. Building and training AI to do so would be very expensive initially and i'm personally not sure anyone having that kind of gem would be willing to share it for some altruistic reasons (like "making everyone rich and happy").
So, for me stories about software making trades and keeping #Bitconnect sustainable with 1% daily returns (!) were laughable. I'm not into economy, but I'm sure there is a reason why banks give only 3-5% annually... It was all fun and games while #Bitcoin kept going up and up. In order for me to be convinced there is something to #Bitconnect, i needed to see how they perform during some huge #Bitcoin correction.
Also, putting so much money into public image, problems with debit card ( #AmericanExpress issues) after which nobody spoke about that card anymore, also army of people all over Youtube down voting and reporting all videos that were skeptical of #Bitconnect.... nope, that kind of investment is not for me.
Last thing - do you remember what i wrote in my first post - i'm not in crpyto in order to get rich in 2 months! No way in hell i would give even 30% of my savings into something that has even slightest shade or doubt around it. I'm not greedy and i literally took advice given by all Youtubers above - "do not invest more than you're willing to lose".
What i did instead? Following all daily videos from gents above, i started taking into account things they all agree upon. Suddenly, i had that "I was blind, but now i see" moment. When bitcoin started going down because of #BitcoinCash pump, i managed to convert part of my #Bitcoin investment into #Tether, another part into #BitcoinCash with dynamic stoploss and i made some profits! Sold my #BCH (not at the top, but made nice profits so i don't care) , kept tracking #BTC mempool and hashrate and as soon as i started seeing recovery i converted back my #USDT into #BTC. Amazing! It seemed so easy. Anyway, it came with a cost - every day i had to spend couple of hours of my spare time (i do have a fulltime job) tracking what's going on; reading news and watching videos. Educating.
It payed off. Following all those videos i decided to invest in #Cardano. Originally, their website seemed so confusing but thanks to my education i mentioned above, i realized potential that project has. On November 21st i bought about 11 000 #ADA when it was about 0.03$! I decided to keep that #Ada as a long term investment. Trust me, no matter how tempted i was recently, i haven't sold a single #Ada even when it reached 1.2$! I considered it as training of my discipline! I'll mention a #NEO "incident" i had after which i decided to train my discipline (something not easily learned by watching videos).
On the same day, 21.11., i bought some #XLM ( #Stellar) for about 60$. It was also 0.03$ but i was thinking "well it's a project similar to #Ripple, they have the same root, just different goals, if #Ripple got so expensive, maybe #XML can be as well? Again, i was right. This time, i sold portion of my #XLM when it reached 0.85$ because i wanted to get back initial investments into several coins.
#Neo "incident" i mentioned happened when #NEO started pumping from around 28$ to (finally) some 45$. I saw that pump as it happened. I managed to jump into the NEO train when price reached about 35$, but i felt uncomfortable as from all those videos i watched, i learned not to run behind a speeding train. It was late (i'm a night bird, anyway) and i was so tired. I got my #NEO at 35$, price dropped to some 30$ i believe and i decided to sell with a loss, 10 minutes after i bought! Angry at myself for doing a stupid trade, i sold my NEO with a loss, closed the laptop and went for a sleep. Next day i saw #NEO at 40$! I couldn't believe! Again, i got some, #NEO peaked at 45$, went back down again and after few days, still angry, i've made another mistake - selling #NEO i've got at 40$ for some 38 i think.
That was a big lesson, but after that i've got smarter and more disciplined. I started thinking "if i have to twitch-buy and twitch-sell, that probably isn't a good move for a good price".
It was end of November already, but i was ready for:
Stage 4: Gliding
Next post will describe how those things i learned following Youtube channels above and mistakes i made helped me get more comfortable and relaxed in times of panic, resulting in my daytrading #Bittrex portfolio growing from some 250$ to 1000$ in 3 weeks. It's not much, i know, but enough to have some fun playing "buy today, sell in 2 days" game. Any beginner and CryptoNoob going heavy while learning will lose a lot. I refused to be one of those guys.
Also, in December i started diversifying, keeping my investments as "safe / long term", "nah - mid term" and "shitcoins - just for fun" so i'll tell you which coins i purchased and which ones i currently have in my portfolio.