I was chatting with one of my friends on Facebook that day, Emmanuel by name. We were having a discussion about cryptocurrency investments. We talked about legit and fake crypto tokens and how to know which was which.
“The fact is that crypto has the potential to give one unimaginable riches, like nothing else can.” Emmanuel said to me when we met in person. The same thought had occured to me.
“But it also has the potential to eat up someone's finances via high-risk investments.” I chimed in.
“It's only natural that it should be high-risk just like it is high-reward. The thing one should focus on is how to manage risks.”
“Yes.” I said. I strongly believed in proper risk management when it came to cryptocurrency investments.
Emmanuel continued:
“That's why one of the first injunctions given to newbies in the cryptocurrency or forex space is 'don't invest more than you can afford to lose.’”
He then told me of a story of a man who sold a plot of land belonging to him to invest in forex and lost everything. We laughed heartily at this story. Emma said the man later picked himself up, learnt proper risk management and began making good money trading financial assets.
After we tried forex for a year or two with little success, we decided to delve into crypto. We pooled our money together and invested in coins. We were still new in this area of cryptocurrency investments so we had not yet properly honed the skill of spotting scam tokens. I could say that at this point, all that glittered in the financial market appeared gold to us.
So we bought some tokens. Some did well others didn't. One of the tokens, Human Asset Token, actually did well at first before it dumped hopelessly. When the price of Hatok first rose we made around 50,000% profit but we didn't sell our tokens before it dumped and we lost everything.
We had also made investments in Luna Terra but it came to nothing. I still remember the day Luna crashed from $100+ to less than the thousandth of $0.01.
We were gradually learning to differentiate legit financial assets from the scam ones. We were learning to identify gold from other shiny, inferior metals, so to speak.
During this time, my friend Emma began taking extended lessons in cryptocurrency. And he sometimes discussed them with me. It got to a point I could confidently say we had crossed the beginner level in cryptocurrency, you could call us advanced beginners. We made better judgements about which coin or token to purchase.
But our feet wasn't completely out of the mud yet.
“There's a coin I want us to invest in.” Emma said one time. “We could triple our capital if we bought it before it entered Binance.”
I had heard about people making decent profits from buying tokens before they got listed on Binance, but something about this opportunity my friend just presented didn't sit right with me.
“And you've done all the necessary research about it?” I asked in a cautious voice.
“Yes.” Emma sounded confident.
At the end we could not get a contract address, we couldn't find any on the Binance official page that mentioned the token's listing. We went ahead and got it from another site we felt was trustworthy. I look back on these events and say that we were a little desperate at that time that's while we mistook a shiny base metal for gold.
We bought the token and held, waiting for it's listing on Binance. The listing eventually happened and I remember that time I rushed excitedly to check and discovered an error. Emma, my friend, called me later to confirm. We'd purchased a honey pot instead of the really token.
Eventually the token we bought crashed in price, while the one on Binance continued upwards. Our hearts beat with annoyance and regrets as we beheld. But the milk was already spilled and we would be wasting time crying over it.
We eventually picked ourselves up from this disaster and continued in our investment quests. Out of frustration I played with futures trading at that time. Of course it was a diaster, I knew nothing about futures trading back then. I remember the time I liquidated $100+ in a short space of time.
The journey has been rough but we, Emma and I, have continued moving uphill on our quest. We believe we will find gold when we get to the top of this hill of cryptocurrency investments.
We've had some success too. Though I wouldn't describe them as so significant because we aren't millionaires yet. Sometimes we brought in significant percentages in profit. Through it all we choose to remain unbroken by the experiences of failure, we simply pick ourselves up, learn important lessons from each experience and continue.
The millionaire status is but, maybe, the third rung on the ladder we are trying to climb. There are other rungs ahead and we intend to reach them. We've seen people swim rivers of wealth from crypto investments and ours will be so too. And to this end we labour untiringly, eyes on the prize, hoping to find gold and not base metals when we reach the mountaintop.
Thanks for reading.