THIS IS NOT INVESTMENT ADVICE, BUT...
Always begin with an amount that you aren’t scared to lose. That could be £200 or £20,000, depending upon your individual financial situation. Just make your entire trading life much easier and more relaxed by not chucking in the money you need to feed your family, or by taking out some sort of loan.
Yes, you might come out fortunate enough to make a profit on that critical amount, but considering that typically the first three to six months of someone’s trading journey is undoubtedly going to be pervaded with losses.
I have been in Crypto for almost 6 years now as of writing this and have made many mistakes along the way. This mistake is one I am happy to hold my hands up to. I was around 6 months in to my crypto journey at this point. I understood Bitcoin, I understood Ethereum, I understood how blockchains worked...I thought it was time to start getting adventurous on some alt coins.
The Power Ledger was, and still is the only Whitepaper I had read, other than the Bitcoin Whitepaper. I struggled to understand it, but I pushed through it. I really believed AND STILL DO BELIEVE that Power Ledger is a decent project, solving a real problem.
My problem, was greed.
People outside of crypto may think its hard to buy in bear markets or black swan crashes...no no no, I find that easy, what is hard, is knowing when to take your chips off the table. It is incredibly hard. Only spending time in the space will help with this.
What happened to me in 2017 with POWR:
Selling the top, then panic buying back in, then dump.
I sold half my stack on the 3rd Jan 2018 for £1.02 - (I kept old screenshots from my Delta Portfolio Tracker App).
For clarity, my first purchase of Power Ledger was on the 1st November 2017 for £0.05.
To make this kind of profit in 2 months blew my mind...the retail mania phase begins.
I then panic bought it back again the very next day as I saw how fast it was pumping. You can see I was 23.99% up on my panic buy almost immediately. See hourly below that I also screen shotted at the time, this screenshot was from the 7th Jan.
8.72% in the hour, I was going to the toilet, having a poo and coming out of the toilet richer, it felt like it couldn’t end, it was HAPPY DAYS! SO GOOD!
Then by the 5th Feb it was back down to $0.48
This screenshot was from January 2019, 1 year after the sell off began.
Now, that buy back has absolutely destroyed me. Its sickening.
I should have been happy with my original sell on the 3rd Jan 2018.
I learned a serious lesson here. Take your original investment out as a first priority, so that the coin owes you nothing. And don't be so god damn greedy.
To this day I am happy I made this mistake. I'm happy I made it so early on. I havent made this mistake again, which is why I am happy to share this with the world.
You'll be happy to know that I still hodl Power Ledger and have my original investment back as well as some decent profit. My diamond hands held through the crypto winter and of course bought all dips where I was able to afford to. This is what saved me, I still believed in the project and continued to keep track of it.
I have enough that I am happy with and I refuse to marry a coin/project again, I try to keep my position sizes uniformed across my portfolio now.
Thanks for reading x