Introduction
As the clock struck midnight on New Year’s Eve in 2017, the world of cryptocurrency was ablaze with excitement and anticipation. Among the voices of influence in this digital frontier was Michael Suppo, known as Suppoman, a prominent crypto enthusiast and content creator on platforms like Youtube. Suppoman’s charismatic advice and daily exuberance fueled the fervor surrounding the meteoric rise of the crypto market. It was in this electrifying atmosphere that I, too, ventured into the crypto investment domain, placing my trust in Suppoman’s counsel. One particular nugget of wisdom he imparted was to invest in “Bitdegree” (BDG), an innovative learning platform featuring video content. Thus began my journey into the world of crypto investment.
The Initial Investment
One fateful evening, after poring over guides on transferring FIAT currency to My Ether Wallet, my chosen online digital wallet, I took a deep breath and initiated a transfer of my largest investment to date—$2,000 USD. The process was fraught with anxiety as I watched my ETH balance reflect on My Ether Wallet. It was a nerve-wracking experience, given the significant sum involved. My Ether Wallet, unlike traditional platforms, demanded a level of technical prowess beyond merely logging into an email or a trading platform. Consequently, I heeded the common wisdom: never store personal information on one’s own PC to safeguard against potential hacks.
In response to this security concern, I diligently transcribed crucial information onto a piece of paper. As an additional precaution, I logged out of the wallet, intending to log back in to affirm my control over the situation. However, panic ensued as I attempted to log in again, only to discover a missing code. The code’s whereabouts eluded me; I had adhered to the advice of not saving sensitive information online. Had I perhaps stored it offline on a memory stick? No, I hadn’t. A sense of dizziness enveloped me as I contemplated the possibility of losing my hard-earned investment, accumulated over two years of painstaking work during evenings and weekends. With my wife and children out of the house, I cautiously retreated to the kitchen, grappling with the possibility of my investment evaporating.
After a moment of reflection, I realized that rash decisions would only compound the problem. I forced myself to calm down, downing glasses of water and inhaling the fresh air from the garden. Slowly, my composure returned, and I returned to my PC. With methodical determination, I scoured my notes and relevant folders on the computer until, to my immense relief, I stumbled upon a folder containing copies of the crucial information. The elusive code was found, and I regained access to my wallet, my pulse gradually returning to normal as I breathed a sigh of relief.
Crypto Investment : The Rollercoaster Ride
Approximately a week later, while en route to another city, I checked my investment for amusement. To my astonishment, the value had surged to $12,000 USD, a staggering sixfold increase. Brimming with satisfaction and self-assuredness, I contemplated selling a portion or all of my holdings after the weekend. However, the hustle and bustle of Monday caused me to forget my intentions. When I finally checked my account at work on Tuesday, the balance had plummeted to around $7,000 USD. Anxiety coursed through me as I rushed home. The crypto investment market’s decline had commenced, and it was evident that it was time to divest. Within a matter of hours, the value sank further to $6,000 USD, prompting me to liquidate my entire position. I ultimately secured a profit of $4,000 USD, albeit less than what I had recently enjoyed.
During this period, the majority of traders exuded unwavering optimism, making audacious predictions about the limitless potential of various cryptocurrencies. Yet, amid the cacophony of bullish sentiment, one voice stood out as a harbinger of caution – “The Right Trader.” This seasoned stock trader, who had entered the crypto investment sphere in 2017, made a startling declaration one day: “I am currently only holding Nano.” It was an epiphany for me; someone with experience had forsaken the entire market, save for one exception. This became my signal to divest from my remaining investments, albeit with a modest profit. The crypto market’s downward spiral continued relentlessly. Week by week, the values hemorrhaged, defying all efforts to arrest the decline. My faith wavered, and eventually, I abandoned hope altogether. I decided to savor the fruits of my hard-earned profit, booking vacations and relishing what I believed to be a once-in-a-lifetime experience. Tempted by alternative expenditures, I ultimately refrained from squandering my earnings, a decision I am profoundly grateful for today.
Crypto Investment : Lessons Learned
As time passed, my interest in the crypto market rekindled. In April 2018, following a few months of market decline, I embarked on a new round of investments. This time, I resolved to adopt a long-term perspective and diversify my portfolio. As a humble and somewhat bewildered amateur, I failed to comprehend that the market’s downturn was a natural facet of its cyclical nature, requiring time and patience before the next upswing. It wasn’t until the spring of 2019 that I gradually grasped the practical implications of the term “cycles” as employed by seasoned traders.
My journey compelled me to delve into the annals of crypto market history, where I uncovered the undeniable truth that the crypto market, like its traditional counterparts, moves in cyclical patterns. This revelation altered my perspective.
Crypto Investment : Investing Differently
It is often said that trading is not for the faint-hearted, and the same holds true for investing. Success demands knowledge and experience, qualities acquired through diligent study, learning, and practical application. Reading this article alone and impulsively diving into investing with a credit card in hand will not suffice. My aspiration for you, dear reader, is to arm yourself with the understanding and insight needed to navigate the market intelligently, making informed decisions that deviate from the crowd’s impulses.
At times, seizing opportunities requires acting contrary to prevailing sentiments. Investing when prices are low, even when the prevailing consensus anticipates further decline, can yield significant gains. When the market exhibits stability, it becomes an opportune moment for strategic investments. Conversely, during bullish phases, one often pays a premium for entry.
This article aims to equip you with the knowledge to assess fundamental security aspects, the skills to hold your investments for the long term, and a range of strategies for selling assets effectively.
Staying Resilient
Mental fortitude is indispensable for surviving the crypto market’s dramatic fluctuations. The market can exhibit long periods of relative stagnation, punctuated by seismic price swings. Even the most promising projects can experience sudden, unexplainable 20% drops due to rumors, delayed updates, influential investor statements, or unforeseen events. However, the upside potential can be equally exhilarating.
Investing differently, in this context, implies meticulous preparation and adherence to proven strategies. It is a journey that requires discipline, patience, and resilience.
Conclusion
In conclusion, my hope is that you glean valuable insights from my crypto investment odyssey. May these lessons enable you to approach the crypto market with a sharpened perspective, ready to seize opportunities and navigate the inevitable challenges with confidence and wisdom.
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