Lessons learned -02 (Crypto)

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Avatar for Amjad_Ali_Waince
1 year ago

20-01-2023

Crypto trade , business and prices are most unpredictable place to stay in and took part. Most of us made mistakes mostly due to lack of knowledge, influence of advertisement, speculations and sheep herding. It is not easy to identify the scams and collapses quickly but symptoms are there always.

I have only one and half year experience in Crypto involvement which has lot of failures , loses and scruff moments but also has some good days when I feel proud on my decisions.

BCH remains main asset in my portfolio through out the year of 2022 because read.cash , noise.cash and noise.app were main source of its existence but MRHB , GMT and HOOK protocol proves successful adventures for me. MRHB was the first halal Crypto project under Muslim Sharia law which launched successfully and GMT, Hook protocol were successful projects on binance launchpad in 2022. Luckily I joined these projects from very initial stage and got a handy margins.

The lessons I learned from my Crypto experience are common to others but slightly different.

Each trade needs different approach.

In first quarter on 2022 I did a trick and got good success in it. Mostly I did trade on binance and users know it's interface that when we open main page we found

Each week I buy top loser coin and it gives me good profit after a week or two weeks. This tectic work for me always till September but this strategy fails when FTT collapse. I bought FTT when it declined to -56% but it went to bottom within hours and collapsed.

What lesson I learned is each trade has a different trigonometric functions and we must look into market cap , 24 Hours trade volume, related fuds and developments on regular basis if we are day traders. Even are long term holders then must keep strong assets in portfolio like BTC, BCH and ETH.

Don't believe in experts opinions quickly.

The second lesson I learned is don't believe in different experts, celebrity, vlog and video clip which giving motivation to buy specific coin.

Such as this video was uploaded just before the collapse of FTT in which he claims that a big pump is on the way but within no time market was telling another story.

I was trapped by the mouth words of such person and tweet about it. I bought the FTT which ends in ash. I remember that same-day @Pantera published a article in which warns people about the market situation and FTX collapse.

So lesson extracted that don't believe in single stream influential source and verify it by other sources like cross check in different models.

Don't click to unknown links especially free coin offers.

It was 24th December when I was writing a article on publish0x. A advertising Pop up message appears on top of page about " Merry Christmas coin" . I clicked it where they offer free MCS coins worth of 50$ free . By clicking the link it linked to my trust wallet and unfortunately a contract call placed which sweeps out my 12 USDT ( ERC20). Luckily BEP20 USDT remains safe.

I lost my $ 12 and didn't got MCS but got lesson that Greediness always hurts and unknown links can deprived you from your assets.

Stay calm in waving ship.

Pump and dump are part of market and lot of times situation came when we panicked and throw out assets in hurry. But in most cases we regret on our decision that why I sell in low. I got this experience in July when Bear time increased and the price of BCH went to $96. I invest around 400$ to buy BCH but the price remains around $100 for next 4 months.

My patience exhausted and sold when spiked to $110 but lately I regret because exactly after 24 days BCH was on $148. The lesson was there that patience is key in long term holding and wait , wait and wait till golden opportunity came.

Thanks for reading my experiences and lessons. Thank you so for your kind support. upvote generously and tip if you like it .

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Lead image: Pixabay (modified)

Cheers,

Amjad.

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1 year ago

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I do watch a lot of vlogs and follow a lot of influencers that tackle crypto but surprisingly couldn't get ahead of how crypto training really works lol. Thanks for this advice to not immediately believe social media influencers. I think I would be more careful in my decisions when it comes to this matter.

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