Hello guys! meet another Buy high and sell low expert xD.
What's so difficult in buying when the price touches the ground and selling back when the price soar high, it's very simple.
The problem is the wrong time, selling at the wrong time and then buying at the wrong time. Buying when the price dips -5% thinking that its dip but it keeps on dipping up to -500%🤣🤣 and then you keep on waiting for the coin to recover for months but it fails and then a time comes you need fiat urgently and there is no choice other than selling at -500%.
That's what happened to me recently.
I was hodling 0.07 BCH in a centralized exchange for many months (don't remember the exact date but 0.07 BCH worth $65 at that moment) so it should date back to May 2021 when BCH was round about $1100 but I was completely new on noise.cash and the crypto world as well and had no idea the price can dump so much I just thought I don't need $ right now so I'll just have BCH in my wallet lol and never thought about selling back then and buying later when price dumps.
After reading posts of other users talking about farming, tokens, NFTs, DEXs, lending and APR I realized I stored my assets at the wrong place. There were no features of earning passive income there, just deposit, sell, store, buy or withdraw. I couldn't even withdraw as they charged a very high fee and a high minimum transaction. (disadvantages of not DYOR before). The only option I found out is, to wait till BCH recovers.
That 0.06 BCH was my gift for my sister and I promised to give money to her as soon price is reasonable. Unfortunately, my sister couldn't wait anymore😅 and the fear of storing assets in a centralized exchange, they could discontinue their services in my country at any time or they could just do anything, this made me finally sell at $300 when it worth $21 and then -$2 in transaction fee.
My situation reminds me of these few memes from my meme collection, When I collected them I laughed at that moment but I can't laugh this time🤣🤣🤣
Make sure to DYOR before using any CEX, DEX or any other thing (I know I don't have the right to say that🤣) but still for the sake of your hard earned crypto remember to be careful.
You learned something from your experience, that's a bargain I would say :) Farming on DEX can also have down sides so don't hold your hopes high for that one, I burned myself few times on farming. On the second thought I made every possible mistake out there. Now I think creating content is the only proven way to make money. Research, research and than finally research some more. Good luck