How I Lost More Than $1,000 With This Token: Investing Mistake In 2021 To A Lesson In 2022.

January 05, 2022.

I indeed had a very prosperous year of 2021 as I was not having so much problems when it comes to my financial needs that year. Trading, investing and other ways to earn in cryptocurrency gave me good returns, experiences and lessons that made me, for sure, a better crypto lover than I was compared the past years being in cryptocurrency.

I loved to show and share how my trading and investing journey was going by making an article out of it, together how much I have gained with it. But 2021 was not just all about profit for, I have also experienced huge losses that year that I regretted and felt so much disappointment in myself, but now I considered as an expensive experience. In this article, I will share my investing losses with this coin that I used to loved.

Venus (XVS) Protocol.

Venus Protocol is indeed one of the great projects out there in the Binance Smartchain ecosystem as it let users to borrow, lend or stake tokens with a good APY and APRs with just a considerable fees.

Venus Protocol is also one of the project that I invested so much, but in the end, I lost so much with. Why?

Simple. Because of greediness.

There was an ongoing airdrop for all XVS holders and Binance Exchange supported the airdrop. Because I love the airdrop concept, I have bought and dollar cost averaged my XVS holdings and bought around $800 with an average price of $110 per XVS.

It was going well and my holdings went up to by +50% in just a week but I didn't sell because I will missed the airdrop (VRT airdrop). The snapshot for all XVS holders were getting nearer but the price were not going so well and it was looking like entering a downtrend. Still I didn't sell.

Luck was not on my side. BTC price dropped very hard (last week of May 2021) and all other coins, XVS included, also dropped so hard, even harder than BTC.

XVS dropped by more than -65% by that time, and so XVS holdings dropped heavily too. But still, I didn't sell.

With that dropped, I still managed to composed myself and was strongly holding my XVS. From my average buy of $110, XVS dropped to around $65 per XVS, making me have a paper loss of around -40%. I was hurt, indeed frustrated but still considered that it was a good deal to buy more, so I bought more.

That time, I didn't rely so much on technical analysis, but only with pure hopium - hoping that it already dropped enough and it's time to pump again. But I was wrong again.

Just a few days after the "buying the dip" thing, XVS continues to drop heavily that it goes down from $65 to around $25 in just a few weeks. That time, I already lost myself. I have most so much already and there were no sign of recovery even up to this date.

January 05, 2022: XVS price is $28.

I calculated my average buys and realized that I have bought around $1,300 worth of XVS, with a paper loss of more than $1,100.

I tried to neglect the loss and decided to take my XVS out of the Exchange and put it to work in the Venus platform. I staked it and it generated me a small amount of XVS, though not so much but it's better than letting it just sleep in the wallet.

Months goes by, and I have decided that XVS is not worth holding anymore especially that the project was already sold to another person. So I took my holdings out and sell it. Yes, I sold with a very huge loss.

Final Say.

Trading cryptocurrency is way more harder than what you think it is. Lots of emotions can take over your mind and that alone can put you at risk of losing. I had the chance to took a profit when I was up by +50% but my greediness took over myself and didn't let me. And in the end, I ended up selling without any profit but with huge losses.

Always take profit. Always be cautious to take a risk. Trade responsibly.

Original Image: Source.

FIN.