Cryptrade: The Yoyo Experience of a Novice

Cryptrade = Cryptocurrency Trading.

I have been a member of the read.cash family for more than 8 months and there has been a lot of happenings in the community. There have been great changes like changing from the point system to random tips from TheRandomRewarder, an increase of the site's fund to seven figures thanks to Marc, and some other little changes to improve user experience on the platform. Through thick and thin we have been here to this day.

Aside from the earning aspect of the platform, which has almost always been the reason most of us joined this amazing platform, we have come to love it even more and with time, many who were intent on a great future with read.cash and bitcoin cash realized there is more to read.cash - making friends, meeting like-minded individuals, the support and encouragement received, and the opportunity to learn new things and create fresh ideas. These are all worth the time spent. And in my opinion, no other platform can offer so many advantages as the read.cash community - the opportunity to earn (although the tip on a post is random, the earning potential is high - we have had users who earned between $100 to $100 and a few $10,000 from a single article; on the extreme), engage with a community of like-minded people who share similar interests and goals, and the opportunity to learn - many of us now know a lot about Bitcoin cash, bitcoin and cryptocurrency in general and a lot more.

In my many months here, I have learned a lot, and I have mentioned in a couple of my previous articles my intention to try out trading. I've read a couple of posts where the authors mentioned trading as one of their sources of crypto income and as one in search of avenues to increase his stream of income, I decided to give it a try someday. It was not till last week t that I gave it the first short on one of the popular exchanges; Binance.

Trading began with Binance and BTT

As aforementioned, I started my crypto trading journey on Binance and the first asset I bought was BitTorrent (BTT). Not like I knew anything about this token, a friend who has been into trading for long recommended it and I went in blindly. Without doing my own research. Please always DYOR before making any financial move. He forgot to mention that the investment should be long-term, as I was looking for a short-term profit no matter how little.

So a few days ago, I invested $200 into BTT on Binance and within some hours I noticed a $10 profit. Wow! I was so excited. Well, it didn't last for too long as some hours later the $210 (+ the profit) dropped to $195. That didn't bother me much as I was optimistic it would increase soon. But that didn't happen, it dropped even lower and lower. At $175, I couldn't take it anymore, it was disheartening. I decided to cut my losses before I end up losing what has taken me two months to earn on read.cash in few hours. And I was happy I did, because the price of BTT took a lot more dips.

When I told the guy who recommended BTT, he said it was a wrong move, that I should have ignored the dip and not cash out. And he was right, if I had left it to date, I could have made a lot of profit. Lesson learned, but I can only take such risk with a token I know much about its price movements and with an amount I can afford to lose. $200 is more than 3 months salary based on minimum wage in Nigeria, not an amount I can afford to lose.

A $25 loss on my first attempt at crypto trading. An amount I could earn from about 2 articles on a Rusty good day. With several hours invested into writing the article, I have lost within a day and few hours.

The Turnaround

Well, if I had been patient enough and not let my emotions get the better of me, I could have had more than 2x of my investment today. The price of the BTT token when I bought it was about $0.00140, today, the price is $0.00354 (as at the time of writing this article).

To be honest, I had a feeling of regret when the friend brought the BTT price spike to my notice. Such is life. I have moved on from that, hopefully, I will get back to BTT someday but for now, I will focus on other tokens.

I didn't give up on

Though my first crypto trading experience wasn't positive, I didn't give up on it. I took a couple of days off and returned with the intent of achieving a better result and I did - all thanks to luck and a little effort from me.

Currently, I trade on Bitmax, I can't even recall how I managed to know and install the Bitmax mobile app and why I moved a $200 fund from Binance and why I invested in a particular token. I just know that I did.

Before the Bitmax move, I invested about $75 of the remaining $175 into Binance's Token Launch pool to farm Alice my Neighbour (ALICE) coin.

I have farmed the ALICE token for about 10 days, and there are 17 days more till the farming ends.

Between losing 25 dollars on BTT in Binance and moving over to Bitmax, I traded a few other tokens.

After making the move to Bitmax, I invested an additional $100, so I transferred $200 to my Bitmax account. My Binance account still holds the $75 I invested in the Launchpool to farm ALICE.

I will leave it there till the end of the ALICE farming period. Then I will move the fund to Bitmax so I can focus on trading there. Finance will always be there for later use, especially the P2P service which is fast and efficient. I invested a total of $100 in Bitcoin cash (BCH) within this month, and it took just less than 2 minutes from when the fund was sent to when I received the BCH in my Binance wallet. It was a good experience.

I will get to try the service on local.bitcoin.com someday, I hope for a similar experience.

I will keep this short by ending it here. I will share my journey on the newfound exchange, Bitmax, and how I made more than $30 in three days with a $200 capital trading on my lucky gem, Centric (CNS). Not much right? But it means a lot to a crypto trading beginner like me.

Thanks for reading to the end. A like and feedback from you are welcomed. So if you have some tips on how to improve on my crypto trading feel free to hook me up in the comments section below.

Stay tuned...