Lost $200 in cryptocurrency: learned a lesson
It was the Mid of 2019 when the era of Bitcoin in on peak. Bitcoin was creating new all the high everywhere there was talk of Bitcoin. I was watching a YouTube video then suddenly I watched a video relevant to noise cash and Bitcoin cash.
I found it interesting and created an account on noise cash and end up spammed. Later again I created a new account and start using it in the right manner. I accumulated $200 in Bitcoin Cash. At that time the price per BCH token was $1500.
It was a peak era of crypto and I planned to store $100 BCH for the long term and half of the money I plan to start trading. So I learned a little bit of technical analysis and began trading. After learning a little bit about cryptocurrency I felt like an expert.
I decided to trade in a famous meme coin that was a dogecoin. I bought 20$ worth of doge coins at price 0f $0.4 within three days. The amount I invested in doge became $30. But it was greed that put me losing. I didn't sell those coins and the price dropped badly. The funds remain only $5 that I invested in dogecoin.
I bought SLP tokens at $0.2 which started a downtrend and is still falling. The price per SLP token is less than one cent. Investment in LUNA was the worst experience. I lost huge money after investing in Tera. In the same way the $100 bch I was holding devalued to a great after the global economic crisis.
Why do I lose money in cryptocurrency?
Investment without learning
After losing money when I learned about technical analysis in cryptocurrency. I realized I was not even at the beginning. There are many things to learn. Remember one thing if you are new to cryptocurrency learn first otherwise you will lose money.
Run for signals
While trading in cryptocurrencies my major focus is to get signals from the people instead of creating my own. Instead of that, the focus should be that how can I learn and be a better trader. No one has access to your account or not watching what you are doing actually. It is you who has to manage your trades accordingly.
Invested without practice
If you start something only with a theory end up with worse results. Remember you can't operate someone while watching a YouTube video. You have to learn it and practice it. In my case, I focused on taking more and more that was gambling. I should create a demo trading account after practice and learning. I should start playing with real money.
Conclusion
Behind everything that happens in our life, there is logic. Yes, I learned many lessons after losing. I paid price for those lessons yes I value them. hehehe!
No doubt cryptocurrency has a bright future but you have to stay patient and conscious while stepping into it. The most important thing that I can cryptocurrency work is to learn, practice, and be aware of the latest market news and how it will put an impact on the market.
