"Being in crypto is funny because you can do it 24/7 for years, all day, all night, getting rugged, lose most of it, and almost give up before a major breakthrough. But when you finally make it people will say you just got lucky. "
~Route2Fi
Truth is , being in cryptocurrency is funny. Even if Robert Kiyosaki is advising us to buy Bitcoin, it is quite a risk.
The markets are highly volatile and unstable. For example, one YouTuber risked close to $600,000 on a Paul Logan NFT, which is now worth $10. That's like a $60,000 loss. It is worse than a rug pull.
However, the same YouTuber might have made a fortune on Shiba Inu or the likes. Altcoins make people billionaires. No one in the crypto space will tell you the losses they've actually incurred.
Only a few honest users. Even after crypto punk selling for billions, one Twitter user shared an honest opinion about how they regret buying the NFT, because it's only made them losses.
Is Being In Cryptocurrency Funny?
Yes. As a new investor in the booming markets, it is really exciting. I remember I got in at a time that Ethereum and Bitcoin were doing really well. This was in 2020.
My $2000 worth on Ethereum (in my local currency) became $4000 in less than a month. I was really excited.
After sometime, I noticed people making up to 1000 times more on their initial investments. It is when I realized that there is something called "shitcoins" and "launchpads". For "shitcoins" you look for a coin that is low in market value and is promising, and you invest in it. When the coin moons you get 100 times the profit. The most popular shitcoin platform is "poocoin", even the name suggests that. I used to do most of my trades in BNB network because of the minimal transaction fees.
A much better alternative is to look for a place that sells the coin before it is launched into the original market, a launchpad. In a launchpad, you offer some of your stable coins or blue coins like Ethereum, BNB or USDT for the coin. The coin is locked up for some time until the project gets a certain amount. During its release, your coin shoots to over 1000x; you make 1000 times the profit. My popular launchpad platform was "Pinksale".
Did I make any Profit Trading Crypto?
I can tell you I tried. My first Poocoin attempt crashed. It was an investment rug pull. Investors "cash in" to pump a coin, then cash out immediately after its launch before anyone else. Some investors even lock the coin in the launchpad and prevent anyone from cashing out; that's the end you will see of your tokens.
Sometimes I used to rest a little only to find that the projects I've invested in, people collected profit and dumped. So shitcoins and launchpads require you to be awake 247 or use a trading bot. They are high-risk.
Should I stick to my Trading Strategy?
Yes. My mistake was in using a friend's trading strategy. I wanted to make a profit on Poocoin and Pinksale badly like they did, but I was trading like them and not like me. If you trade like someone else, you will be frustrated. But if you trade like you, you will love yourself.
The Terra and Polygon Profit: Crypto Finally Paying Off After Three Years
One thing I realized, cryptocurrency is high risk. There is no "get-rich-quick" scheme. Other than learning to stick to my trading strategy, I've learnt that trading requires patience.
I invested in Polygon in 2021, the coin generated wholesome profits for me. I simply bought and held. As the market was crashing, Polygon was gaining. It is then that I learnt the secret of crypto; to "buy and hodl" is a profitable strategy.
Earlier the same year, I attempted day trading on Binance and I can say it was a total disaster. I missed out on huge profits. Day trading has a lot of FOMO and if you are not stable, you will cash out and buy a coin that seems to be going up.
Say, you buy Ethereum, but when you see Shiba Inu moon, you swap to Shiba Inu. When you see Ethereum going up, you swap it again. At the end of the day, Shiba Inu moons and you lose.
So I made really no profits. This is how I missed out on the Shiba Inu moon. I would be 6 figures by now. Anyways, the past is the past.
Is Buying the News a Good thing?
Yes. "Buying the rumors' and selling the news" is a good thing in cryptocurrency. Day trading has amazing profits only if you stick to simple things.
The day it paid off for me is when I followed my strategy; I bought the news. After Terra Luna crashed, I bought the coin. My $3000 gave me $30000. I was really a happy soul at the end of the day. Since then, I'm learning. I want get back to holding and trading bots.
One tip, however, for day trading is to "set a target". The coin you are trading will never reach its maximum profit. Therefore, look for a coin, set a limit and collect your $50 dollars. Then go on with your daily chores. Stop staring at trading charts the whole day. You can even trade 2 hours of every day. $50 dollars a week is a lot of money at the end of the week.
Investing in Cryptocurrency Does Pay Off
Investing in crypto it eventually pays off. However, the journey is rocky. "How do you know you made it?" One Twitter user asks. "You don't, there's always a next step," another replies According to Route2Fi, "If you do something 24/7 for years I wouldn't say it's pure luck. At least you are creating a foundation of potential luck for yourself." Therefore, winning a trade is not lack but a 247 investment, risks and losses that people don't see, which eventually pays off.
"The majority of crypto trading is learning how to beat DeFi protocols at their own game in a bull market…the key is the bull market…currently without any true motivating examples for crypto, the reasons for a bull market are non existent…it is luck…"
One better solution still stands though, learn a skill and get a job. There are multiple jobs in the crypto space, learn and work. You can start free courses on Trace Academia, ALX or Google Prime.
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