Well isn’t this a tricky ride, the cryptocurrency game. I have paid a lot of money on courses and the crypto itself and it still doesn’t prepare you for the volatility of this market. It’s certainly not for the faint hearted! I still have no clue what to do but even so we have made some really good gains over the past 6 weeks. We don’t trade because I feel for amateurs this is a dangerous avenue and I haven’t completed the courses and I don’t have time to listen to podcasts and watch Twitter etc so we classify ourselves as Hodlers or investors. It is somewhat nerve wracking when you see your investments lose a heap of money but it’s equally as rewarding when they make a good amount of money. We aren’t big players by any means, we have less that $20k tied up and that is scary enough let alone these big traders who would use that amount of money in one trade, no wonder they make so much money and really, they deserve to because you can quite easily lose just as much.
I used to hear all these big shot traders telling people not to trade if they are new to the game, don’t do it, you will lose all your money, don’t gamble what you can’t afford to lose and I used to think they were just fear mongering, I mean how hard is it, you follow the red and green lines….but…it’s not even close to being that easy, those big shot traders are 100% correct. My advice is find people who know what they are talking about and listen to what they have to say, it will really help you with your buying and selling decisions. There are a lot of people out there talking a lot of fluff so be careful!
So, what have I learned over the past couple of weeks in the crypto world, well, I have made enough to pay out one of our credit card debts and I have probably lost enough to be significant, for us anyway, but we are feeling really grateful at this stage that we were able to make some correct decisions that led to a good profit. The other thing I haven’t taken into consideration is the tax implications of making a profit, which, I will get an accountant to sort out at tax time. So while I really don’t know what I am doing, there is a lot of money to be made from crypto so it’s something I will continue to learn. If you are new to crypto like me never stop learning, there is a lot of money to be made (and lost) and the best way to do anything is by conducting your own research! Good luck!