Welcome to part two in the series where I, CryptoKarp, talk about my crypto and trading experiences. This part is aimed to be a follow-up to the last post, so if you haven’t read through it yet, I’d encourage you to do so.
I thought how to connect the beginning of this part to the last one, but as I ended with the “Rabbit Hole” section, there isn’t any segway into a new chapter, simply because for me that part is still on-going.
If you’re familiar with the term “Rabbit Hole”, you know that once you get sucked in, it is next to impossible to get out. And such has been my journey in crypto. Although not learning about the same thing every day, there is plenty of excitement around. However, to keep it on topic, I’ll share a little of my learning curve from the trading space.
Trading is anything but easy, and you’d do well to remember that. If you’re drawn to trading on the premise that, “You only need to work a few hours each day and are able to earn a lot of money doing it” then it just won’t do. I don’t believe it’s enough. If a trader has such an approach to trading, his career won’t be long. As I said, although it sounds easy and fun, it’s definitely not easy, and not as much fun either. That being said, you can absolutely find enjoyment in trading.
Back to my first experiences and what I would recommend newcomers to do, is to not jump in head first, especially with your hard-earned money. Learn first. I was lucky to be able to just jump in, because of the time I joined. Most things were going up, and so trading wasn’t difficult. Simply put some money into coin A, take some profits after a pump, reinvest into something that hasn’t pumped yet, rinse, repeat, get bitcoin.
Simple? Yes, but remember, that was at a time when BTC went from $3k to $19k, the overall crypto market cap from circa $111B to $800B. During that period, it was harder to find a coin that was in red than in green, but everything turned just a few months later.
This brings me to my point — you need to be constantly on guard — adapting and adjusting your trading strategies. Make adaptability your focus and it will pay off.