I lost $32000 in Bitcoin trading. Here is my story.
In 2015, A friend shared an article from an online forum about a new online opportunity that had the potential to make me a fortune. The article written by a professional MLM guy spoke of a new cryptocurrency that was making its way to mainstream usage. It’s name was Bitcoin.
This was the first time I was hearing about bitcoin. A simple google search brought only negative stories about bitcoin. Stories about silkroad the life imprisonment of it’s founder Ross William Ulbricht. The next story was of the Mtgox hack that saw millions of money in bitcoins disappear. With all this negativity, it was really difficult for me to take any investment decision. The internet afteral had always had so many scammers.
The bitcoin price at the time was just $265.
I use the word just because compared to its current price, that was a mere joke. I shifted my attention to other things I thought were useful things or so I thought.
Several months later, I was on holiday in some African country when I saw an advert announcing a bitcoin training. The announcers claimed they were to teach attendees a new way to accumulate online currencies whose value would increase over time. Curious, I registered to attend the said event.
During that training, a light bulb moment kicked off. What if I could get the simple amount needed, buy a few bitcoins and then ignore. Afterall, this was money I could afford to lose.
Armed with $500, I bought 2 bitcoins, stored them on an online wallet created for me and I decided to forget them.
One day in 2017 while doing a simple online research on my upcoming thesis, an online google ad poped up in my mozilla firefox browser. The advert spoke of how I could earn more if i traded cryptocurrencies. This was rather new. Even though I was a trader in forex earning my bread through derivatives and futures trading, I never knew crypto could be traded. I clicked, opened an account and examined the trading platform Bittrex. I was impressed.
Around the same time, Bitcoin started having a bull run. FOMO was getting real and the bitcoin greed index was real green meaning greed was dangerously driving prices up.
Through 2017, I brought all my trading expertise coupled with my 2 bitcoins earlier purchased in 2015 and started trading. By January 2018, I had accumulated 8 bitcoins. My $500 had now turned into $32,000 and I was just getting started.
Then the losses begin.
As the bears started so did my losses. Day after day, I was making losses. No matter the confidence, skill and trading acumen, I still lost money at faster rates. Its then I decided to #hodl.
I dug through coinmarketcap and listed 20 coins that I could religiously hodl through the dangerous times. This would later be my biggest blunder.
By December 2018, all the coins I chose had dumped by 70% and still counting prolly because bitcoin was dumping real hard.
By December, the $32,000 was not a mere $2000. People who follow my telegram channel know that am an advocate of patience, faith and TA. But during those days, I shed a tear. All my wild dreams crushed. I could not believe myself. The crypto industry was crumbling and nothing seemed to stop. Even bitcoin that once was $19,000 was now at $3,000.
How then did I recover to my current threshold valuable networth?
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The lesson: Sell when you can and never be held back by greed in crypto. Trade with caution and always do your own research. If its bullish, get ready to exit the market.
