Generally I have done quite well from trading, certainly making more profits than losses. Two key points for me are 1) if a coin is moving quickly in price, but there is no obvious reason for it, then be very wary, and 2) don't be impatient, if a trade starts going the wrong way you need to decide if it is sensible to cut your losses or more sensible to wait days or weeks for the loss to turn into a gain.
The biggest mistake I made was not to be aware of the tax implications of trading, which ended up costing me a bit in my first year. Since then, I've traded less.
Topic: What was your experience trading cryptocurrency? (Read 1210 times)
I have had the good, the bad and the ugly experiences in my 5 years of trading crypto. I have traded of different platforms, and on each of these platforms i have different stories to tell.
Lets start from the good, i remember earning 5 thousand dollars in a single night , i couldn't express my joy that night, you would think i had won millions of dollars, that night i was on a winning steak.
To the bad, i lost 1 thousand dollars in a single trade, i was a new trader then and I didn't know the tips of trading. For the ugly, I made a revenge trade and lost more money.
Lets start from the good, i remember earning 5 thousand dollars in a single night , i couldn't express my joy that night, you would think i had won millions of dollars, that night i was on a winning steak.
To the bad, i lost 1 thousand dollars in a single trade, i was a new trader then and I didn't know the tips of trading. For the ugly, I made a revenge trade and lost more money.
I earned more than $ 2000 with one action in 2017 when at that time I was aiming to buy bitcoin so that it could be saved as an asset next year. But it's good luck that the price of bitcoin went up high for those 3 days. my experience with unexpected profits in the cryptocurrency market. While I once felt panicked when trading XVG which at that time did not suddenly go down with a value that was quite detrimental and forced me to panic sell, even though it had not been there for 6 hours.
Painful. Fear of losing out made me literally lose everything lmao. It's like I made a compromise, instead of losing everything, I might as well just lose a part of it and call it quits. Did that for about 3-4 times before thinking, "Am I retarded?". Stopped trading since then and now I just like to look at charts and movements without any reason at all. Even if I am not trading, just seeing the price go up and down makes me quite satisfied. I didn't really experience any FUD tbh, hell, I don't look up much with regards to news tbh, and I see no need to. When I traded, I always just thought of what I can do to make profit or make it even out, which most of the time happened, I lost out. But well, experience is experience after all.
There is always pain especially if we are still new in the market where we keep losing our money. The pain of losing money in trading is unimaginable especially if we have high capital and that is why proper risk management is important. I tried to all in before in just one trade and it is one of the trade that I will never forget because I lose 0.2 btc in that dumb trade. It is huge money for me because my capital is only average. That is the reason why I intend to study risk management. 
I tried of myself and succeeded doing the trade. Myself started an account in an exchange to sell some tokens received from bounty campaign participation. First trade successfully completed, further I understood the basic of buying low and selling high. This made me interested, and continued doing the trade.
At first I'm really nervous because I'm still not used to do it and I still do not understand a lot of things but after many months, I began to understand what I'm into. Through a lot of experiences, I began to make my own trading system that is really suitable in my personality and skills. I also experience a lot of failure and I believe that it is inevitable and we shoukd understand. If we experienced to play then maybe there is something that we didn't yet know and understand.
You are very wise in this matter. Realizing that trading has risks and is not always profitable is good awareness. From mistakes, we do an evaluation to determine the right strategy at the next opportunity.When I first traded, I was afraid, even though I had tried using the trading simulator application many times, when my direct practice remained nervous. Well, that's the stage we have to go through.
Profit and loss come and go. Analysis that has been done in-depth is not always right on target. Mental and patience really trained. The thing that is still difficult for me to control until now is feeling greedy, sometimes it is too forced to enter the market because I want a bigger profit, even though the risk is too high.
So far, as bitcoin has no improvement in its price, I try to use altcoin to somehow have a small profit. A little progress is also a progress so as soon as I can, I trade using those shitcoins that others say. If bitcoin's price is not increasing, why settle and wait for that to move when you can find another way to earn a profit.
Holding bitcoin is okay but we have no idea when its price will increase in the market, so if I were you, I will try to look for more ways on how can i grow my investments.
If there's an opportunity to use other coins, grab it!
Holding bitcoin is okay but we have no idea when its price will increase in the market, so if I were you, I will try to look for more ways on how can i grow my investments.
If there's an opportunity to use other coins, grab it!
You need to have big cox to trade altcoins.
Given that they themselves have certain characteristics in pricing, they in addition depend on bitcoin, which can turn the game plan at any time.Trading bitcoins is very difficult, and doubling altcoins.
There are no 100% reliable indicators that could accurately predict the movement of prices, this greatly complicates and introduces an element of luck and chance.
At the beginning days of cryptocurrency trading everyone might have experienced loss.
That's for sure, no perfect trades at the beginning you may really suffered losses.
Some quits, and the rest stands with the statement never give up.
Those who are keen to succeed will continue pursuing their journey and gained success.
The person with the never give up mentality keeps on making mistakes, but learns something from the mistakes of the past.
Mistakes made them to realized what are the missing link to make a better decisions.
adjust and continue to learned.
If OP had planned perfectly he could've overcome the crash or the big loss.
Planning is very important, sticking with every plans gives you higher chance to survive and succeed.
My first trading experience is just the same as you, OP. I also lost every money I had because of my lack of knowledge and experience. That time I give up because there are people who says that trading is not for everyone, while some advices me to move forward and learn from my mistakes. Earning experience and knowledge will take a lot of time and learning will always be there.
The key is knowledge, especially when we need money for our daily lives something that we must know is knowledge how to get it. I'm not wierd if there is a rich people getting from his legacy and he doesn't know how to get money/how to grow his money without a knowledge he will lose all of his wealth easily. But it will be different if there is a poor person but he try to find more and look for a knowledge first before his intention to get money. Because with the knowledge we will get as we wanted, we can build a system and make a lot of strategy to get it. Ans this is work if you have intention to be a trader, first of all you need to know the strategy or the basic strategy about trading. When you've got it I think you will be easy to earn money through it.
Painful. Fear of losing out made me literally lose everything lmao. It's like I made a compromise, instead of losing everything, I might as well just lose a part of it and call it quits. Did that for about 3-4 times before thinking, "Am I retarded?". Stopped trading since then and now I just like to look at charts and movements without any reason at all. Even if I am not trading, just seeing the price go up and down makes me quite satisfied. I didn't really experience any FUD tbh, hell, I don't look up much with regards to news tbh, and I see no need to. When I traded, I always just thought of what I can do to make profit or make it even out, which most of the time happened, I lost out. But well, experience is experience after all.
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Ever since then, i picked another instrument of choice. I went into the FOREX trading. I plan on coming back into trading cryptocurencies but for now i'm still learning about the crypto market.
It was a painful experience though
What was your experience ?
Everyone has a different experience to realize that trading is not a simple thing that can be guessed by "feeling" alone. Behind it, there are many processes and learning that must be passed. If we see many successful traders, that is the final result after he has gone through many painful processes and losses. Only those who survive and want to learn and can evaluate previous mistakes can adapt.Ever since then, i picked another instrument of choice. I went into the FOREX trading. I plan on coming back into trading cryptocurencies but for now i'm still learning about the crypto market.
It was a painful experience though
What was your experience ?
I have also been in that position, carried away by FOMO and joined in without learning first. Until I realized that I needed analysis before making a decision to enter the market.
At first I'm really nervous because I'm still not used to do it and I still do not understand a lot of things but after many months, I began to understand what I'm into. Through a lot of experiences, I began to make my own trading system that is really suitable in my personality and skills. I also experience a lot of failure and I believe that it is inevitable and we shoukd understand. If we experienced to play then maybe there is something that we didn't yet know and understand.
If you think that they will back up your account and refund money to your account if they give it away for free then you are wrong. You have made a mistake once in the first place and will refrain from making a mistake a second time. Now just ignore it and refrain from making such mistakes in the future. Stop dealing with these type of scam sites.
The most memorable experience when buying Bitcoin early in 2017 at a price of $ 1000. And managed to get a big profit when
the price of Bitcoin reached all time high. It was the most beautiful experience when trading crypto, but in 2018 I bought Bitcoin
in large quantities with borrowed money from the bank. I think by the end of 2018 the price of Bitcoin could go up to $ 50,000,
actually not what I expected. I suffered the biggest loss at that time, and I had to sell my car to cover my debt to the bank. Now
in 2020 I am trying to get up again.
the price of Bitcoin reached all time high. It was the most beautiful experience when trading crypto, but in 2018 I bought Bitcoin
in large quantities with borrowed money from the bank. I think by the end of 2018 the price of Bitcoin could go up to $ 50,000,
actually not what I expected. I suffered the biggest loss at that time, and I had to sell my car to cover my debt to the bank. Now
in 2020 I am trying to get up again.
A perfect example of how FOMO spoils people's lives. Your example is most indicative, since you already had a positive experience, you were able to make good money on bitcoin.
And they decided that you can do more, and here you are caught. You, like many other people, forgot about the risks and went to the bank taking a loan. We all know what happened next.
In my opinion, you still got off easily if you had a car that could cover your adventure for you. Many people sold everything they had to buy bitcoin and remained in a huge debt hole.
I never been a good trader since i started on crypto currency because i always get losses instead of profit. Everyone says trading is not for all after all and had to admit on that. In my experienced i did tried scalping for once in a while and ended in a good and a bad way because i lack patience sometimes and greed will always be a factor also. That's why i only sell my tokens in a good price and never look back again and look for another opportunity lies ahead on me. Nevertheless, experience will always be a teacher and will always makes you better in the future.
The most memorable experience when buying Bitcoin early in 2017 at a price of $ 1000. And managed to get a big profit when
the price of Bitcoin reached all time high. It was the most beautiful experience when trading crypto, but in 2018 I bought Bitcoin
in large quantities with borrowed money from the bank. I think by the end of 2018 the price of Bitcoin could go up to $ 50,000,
actually not what I expected. I suffered the biggest loss at that time, and I had to sell my car to cover my debt to the bank. Now
in 2020 I am trying to get up again.
the price of Bitcoin reached all time high. It was the most beautiful experience when trading crypto, but in 2018 I bought Bitcoin
in large quantities with borrowed money from the bank. I think by the end of 2018 the price of Bitcoin could go up to $ 50,000,
actually not what I expected. I suffered the biggest loss at that time, and I had to sell my car to cover my debt to the bank. Now
in 2020 I am trying to get up again.
Every trader has a worse and nice experience when it comes to trading. Way back year 2016 my first experience was terrible because of impulsive buying and selling some coins at that time. Due to lack of knowledge it resulted me to lose of my money. Although I experience those failures that time it did not gives me the idea to stop entering the market instead it took me the courage to learn more in trading cryptocurrency.
appreciate what you have said about your experience that:
"Although I experience those failures that time did not give me the idea to stop the market"
it's certainly not easy to continue with the experience that might have been pretty bad that has happened.
I agree that such an experience will trigger us to be more careful in analyzing it well and not to make mistakes repeated from experiences that have taken place of course.
because we also know that trading in crypto is very unique, and at any time it can change drastically without our will.
precisely because it underlies the experience we have received so we don't need to panic and be in a hurry to determine the next step. because every step in a panic and in a hurry will certainly result in an analysis that can go wrong.
crypto is very feasible to be a long-term investment and is worthy to keep abreast of every moment of its development because time can determine the good or bad steps that we might make. and time cannot be repeated quickly if wrong and not quickly anticipated.
What I experienced in trading for my first time is I have limited knowledge about what trading is, so, the outcome of my trading is not that good. Though, I already expected that since I don't have any experience yet, but that failure really helps me a lot to keep on learning more about trading.
Every trader has a worse and nice experience when it comes to trading. Way back year 2016 my first experience was terrible because of impulsive buying and selling some coins at that time. Due to lack of knowledge it resulted me to lose of my money. Although I experience those failures that time it did not gives me the idea to stop entering the market instead it took me the courage to learn more in trading cryptocurrency.
My early experience in trade was much worse Many have been damaged But later on I was able to overcome my frustration by following the trading charts by analyzing the advice and analysis of different places of trading. But it took a long time Nothing is ever possible in a hurry.
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