I won't do it again!
It was a few months back when I saw a post in Facebook regarding this new cryptocurrency that was disrupting the market and some people even believed it will take Bitcoins place.
This triggered a lot of memories from those early days when I first heard about Bitcoin and wanted to invest in it but it wasn't easy to do it from Singapore. That was back in 2011. I recall opening an account at Mt. Gox to test the waters (I'm not sure whether I was lucky or unlucky for being unable to buy through them). I continued monitoring the price for a few months then Bitcoin slipped out of my mind, sometimes hearing about it while browsing the Internet or through the news and being amazed at the price it had reached.
It was then when I said to myself
"Not Again, I won't miss the train one more time"
and found that it was now possible to buy Ethereum via Coinbase from Singapore.
Then, I did it, I bought my first 10 ETH. I must admit, the price was not that appealing for a new cryptocurrency investor at 62 SGD per ETH but it was a couple of days later that ETH jumped sharply from 62 SGD to 120 SGD! I was amazed, I had almost doubled my investment in just a few days! and that led me to buy a lot more ETH.
Then, the price stalled for a few weeks, and I realized all other crypto currencies started to grow in value it was then when I took a decision (perhaps the first of a few bad decisions), I would exchange all my ETH (which had already generated some profits) for other coins. I spent a few days studying other platforms and technologies such as XRP, BTS, REP, AUG and exchanged all my ETH.
I was excited, eager to profit from this market and I let greed play a part on it which led me to take even more bad decisions. Every time I saw red numbers I sold my investment to avoid further losses. It was then when the market recovered and I realized that I could have made even more profits that I thought.
An example of this would be:
Bitshares
| Bought at: | SGD 0.11 |
| For a few weeks it dipped to: | SGD 0.05 |
| Sold as soon as it recovered: | SGD 0.11 |
| Current Price: | SGD 0.54 |
When I first researched and tried Bitshares Dex, I was really impressed, I really liked their platform and my greed let me doubt my decisions. It's now when I say, I won't do it again! And I don't mean I won't invest in cryptos, what I mean is, I won't let my greed take a part on my investment decisions. Patience is key, I can do it on the stock market, why can't I do it on the cryptocurrency market?
Going forward I will stick to the following ideals whenever I decide to make another investment in Cryptocurrencies:
- Research new and existing technologies
- Find those that you really believe on and that have real life use cases
- Buy them and stick to them, no matter what, be patient
- Make your decisions your own, don't spend time blaming yourself for bad choices, you have no way of timing this market
Regardless of any choices I've made during this journey, I must say I've learned a lot from the past few months:
- I Installed my first wallet
- I bought my first Cryptocurrency
- I invested on my first ICO
- Discovered an amazing community of enthusiasts
- Learned about new and exciting technologies
Hope this short description of my journey helps other new investors in the community to make right an informed choices.
