I have been watching and playing in the crypto markets for about the last three months. I have been putting in some cash in or around payday each month to get some money in first off, but mainly to learn about this whole world. Money where your mouth is and all that.
After a few weeks of it I realised I was doing something wrong. Or at least I wasnt getting returns. I was losing money, or at least I wasn't making gains. I decided around then to keep a log of my spendings, my approach, strategies and so on. up until now I kept a record of these in a word document, but I think I need to keep a record here on steemit. It may serve as a warning to other noobs like me that there is a steep learning curve to joining in the crypto world with no skills in markets, no prior understanding of blockchain or cryptocurrencies and not being very good with money in general.
I will transfer my notes up to now over the next while and record my progress when I catch up.
I am not a writer, please don't expect much beautiful reading. I also do not know all of the terms and buzz words. Even though I have been doing little else in the last few months other that research and practice, I know very little about the whole thing.
So, there you have it. Next post will be the first record in my log.
Feedback is welcome, very welcome in fact. I wan't to get good at this stuff.
Your advice is a good reminder that despite all the hype...it isn't always gravy...truth be told...a lot of folks who have made gains are ones who bought in at first of year or earlier than that...because of the price they were able to buy in at...they have gains regardless of current lower prices...then there are those who regularly trade and perhaps are good enough to make money in a fluctuating market like this...but as I've learned about most "gamblers"...you only hear about the winnings not the losses...
Those who have come on board more recently...have faced a much rockier time of it...however...I wouldn't give up on it totally...I might suggest buying a small piece of a few better known coins and just holding...if this technology continues to move ahead...you will be pleased with the long term results...but as always...only invest what you can afford to lose...
Hi there, yeah I am putting this log on steem because it "isn't always gravy". Love that. I will stick with it thought. I have learned so much since starting out, the blockchain is not going anywhere. It is the technology that we will be using in many industries in a few years. I just want to make a few euro on the way there....
Yeah, i will be hodling. Ill be making more retro-entries over the next. It will be interesting for me to look back, but hopefully be a heads up for new blood too!
Best of luck...provide updates and thoughts...
I like to use the Blockfolio app for keeping track of everything. You should check it out if you haven't already!
Hi, thanks, I already use it. Its a great app to be honest, and support is great too. I will be going back to this too though. I need to separate my trading from long term stuff.. That's another thing I learned on the way: Put the phone away!
Seems like buying and holding just one, the king, bitcoin, is the safest way to go still.
I'm beginning to come around to that line of thinking. But you know noobs!