Getting Started with Crypto Currency: How I lost 50% of my money investing in crypto…
What I learned from my mistakes and changes I’ll be making going forward to be profitable.
Where I started:
In 2020, I downloaded the app of the number one crypto currency exchange, Coinbase, as a way to finally dive into the crypto market after a period of analysis paralysis where I was too nervous to put my hard earned dollars into such a speculative instrument that none of my friends or family were well-versed on.
I just wanted to make a safe bet and buy the top coins: Bitcoin, Ethereum (coins to big too fall) and so I downloaded the app
The problem was as an Australian you can not withdraw directly from the Coinbase app, but you can send your coins to another crypto wallet (another crypto app) and then make a withdrawal to your bank account. However, I hadn’t looked into Australian friendly crypto apps, until I met up with a friend for brunch.
Where I went:
I’m having brunch with this friend of mine and she’s always been a math wizard, currently doing her Masters in electrical engineering. She mentioned that she’s also investing in crypto. Finally, someone smarter than me who I can have a conversation with about coins. She told me she has only one coin in her portfolio, XRP, and she uses an app called Swyftx because its Australian friendly and you can make instantaneous deposits and withdrawals directly to your bank account.
She continues talking about the price prediction being made for XRP based on a mathematical prediction method, the Fibonacci sequence. She proceeds to send me the twitter handle of analysts in the XRP crypto space and i was convinced to put my money into this coin
Slowly over time I built up my portfolio made up of Bitcoin. XRP, Cardano and Shiba Inu.
By the end of 2021 I had more than $5,000 invested in crypto from the money I made from my campus jobs at university.
At first, my portfolio was sitting on a 30% gain at more than $6,500. However, this glory was short lived as the crypto market began to bleed nearing the end of 2021.
Where I am now:
Fast forward to September 2023 my portfolio consisting of Bitcoin, XRP, Cardano and Shiba Inu went from being worth $6,500 to $2,500. Damn.
Where I am going:
So, what am I going to do going forward? Well, if you’re someone like me, you only got a little bit of money or coins to invest from your regular paychecks, and also at this point, considering my track record I am cleaving to a conservative approach.
And with that, I will be following the advice of people who have been investing profitably in crypto currency a lot longer than me. These are people who I have followed on Instagram, Twitter and YouTube for a couple of years and have seen them document their gains and profits, I’ve even witnessed some become millionaires. And a lot of these experts have joined forces on a discord called Wealth Squad - I just joined and this discord it's absolutely overflowing with action and insider information!
Stocks, options, real estate flipping, e-commerce, and of course, crypto. Plenty of admins post every day about stock market picks for the week or crypto alt-coins they’ve recently bought, and the best part is that those in the discord have been in the game for ages making gains.
Come and join Wealth Squad with me today and make 2024 our year to win.
If you’re super new to wealth and you want to start on a book or two to get familiar with the world of investing before diving into the real worlds market, here are my top 3 books:
The Little Book of Common Sense Investing - by John C. Bogle
One Up on Wall Street - by Peter Lynch
A Random Walk Down Wall Street - by Burton G. Malkiel
All my best,
Carlina