Confessions of a Bitcoin Trader

What I’ve learned trading Bitcoin and other Cryptocurrencies during the past two years

My obsession with Bitcoin and his cousins, known as ‘altcoins’ began about two years ago. At the time, I hadn’t recalled even hearing of Bitcoin and I had only begun investing in the stock market six months prior. It was a new coworker that turned me on to cryptocurrencies in June of 2017, which was when the last bull market began to really heat up. He wasn’t a trader, he certainly didn’t read charts and really wasn’t an individual that knew much about investing in general, but had the audacity to spend 10k on Bitcoin, Ethereum and Litecoin several months before. This coworker had an odd manner, but he spoke in such a euphoric way about how his investment had suddenly doubled and then tripled, that I was immediately intrigued by this thing called Bitcoin.

After a little Googling, I did what most people at the time did, which was to create an account on Coinbase and make my first bank transfer. I had no idea what I was doing (not that I completely know now) and I certainly didn’t have thousands of dollars to waste. But I didn’t care either. My first purchase was $700 worth of Litecoin, which I quickly sold for a small profit three days later. Something told me to keep sending money to Coinbase and I did. Then I learned about GDAX (now Coinbase Pro)and made an account there before opening another account on Binance. I made money, I lost money. I watched my portfolio blow up substantially only see much of it collapse in late in 2017 and early 2018. What ensued has been what they call a ‘crypto winter’, which in the crypto world, is a bear market.

Now suddenly in the spring of 2019, things are looking bullish once again. I’ve learned a thing a two since my first trade, but I’m still vulnerable to the ultimate flaw of being human. The market and especially the crypto market is merely a study in human psychology, the ultimate test of willpower and a lesson in discipline. During the past two years, I’ve bought and traded Bitcoin, Ethereum, Litecoin, XRP (Ripple) TRX (Tron) and couple of complete ‘shitcoins’ like OCN (Oddessy). I’ve made a few good decisions, which netted a decent profit and have pulled the trigger on some incredibly dumb ones. The following is not to teach you how to…

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