3 Things I've Learned During My First Month in the Crypto World

Disclaimer: this is my experience and is not investment advice.

I was one of those who very nearly bought Bitcoin back in 2011.

The reason I didn't was down to the complexity of it all. How do I buy it? What's a Bitcoin wallet? Which site should I trust?

I could say that if I had done that, it would be worth X now. However, I'm not going to lie - I probably would have cashed in once it doubled.

I've kept my eye on it over the years and at the start of this month, I made my first investment.

I've been hooked since.

Like many others, I've been checking prices far too often. It hasn't been healthy. A couple of weeks back, I made the decision to not check my stats until my son has been dropped off at school. This makes a big difference to my morning and my day.

Anyway, I'm a complete noob at this, but I want to share three things I've learned thus far.

Stay Calm in the Hype

Being part of various Facebook groups, you see a lot of hype.

For example, I saw that Stratis was exploding earlier this month.

Everyone was yelling, "jump on the Stratis train!"

You see those green candlesticks and want a part of it. The problem is this: when you buy, you're not investing in past results. You're investing in future results.

And once something goes up 400% in a few days, there is usually a dip.

I saw a lot of people complain about buying in at $11. It went down to $8 and has stayed there for a couple of weeks.

It reminds of Fantasy Football (the European version). When a player scores a hat-trick, everyone jumps on him for the next week. However, you can't get those points after the fact.

Find your entry point and don't get stuck at the top.

The same goes for the bottom and panic selling.

Learn, Learn, Learn

In these Facebook groups, you'll see a lot of technical analysis like this:

"Bitcoin looks like it's in a falling wedge pattern"

A few weeks ago, I had no idea what this meant. Now, I feel like I can spot this pretty easily.

If I'm going to do this properly, I'm going to learn everything I can.

I'm not sure where I stand on all this yet. I'm making a lot of mental trades right now and recording my results. I might just hodl and forget it about all for a few weeks/months. I might make trade a day/week. I might become a full on day trader.

Whatever I do, I'm going to learn as much as I can about it.

This goes for the market in general, the technology, the teams behind the coin/token, coin supply and market cap, and everything else in this crypto world.

Don't Rest All Your Hopes on One Coin and Don't Forget About Compound Interest

It's easy to look at Ethereum - or Bitcoin in my case - and feel like you've missed out.

The same with Stratis and a number of other coins.

But from what I've seen in my limited time, there is another new coin on the block each week that sees massive gains.

The earlier you get in, the better. Don't kick yourself, however, if you miss out on one opportunity. There will be more.

Additionally, don't forget about compound interest. I see people complain that they've only made 20% in their first month. 20% in a month! As a newbie!

Obviously, this can disappear straight away. The total market cap could come crashing down tomorrow.

But I realize, the more I learn and the more I do this, the better I will get at making smart choices.

Just as long as I don't allow my emotions to take over and sell at the bottom and buy at the top.

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Thanks for reading.

Please check out my other posts if you're interested in online marketing. I'm going to share more about my crypto journey here too.

If you pass by, leave a comment!