CRYPTOCURRENCY IS PROFITABLE - STILL RISKY: HOW I BECAME POOR IN CRYPTOCURRENCY
INTRODUCTION TO CRYPTOCURRENCY
It has always been great to trade on cryptocurrency. Cryptocurrency is the act of trading digital currency and fiat. Digital currency are currency, which we can not touch but can feel the value. Fiat are values attach or paired to a digital currency, which are used by a country.
Yes cryptocurrency has made some people to be rich and has also made some people to be poor. To begin my story with you users who trade on cryptocurrency and who wants to start trading, should have in mind that cryptocurrency has an advantage and risk if not properly guided. The have public and private chain in cryptocurrency blockchain.
HOW I BEGAN TO TRADE ON CRYPTOCURRENCY
Yes I first began to trade on cryptocurrency without any mentor, guide and assistance. My first cryptocurrency exchange was Binance Exchange and it was my best exchange to trade on it. Binance Exchange is very secured starting from 2019 till date. So that made me to feel as if I can never lose my assets in Binance Exchange.
But until one day, I began to trade futures on Binance. Then I lost the whole of my assets, it was like a dream to me when I saw my wallet balance being 0$.
We have many reliable exchange for cryptocurrency. But still I thought that, it can make someone not to lose it's assets.
MY LOSSING POINT IN CRYPTOCURRENCY EXCHANGE
Yes it was indeed a great surprise to me, when I start losing in cryptocurrency. So, I changed my cryptocurrency exchange from Binance to Kucoin. But, I thought that changing my crypto exchange will make to stop my loss and earn from my assets. But to a twinkle of light, I still lose my assets in Kucoin, but it was not as in Binance. I was like, how can I lose my asset in a trusted and reliable crypto exchange.
So I decided to change my crypto exchange from Kucoin to Hotbit. But when I first registered to Hotbit, I saw increased of coin. I was very much amazed, when I saw the increased coin. I bought the coin and to my greatest surprise, the coin went down and I lost about 1,000$. This was a huge shocking to me. I depend on cryptocurrency to gain rich not knowing that it can still make me to be poor.
So I begin to cry from my heart, about such a great mistake I have done in life. I was like "why did I begin to trade in cryptocurrency".
WHAT MADE ME TO LOSE ALL MY ASSETS IN CRYPTOCURRENCY
There are some Tips, Strategies and Guidelines that I failed to follow when trading in crypto. LIQUIDATION Yes liquidation is the amount of money you used in trading in cryptocurrency. I should have followed the cryptocurrency tips that says "don't use your whole income, assets or revenue to trade on crypto". Because there is a tendency that cryptocurrency is risk.
In cryptocurrency is best that you used at least 10 – 20% of your revenue to trade on it. So that when you lose your assets, it won’t affect your life and made you to be poor. But to me, it was nothing, so that made me to use my whole revenue to trade on crypto and I lost the whole revenue I used to trade on cryptocurrency. This was the first reason that made me to be poor.
PROPER BASIC GUIDE
Yes in any cryptocurrency exchange there are some basic rules which are stated as a warning, guide and content when trading in cryptocurrency. But I choose to ignore the basic guide listed in any trusted crypto exchange. This made me to lose, because it would have shown me the risk involved in cryptocurrency and this would have reduced my loosen assets.
PROPER ANALYSES
Before you trade on any cryptocurrency exchange. It is best to analyze the method in which trade runs in the crypto exchange. Some exchange has both limit and market order, while some has only limit order. So whenever there is pump in a crypto exchange where limit order is present only, this can make someone to lose. Because it will create high limit orders and the market price will be deflating down. This happens in exchange like Hotbit. So I refused the act to analyze a cryptocurrency exchange, before trading on it and that made me to lose my whole assets.
HOW TO SUCCEED IN CRYPTOCURRENCY
There are ways where you can succeed in cryptocurrency, but have it in mind that everyone can lose their assets in cryptocurrency. But through proper guide, tips and strategies on how to trade and deal with cryptocurrency, one can easily succeed. Cryptocurrency is the world leading digital market where different currency and fiat are traded on, although some countries are been restricted from cryptocurrency trading.
Cryptocurrency can make someone rich and also poor. But be rest assured that everything done on this life required brain behind the scene. Let me now introduced Tips on how to trade on cryptocurrency exchange, especially the popular crypto exchange known as HOTBIT.
TIPS ON HOW TO TRADE ON CRYPTO WHICH WOULD MAKE YOU SUCCEED
There are Tips which one must follow, in order to succeed well in crypto. This tip can be a warning, guide and strategies which a user need to follow, before attempting any trade in crypto. PROPER ANALYSIS Yes note that before you start anything in life, you need to analyze well. Also in cryptocurrency trading, you need to think about the aim why you want to trade on cryptocurrency. After knowing your aim of enrolling to cryptocurrency, you need to think about the risk associated with cryptocurrency.
You also need to know that, one can earn in cryptocurrency. But note that cryptocurrency is not a money making machines, but you earn from your effort and knowledge used in trading cryptocurrency. EXCHANGES Yes, before any trade is done in cryptocurrency. It needs to have an exchange where the trade is operated. These exchanges are trusted and reliable, although many cryptocurrency exchanges are scam. The exchange will be selected base on the reasons of joining cryptocurrency.
The reason will help you to select trust and reliable exchange like Binance, Kucoin and Hotbit. Binance is a wallet exchange where you can trade, P2P, and mint Nfts. Binance has a different order of trading currency like Limit Order, Market Order and the same with Kucoin. Hotbit is a wallet exchange where you can only trade currency.
This exchange is risk, because it sells currency base on created order. So one can lose in this exchange, because some currency are been controlled by users. This cryptocurrency exchange is the exchange that made me loose and become poor.
PROOF - READING GUIDE
This is the act by which you read the terms, policy and warning guides, which will help you to deal with cryptocurrency exchange better. This are known as guides and the process you try reading it constantly, that means you have proof - read the policy, terms and warning guides.
This will also help you have basic knowledge about the cryptocurrency exchange. But, it might take you a longer time to proof - read it.
This is only way you can be a professional when dealing with cryptocurrency exchange. But note that all this are just guide but not trading.
Trading is the act of dealing with cryptocurrency in any form of exchange, transaction and operation in any cryptocurrency exchange.
money you use to trade on crypto currency. It also depends on the leverage of token/fiat you used to trade on cryptocurrency exchange. Token are digital currency traded on any cryptocurrency exchange.
This is the part that made me poor, so when trading in cryptocurrency, begin with low amount of money you can afford and will not make you anxious when loosen. Note: When you trade on any cryptocurrency exchange and you lose, it is best that you rest for sometimes before resuming the trade again. Because constant lose can make you lose your money and make you poor.
Cryptocurrency is interesting to trade, but even though at that it have risk associated with it. When you have proper analysis, this can make you to know the way cryptocurrency is been traded. You can also do research about cryptocurrency and it will impact knowledge about cryptocurrency trading. Use the trusted and reliable crypto exchange, this will help you to trade cryptocurrency at ease and secured zone. Read the terms and policy associated with the cryptocurrency exchange.
Use lower leverage or amount of money to commerce trade on cryptocurrency. Also have a back up, in case there is loss, you will still survive and will not become poor. Don't keep trading when you lose, instead leave cryptocurrency and do your normal business. This is book is written to share with you my life experienced and to give you proper guide on how to succeed in cryptocurrency.
Cryptocurrency has different aspect and branches, where you can earn money. It can be staking of currency. It can be future trading, which means holding long or short currency for a period of time. It can be spot trading, which means that you can buy and sell coin. But mainly it involves coin pump, which you buy low and sell high. Enjoy your way in cryptocurrency, as you succeed and be a professor in cryptocurrency.
CONCLUSION
This post serve as reserved story to steemit and to any other person trading in cryptocurrency. I am now in pain of the lost, but we can't do other wise
My next post will be on Nfts and I will share with you my Nfts collection which you can buy and resell. This Nfts will make me get back my capitals that I lost in crypto, If only my Nfts is been patronize.
I thanks all steemit family both @cryptokannon, @inspiracion, @dobartim, @reminiscence01, @xplair, @sct, @blacks, @zzan and many more steemian for there great support in steemit.
This can also be used to serve as a contest in steemit, because the better we prevent lost the better we earn.