It is now 6+ years for me in the Crypto market and still this place feels alien to me at times. There is so much that one has to understand in this space when one goes ahead with investing their life savings here. It's a new and continuously evolving space. Every day we get to hear new things about the Crypto market. One has to understand how to manage their wallets, how to make transactions on exchange, what are NFTs, Stable coins. How does one trade, these are all the things that one needs to understand in this space. Honestly, I like to keep it simple so I do not get into trading aspect. I just look at investments from long term perspective and this came with some hard beatings. When BTC was in 3 digits, I had purchased 6 BTC and then someone lured me into trading. I did not have much knowledge and I ended up losing all my BTC. Yes, it was a very big blow for me. Losing 6 BTC is losing your fortune. Anyways, I cannot keep crying over it and all that I could do was learn my lessons and move forward.
After that also I made quite a few wrong decisions like investing in some Alt coins which lost its value. The Luna coin and the Terra stable coin was again one where I lost some money. There was one another coin Shopping io, where I put some money when it was in 3 digits and now the coin is at .01...phew, another major disaster. But then after all in this market we have to be ready to face uncertainties. You need to have a strong heart playing here.
With all the lessons learnt in the last 6 years, now I have narrowed down all my options and only stuck to a few for my investments. Which are the most stable ones like ETH, ADA, Hive and Steem. There are many other good coins but I do not wish to spread out too much and play around in this market. Also, I have kept a long-term vision with my investments. It has already been long time that I have not withdrawn anything. When I started, I kept a vision of 5 to 6 years, which is now, but currently we are in a bear market, so I will wait for the next run to cash out.
There is no question that I would get out of Crypto market completely now. If I cash out, I always have option to park my money in stable coins, where I can also earn some interest and then when the market goes down again, I can reinvest. But for sure in the next run, I will liquidate some of my investments. I have been working on my investments in Crypto with a goal and now it's time that I need to fulfill that. The next run, is going to take some time, anytime between 2 to 3 years we will see the next euphoria. A lot of patience is required till then. One more thing I learned is that one should sell at different levels, because the high point no one can predict and in the process of waiting for a high point that your mind expects you may lose out and then it's again a 2 to 3 year cycle that you will have to go through till the next run.
So, what are your learnings and strategies in the Crypto space?
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Crypto is still frustrating for me at times.
mucho exito