When I first heard about cryptocurrency, it seemed like something out of science fiction. Money that is not printed by a bank? Electronic coins that only grow in value because there is demand for them? It was intriguing but also scary—what if it is just a bubble that will burst?
Everything changed when I came across an article about Bitcoin. I decided to try—not for profit but to understand what it is. That’s how my journey in the world of cryptocurrency and trading on Binance began.
My first steps
I started with a small deposit—$100. This was money I wouldn’t mind losing since I knew I could make a lot of mistakes. I registered on Binance, chose the USDT/BTC pair, watched a couple of YouTube videos about trading, and… bought my first coins.
Do you know what I felt? Adrenaline! The price started to rise a little, and I immediately thought: "Here it is! I will earn now!" Of course, I was wrong. A couple of hours later, the price dropped, and I panicked and sold Bitcoin at a loss. That’s how I lost my first $. Then came the hype coins and another mistake…
Main mistakes I made
Looking back, I realize how many foolish things I did at the beginning:
1. I entered on emotions.
I did not understand how the market worked at all. Price fluctuations seemed chaotic to me, and any drop felt like a catastrophe.
2. There was no strategy.
I bought coins simply because they were recommended in the comments under videos. I had no analysis or understanding of the prospects.
3. I realized losses too early.
Instead of waiting for the price to recover, I panicked and sold.
4. Invested in "hype" coins.
One of the biggest disappointments was related to Shiba Inu. I bought it when it was at the peak of popularity, and a couple of days later, the price dropped by almost 50%. It was a painful lesson that hype is not a guarantee of success.
What helped improve results
After the first failures, I realized that I needed to learn. I started reading articles, studying technical analysis, and trying different strategies. Here’s what helped me:
1. HODL Strategy (holding coins for the long term).
I bought BTC again and diluted ETH with a small amount and decided not to sell no matter what happened. This turned out to be the right decision: after a few months, their price increased, and I was able to profit.
2. Risk distribution.
Instead of investing everything in one coin, I started distributing funds among different assets.
3. I did not give in to panic.
When the market falls, you want to sell everything. But I learned to wait and not react to every correction.
4. Did not take more than I was ready to lose.
This rule saved me from a lot of stress. I clearly decided that I would only invest money that I could afford to "lose."
Lessons from trading on Binance
Binance became my main tool in the world of cryptocurrency. Here’s what I learned:
- Futures are not for beginners.
Once, I decided to try trading with leverage. It was a terrible experience: in a couple of hours, I lost 20% of my deposit because the price went the wrong way. After that, I vowed not to touch futures.
- Staking is a great way to earn passive income.
I found staking for myself. It’s like a bank deposit: you "freeze" your coins, and in return, you receive interest. It’s convenient, especially if you don’t want to trade actively.
- Fees can "eat" profits.
Frequent trading is costly. Binance charges a fee for each transaction, and if the trades are unsuccessful, these fees are felt even more.
Today, I do not consider myself a professional, but my results have improved. I no longer chase quick profits and do not invest in dubious coins. For me, cryptocurrency is a tool that requires patience and analysis.
The most important thing I realized: never risk more than you can afford to lose, and do not make decisions based on emotions.
The world of cryptocurrency is complex, but interesting. If you want to try, start small, study the market, and remember that mistakes are part of the journey. The main thing is to learn from them and keep moving forward!
