Welcome to the wonderful world of crypto, a world where it’s possible to make millions or end up with nothing. But… to enter this world you need a dream.
The dream for me was small. I just wanted a significant side income to support my family’s expenses. For me getting into crypto was not about a fancy life style or expensive cars.
I had no idea of the massive earning potential this market had and like most of you I did not have the luxury of extra cash to lose. So, I started my journey with $16.86 .Having little or no knowledge about trading I started spot trading. Every dollar I lost hurt since I did not have the financial backbone to invest more.
Today’s article is not a sorry tale of what I did wrong but instead it is a success story of how I made my first dollar and gained the confidence that enabled me to believe that I can earn and that crypto is real.
$1 may not be much for many people but seeing my portfolio increase mint the world for me. So, get comfortable and let’s look at how I did it so you can do it too.
Lesson 1:
The first painful truth I learned after losing like $3 having bought and traded big crypto coins like $BTC and $ETH was
“When you buy a high price crypto currency you get a very small part of the coins so unless the prices increases like 500% you will not make a significant profit”
“Since you only have a fraction of the coin you will not lose a lot even if the currency crashes big”
Let explain if you have $10 and you Bitcoin with this $10 at a market price of say $73000 you will get 0.00013 BTC now if the price goes up by 1% and you sell you would expect to get a 1% profit which would be $0.1. But that is not what you will get because you do not own a complete Bitcoin so you will get a fraction the 1% increase.
This means that BTC would have to increase in price by more than 500% for you to make a $0.1 profit which might take years to happen for might not happen at all.
What to do then?
The answer is simple you need to search for crypto currencies that have a $10 or less price tag so you get the complete benefit when the price increases.
Lesson 2
“Never invest blind”. The biggest reason for losing money out of a small portfolio is investing blind. When you buy a coin because someone says so you are in for a heart break.
What to do then?
Before you buy any coin that has a price tag equal or lower than your portfolio always go Coin market cap and check the rating and trading volume. If the rating and volume are low the coin is not for you as a beginner. Also never buy Joke coins or mean coins as a new trader. Make sure to chose a coin which is in the 200 top coins and has a low price $10 or less
Lesson 3
“Always note the price at which you bought & set a small target”. I learned that the most important thing is the price at which you buy. When the price goes above your buying price you will make profit however it goes below you will lose money so note it down.
Lesson 4
“Watch until the price drops and buy low and never sell lower than your buying price. Be patient and sell above your buying price no matter how small the profit”.
How Did I Make My Fist Dollar?
1. I had $13 to star with
2. I chose a low coast coin that had a decent market cap
3. I chose $HMSTR coin
4. At that time $HMSTR was trading at a price of 0.002230
5. I bought $5 worth of HMStr coin at this pric
6. The price went down to 0.002199 so I bout more coins worth another $5
7. About 45 min latter the price fell even more and reached 0.002190 buy I did not sell and bought more coins with my remaining $3.
8. I calculated my average buying price and then calculated a 2% increase and place a sell limit order to sell at the target price.
9. After 2h I made a $0.26 profit and exited the trade.
10. I repeated the same strategy and took 3 more trades. Off course the prices where different every time for the buying and selling however at the end of the day I had made a combined profit of $1.04
11. The reason I was able to pull it off was because I had studied the low and high price values for HMSTR coin for 10 days before id made these trades. So, I had a good idea that HMSTR coins gives a small peak price every 36 hours or so
Key points
1. Knowledge is power always study the coin you want to trade in before investing
2. Smaller the investment smaller the return
3. For a small investment you need multiple trades to make a significant profit
4. Always invest in parts at different price and sell in parts
5. Be brave even when the price fall and surely it will go up again
6. Do not panic and sell at a loss.
Try $HMSTR coin for beginner level experience and earn today!
