How and when I Started Cryptocurrency Trading

The year 2020 was when I started cryptocurrency trading. I had learnt earlier that doing crypto pays but I never knew I could trade it until 2020. Then it was my elder brother that found out about Binance. He discovered that he could trade cryptocurrencies using the Binance app. He signed up, did KYC and started little by little. Because of his ignorance then, he was trading BTC/USDT and BTC/NGN. He discovered that if he had huge money, he could make profits, so he signed up my cousin who could trade with about $1000 (#350,000). As at then the price of 1USD to Naira was around 350. After learning the basic principles of sport trading, my cousin started making daily income. At the end of each day, he would tell me how much he had made.
This gave me courage to borrow some money. $335 which was about #150,000. Without the Basic and fundamental principles of the price movement and analysis of trends, I started to trade with just how but and sell. At first, it was back and forth. I made some profits, I lose it after a while and some times with some of my capital. I could remember vividly then that it was USDT/NGN I first traded. I made up to $12 after about two days but lost it when I bought BTC. I also lost some of my capital. Before I could sell, I waited for about a week for BTC to rise but no, it dumped the more. The profit and losts continued until I gained a little understanding of the market after some weeks. That was when I started making a bit of steady profits.

It was not even up to a month I started trading that I discovered BNB/USDT pair. At that time, it was $15 in the market. After my calculations I thought trading it was more profitable, so I told my brothers. We all switched to it. It was really good trading it though. Sometimes, it will dump and we had to wait for days and sometimes weeks for it to come up to our entry price or above it for profits. In some cases, we sold at losts just to continue trading. In all, we made more money than we lost.

At that time, I thought that if one would make it in trading, the money just have to be huge just because my cousin who had it was making better profit than I. So my uncle's wife offered to give me some money to help her trade with. I gladly collected it and deposited it to my Binance. Not just that, I collected some money from my younger brother to join it, so I could make better profit. After I borrowed that money, I discovered I wasn't making money as I was. I kept pressing.

Trading was sweet and profitable for everyone one of us. Little did we know that it was a bullish season. The year Bitcoin halving took place for the 4th time. I just thought 8t was normal for the market to be that way and it was always going to remain like that.

As trading continued, in September trade was the last straw that broke the caramel's back. I bought Yearn Finance (YFI), so did my brothers. It was a good coin to trade at that time because it's price movement was great. It had series of downtrends and uptrends which helped us trade and made a lot of profits. At the end of the day, it had a bearish run that lasted for months. When that happened, we had already purchased it. So we had to hold. We waited for months. At a point, my people started selling at a loss one after the other. I still held my until December, towards the end of the month, I sold at a big loss. I could remember that before I made entry, I had about $1650. When I should, I had about $550. I summoned up courage and continued. I was now very calculative but I wasn't still a competent crypto trader not until I started doing research and reading up relevant materials in trading. It was not all a bad experience because I grew in the process of time.

One thing I want to point out here is that if I had a basic understanding of cryptocurrency and how the market works, I could have settled financially now. I would have been one of the millionnaires in town. You may wonder why I said that. I came into crypto at a time the market was bullish. Between June, 2020 and May 2021,, Bitcoin moved from $8000+ to $69000+. The difference is $61000. With what I had to trade at the beginning, I could have invested in BTC and got about $2555 in 2021. If I had invested in BNB which moved from $15+ to $691+ I would have made $15096 in 2021.

I have learnt my lessons. Before the next Bitcoin Halving, I would make my investment and hold until 2025 when Bitcoin attains another milestone again. This time, it is not going to be BTC or BNB but a better web3 coin that has future prospects and with a unique project. I need suggestions of such coins from my bosses in the community in the comment session. 2025 and beyond is going to be a huge shift. Let's do this together, let's win together.

Thanks for reading.

This is my introductory post.