My little experience of “entry” into cryptocurrencies

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I read an article in one of the blogs and at first I wanted to write a detailed answer to one of the comments to the article, but when I saw that the answer had grown very much, I decided to issue it in the form of a small note-article. Moreover, this will allow my “opus” not to get lost in the comments and, perhaps, it will even be interesting for someone to read it.

Let me tell you my personal experience. True, it is from a slightly different area – cryptocurrencies, but it also fits into trading, within one day. I do not pretend to anything, I do not agitate for anything, just experience.

So… When it was about 2019 and everyone was running around in a frenzy with cryptocurrencies, and I decided to try it too.

Before that, I have never had experience of such operations, I just have a bad habit – I never take a word, in those topics that are really interesting to me and prefer to get in and get my own, personal “experience”, even if it costs a couple of triplets teeth bumps on the forehead.

But I can always reasonably say: “I was there too, drinking honey-beer …” 🙂

But first, a little introduction…

A long time before these events, I read Edwin Lefebvre’s book “Memoirs of a Stock Operator”, which is taught in stock exchange courses, explaining that, despite the fact that the book was written in the 1920s, only the technology, and the approach itself, the psychology of stock trading remained the same. Yes, the book is well written and very entertaining. Who has not read – I recommend.

In addition, at different periods of life, just out of general interest, I got acquainted with all the main types of trade and made a number of conclusions:

a) stocks, bonds – not for me, because you need to sit very tightly in this, know where everything is going, “who will buy whom”, “whom they are going to sell”, have insiders and that’s it. To do this, you need to constantly read a lot of business periodicals and be a strong analyst.

By the way, a funny fact – I have a friend, he studied to be a stock trader (he graduated from a university), works in this area and constantly tries to trade (stocks, bonds). All the time in flight…

This comrade taught our mutual friend (also trading in stocks, bonds), who has never been a stock trader and works in general in a car service. This friend is always in the black. Moreover, it is strongly in the black (+100 thousand rubles, + 50 thousand rubles and everything in that vein).

A learned stock trader – tears his hair on his head and in all places and does not understand – how so ?! :-)))

b) Currency trading – a lot has been written about this, therefore we will not. I will only say what discouraged me from even thinking about going there: the fact that an ordinary small trader with his little money is not allowed into the big market and (as experts write), in fact, he trades “in the kitchen” – a small space of a broker, where the broker can draw any prices. Accordingly, in such conditions one cannot win …

c) Cryptocurrencies: here I thought that there was a chance to try. At the very least, strong fluctuations in the rate (personally a witness – $ 200 and + $ 200 for an hour) – will to some extent level my skill, almost “below the plinth”. In addition, you are allowed into a large market, unlike fiat (real) money trading. No “trading in the kitchen” (maybe this is not so – but many different pros wrote in this spirit when they got acquainted with this topic. Correct me if this is not so).

It was with these considerations that I decided to try my hand at cryptocurrencies in 2019. Based on the knowledge of the book I mentioned earlier (Edwin Lefebvre), I took as a basis a clear statement: no excitement. It’s just to turn off the excitement in the bud. Whatever happens, I try for exactly 1500 rubles 🙂 and wrap it up.

The problems started with the input of money to the exchange – I did not know how to do it correctly and found a well-known exchanger aggregator, where I was amazed at the average extortionate rates of all exchangers (real money – for crypto): 45-50% of the input amount!

Cursing dirty, Very upset, I did change the money. And he introduced them to one of the well-known exchanges, which at that time did not have a KYC policy (Know Your Client – “Know Your Client”) and did not require any “passport scan, documents confirming residence” for deposit / withdrawal operations from the exchange in the cryptocurrency format at the address of registration, etc.” Well, those who have tried it know.

I traded for a total of about 3 hours. During this time, I spent more than 20 purchase / sale transactions (I don’t remember exactly how many). At the exit, I got something in the region of 3,000 rubles. (not exactly, but roughly).

After that, I was simply tired of sitting and trading and withdrew money from the exchange to my wallet. Then again, with the cost of 45-50% for the exchanger ( !#$%@ ) brought them into real money.

I scratched my head for a long time and thought what should be the conclusion from all this … I can only offer a number of intermediate ones (adjusted for the fact that this happened in 2019, now, perhaps, the situation has changed):

1) Maybe “fools are lucky”, or maybe “I’m not a fool” – but, something, it seems, happened;

2) All the profits were eaten up by exchange operations and whether you are at least three times a brilliant trader, without the possibility of withdrawing money at minimal cost, this does not make sense. I found several exchanges where you can deposit and withdraw real money from / to a card – but there is KYC (they require a passport and a bunch of documents, if in a simple way). I didn’t get scammed 🙂

3) After that – did not try again. Why? It’s hard to say … There will be no rational answer. Probably just captured life, with its problems, work tasks and other things. In general, everything is like everyone else.

What is the global conclusion? But it’s not there … Just a personal experience and it will be interesting to read in the comments the experience of those who made similar attempts in this area and what happened to them!

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