The author of the content witnessed people on YouTube discussing how cryptocurrency coins were going to continuously increase in value and make people wealthy, but they disagreed. They had invested in cryptocurrency in 2017, made a significant profit, but lost it all in the 2018 bear market. They believed that taking profits is the key to making money in the crypto industry and that buying when people are fearful and selling when people are greedy is beneficial. They also saw an opportunity to trade cryptocurrencies and make money.
H2: The Reality of Crypto Investments
In recent years, cryptocurrencies have taken the world by storm. Many people, including myself, saw it as an opportunity to make a lot of money in a short amount of time. Unfortunately, the reality of crypto investments isn’t always what it seems.
H2: Buying Cryptos in Early 2017
In early 2017, I started to buy crypto. I saw it as a great opportunity to make some extra money. Throughout that year, my investments in crypto grew significantly. I was convinced that crypto was on an upward trajectory and that it could only go up.
H2: The Top of the Bull Market
Then came 2018, which we now know to be the top of the bull market. At that time, everyone was talking about how crypto was going to make them rich beyond their wildest dreams. I thought the same thing. I put all my faith and money into crypto, and I made a wild amount of money – for me, at least.
H2: The Bear Market
Unfortunately, my joy was short-lived. In the bear market, which followed that extraordinary high, I lost all of my profits. My portfolio even went lower than my initial investment – a nightmare for any investor.
H2: The Danger of Hyper Meme Coins
These days, I see a lot of people talking about these hyper meme coins like they’re never going to go down. I knew at that moment that there was a real danger in investing in these types of coins. While there may be opportunities to make money, there are also opportunities to lose everything.
H2: Taking Profits is Key to Making Money
One lesson I learned from my experiences is this: taking profits is key to making money in the crypto space. In stocks, shares, and equity, holding and borrowing against assets is what brings returns. In crypto, it’s all about buying when people are fearful and selling when people are greedy.
H2: What’s Next?
The crypto space may continue to evolve and change, but the principle of taking profits still holds true. If you’re thinking about investing in cryptocurrencies, always remember to be mindful of the risks and to take profits when you can.