I can’t invest huge amounts of money as I’m just a student who depends on parents and some freelancing.
I love trading different types of cryptocurrencies. I have made good profit trading cryptocurrency which gave me a good experience in it. Even though I never traded a huge amount of money in cryptocurrency trading, I still consider it an experience since making a profit is the main deal here.
When did I become a Cryptocurrency Geek?
I am a computer science student who loves designing websites and show off some skills in front of my friends. Since I’m a student, I don’t have any sources for income. I have to rely on my parents for money. As a student, What you would expect more? May be an internship ( I don’t have any skills tho )
I used to waste all the money to roam with friends, to watch movies and what not!
Since I’m a tech nerd, I know some basics of cryptocurrency. I thought why don’t we experiment with that. I immediately went to my father and asked: “Have you ever thought of investing in stocks or something? “. No, It comes with a huge risk, he replied.
My father is a typical Indian father who doesn’t know much about technology. So, The reply was already expected. I convinced him and asked him for a small amount of money. He said that He got just 400 left in his ATM and I can use it if I want.
Well, that was the turning point of my life. I started researching more about cryptocurrency and singed up at WazirX. I never knew that the 400 given by my father would teach me something that would inspire me to start my blog about it <3
What drove me to a loss in Crypto trading?
I deposited 400 into my WazirX account and brought 25 XRP ( Ripple ). At the time of buying, Ripple was priced at INR 15.56/coin. It cost me INR 389 for 25 Ripple.
I have waited for 10 days to let the price fluctuate. I’m in a hurry to generate profit as I didn’t have any patience ( Now I know that cryptocurrency doesn’t work that way ). Well, The price went down.
I thought I should wait some more time so that I would soon generate some profit on Ripple. I’m mainly a guy who follows his heart, If I want to do something, I would do it immediately. Be it risky or anything.
I just sold Ripple for INR. 15.35 which is a loss for me. I’ve lost around 5 rupees. Here’s where The percentage thing comes into play. If we convert the amount into percentages, I’ve lost around 1.3% of my investment.
Now, it is my time to recover my initial investment as well as some profit by trading another coin which would generate some profit.
How I made my First Dollar Trading Cryptocurrency
I was looking for a low priced coin like Ripple since INR 383 is a very small amount. After 1 hour of checking the graphs and histories of all the coins. I have decided to invest in Theta Fuel coin.
Why I’ve chosen Theta Fuel?
- Theta Fuel had an initial price of 0.0194 USD/Coin on 25 may 2020.
- The value of the coin was dropping at a faster rate.
- I just thought the value would reach it’s initial value in short period of time so that I can sell it for profit.
I have purchased 550 Theta Fuel coins for 4.81 US Dollars.
Here comes the fun part,
I was playing Counter-Strike Source ( Which is one of my most favourite games of all time ) and took my phone to check whether the price has fluctuated or not.
Well, I was shocked. The coin’s value was going higher and higher. I was excited to see how much it will rise. After 6 hours it reached around $0.0108.
Since I was aiming for short term profits, I’ve immediately sold 500 Theta Fuel coins for $0.0108/coin.
Here I have made a small mistake. I have a short term memory problem and I thought I’ve just got 500 Theta Fuel coins in my wallet. But, I’ve got 550 coins. Due to the minimum selling/buying order restrictions of WazirX which I have mentioned in my WazirX review, I couldn’t sell the remaining 50 coins.
I have purchased another 100 coins for $0.0106/coin and I now have 150 coins. I have sold 150 Theta Fuel for $0.0106/coin and made around $1.06.
Highlights of the story
To make the story clear, Here are the main highlights:
- I had INR 383.75 after selling the Ripple coin for loss
- I’ve purchased 550 Theta fuel coins for $4.81 ( Since we can’t purchase Theta using INR )
- I’ve sold 500 Theta fuel for $5.4
- I’ve purchased another 100 Theta fuel and sold everything and made $1.06 from 150 Theta Fuel coins
The main thing that might confuse the readers would be the purchasing another 100 Theta Fuel.
Here’s why I have done that. WazirX has minimum order amount on every coin. You need to sell/buy at least 100 Theta Fuel coins. Since, I had 50 coins, I couldn’t sell that. So, I have purchased another 100 Theta Fuel coins and sold 150 coins.
So, How much profit I’ve made and what does it mean?
My investment was $4.81 +$1.06 ( 100 Theta fuel purchase ) = $5.87
and my final earnings were $5.4 ( 500 coins sold ) + $1.59 ( 150 coins sold ) = $6.99 .
And that’s how I made my First dollar in cryptocurrency trading. That’s where this blog started.
What I’m trying to explain?
I just conclude that with right thinking and right timing ( along with good luck ), It is not actually hard to make a good profit in cryptocurrency trading. Again I want to say, I’m just a student who can’t afford investing lakhs into cryptocurrency trading.
It would be great if you share your best and worst experiences with cryptocurrency trading. Let me know in the comments section down below.