How working as a nurse got me started investing on crypto
|Image from pixel4k.com|
"Investing in crypto is like dating, you'll never know if you are going to get a second chance or first base."
I started my crypto investment journey this year. ever since the first time I heard of Bitcoin since its launch last 2009, I haven't been able to completely commit to fully dabble in the idea of cryptocurrency, let alone make money from it. The agony and regret of not being able to invest in bitcoin in its early days certainly made me furious at myself. Seeing how far Bitcoin and other cryptocurrencies have been dominating the market and ballooning to an insane amount is surreal. The amount of profit that I could've made, have I invested early could've been a ton. But hey, it's not too late.
What is Cryptocurrency? Why should I invest in it?
Simply put. Cryptocurrency is a digital, virtual currency or money that is secured by cryptography. Nowadays, the market has been saturated by 6000 cryptocurrencies as of this writing. But the famous of them all is shown below.
Cryptocurrencies are very liquid assets, meaning they can be easily exchanged for legal tender or fiat currency, this explains why this financial investment is booming and very popular.
Now you ask. How in the world did I get started on crypto investment? Well, let's get on to that, shall we?
I am working as a nurse in the middle east, working abroad means a lot of your responsibilities back home are either left out or you having difficulty in dealing with them when you are not in your home country. Especially in dealing with financial obligations. So I was looking for an app that can make things easier for me. My home country is the Philippines, being far from home makes it difficult for me to manage all of my obligations. So I came across an app called Coins.ph.
This app is very helpful for those who want faster transactions for bill payments and government-related payments. Not only can this app pay my bills but they have an investment section for trading cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, XRP, ChainLink. So I did my research on how trading works. I educated myself about how the stock market and the crypto market work. If you are a novice, this app and its simple interface make it easier for you to enter the world of trading cryptos. There are a lot of guides on youtube if you are interested.
The way I do things is by buying cryptos at a low price and selling them when the market price is high. This goes with the trading adage, "Buy Low Sell High" In this strategy, you can profit from the rapid volatility of the market prices of cryptos. But be warned, prices are very volatile, meaning they can rise very high at a moment's notice and dropping very low in a minute or two. Making crucial decisions by monitoring the market is important.
In monitoring the market it is important to have tools you can use in analyzing the prices. In my case, I am using TradingView and CoinGecko, these two services provide useful insights in influencing my trading decisions.
|CoinGecko Android app|
As of this writing, I am now on my way to my first 50,000PHP since I started with a capital of 10,000PHP.
- Points to remember:
- - There are a lot of fintech apps that offer crypto trading. make sure you look for one that is legal in your country.
- - Limit being emotional when trading. Always make sure you trade money you are willing to lose.
Disclaimer: This is not a piece of professional financial advice. Do proper research prior. This is documentation of my journey only.