5 Investment Lessons I Learned From the Crypto Crash of 2018
Never chase a coin!
“Bitcoin is going to the moon! It’s a great time to invest in altcoins”, my colleague at work casually told me as we grabbed our lunch.
I was immediately drawn to the idea given the amazing returns cryptos gave in a short period. As someone who has been investing in stocks since 15, I knew this was different. The gains were unbelievably quick and the market was highly volatile.
I decided to give it a go on one condition — I will only invest what I can afford to lose
So, I started investing my vacation and weekend outings money into cryptocurrency. As the altcoins rallied higher and higher towards the end of 2017, I became greedy and started investing more. Much more than what I had initially invested when the prices were low. I had disregarded the basic principles of investing!
The crypto market crashed in Jan 2018 and my portfolio crumbled like a house of cards.
What had once risen to 400% of my investment, had now come down to 20%. It did not impact my financial status, but I had to sacrifice few vacations in the coming months to redeem the guilt I had for losing all…
