Entering the Crypto Trading World

Prior to August 2017, I followed Bitcoin news with great interest. The world of cryptocurrencies fascinated me, as I found it incredibly appealing and ambitious. I was amazed by the opportunities they offered, and primarily by the idea to make anonymous transactions that did not involve or inform any third party. Like anyone else, I became fascinated by the promised ideas. Something soon happened that pushed me to try my luck in crypto trading.

Back in August of 2017, the Bitcoin rate increased dramatically, and the coin crossed the $5,000 mark. This meant that many of people in the industry believed in the coin and had put a stake on it. The more information I read, the more I felt the urge to become involved in crypto trading.

I had next to no experience in crypto trading or any other kind of financial stocks, and my knowledge of Bitcoin was both superficial and theoretical. Even still, I realized that the playing field was level for all, as even the most experienced traders on the traditional market were as uneducated about Bitcoin as the beginners. The new digital currency was an alien in the world of finances, and no one was certain how to treat it, or how it would treat them.

In October 2017, I began trading crypto. This was a new experience for me, and I was very excited. Many people discussed crypto trading and shared their opinions about it willingly with friends and coworkers, but no one could tell me exactly how things worked. I understood that I could not waste too much time on a thorough analysis of the market, so I found a faster, more straightforward way; I researched all the most popular relevant information that I could find online. In this way, I analyzed the cryptocurrency business much more quickly.

For starters, I purchased several different coins. I had OmiseGO (OMG), Monero, and Dash in my portfolio. As time went by, my portfolio volume increased in response to the growth of the whole market. I was not satisfied with these results, even though my portfolio doubled over the next several months. I decided to dig deeper to find how to earn more on crypto trading. There was one question I wish I asked myself then – can you lose money on Bitcoin?

Crypto Consultants That Helped Me (Lose It All)

One of my colleagues was also interested in trading crypto and told me about his successful experience in trading crypto according to crypto signal on Telegram. I wasn’t quite sure if the same thing would work for me, but I decided to give it a try. I searched for the top Telegram crypto groups and came across an article on one website that I found first in the Google search results. There was an audit of five Telegram crypto channels. I searched for more channels on Telegram myself, but the amount was overwhelming, most of them looked the same, and I did not know how to distinguish the trustworthy ones from the scammers. I decided to rely on the inspiring information provided by the smartoptions.io website.

Excited about pursuing the outstanding results promised, I subscribed for a paid membership to two channels, PALM BEACH VIP and Cryptoland Elite. Following the channels’ advice, I distributed my portfolio between the coins, religiously following the signals. PALM BEACH VIP sent me about five signals daily, mainly short and long-term ones. It was only later that I realized that I had invested in a lot of ShitCoins and fakes. As well, I realized too late that the coins had already reached the first or second target by the time the channel administrators published the signals. As for Cryptoland Elite, I received three to four mid-term signals every three days.

In a short time, some of the coins that I invested in reached their targets, while the rest of them subsided. There were also coins that reached the target the moment the signals came. By the middle of January, I was shocked to realize that all the coins had reached the stop-loss order. Still, I continued to make purchases according to the signals that kept coming. Finally, I understood that all of my purchases had reached stop-loss order within the next two to three days after the purchases.

Can you lose money?

Unfortunately, you can, and I will tell you how based on my bitter experience. As I mentioned above, all of my purchases reached stop-loss order within the next two to three days after the purchases. Stop-loss usually means -20% of the purchase. By the time I realized that something was not right, BAT, GNO, ADA, XEM, – all the coins were falling along with the content of my portfolio, both in Bitcoins and dollars. As a result, I lost about 75% in dollars, and I also lost 50% in Bitcoin. It is far easier to lose money trading Bitcoin and crypto to scammers than to earn more and increase your portfolio.

At the time of my most significant losses, the administrators continued to post the positive results their signals brought. I realized that they never posted any of the bad news. Their happy statistics were based on no more than 10-15% of the total market. The rest of the coins brought only losses, but the administrators did not ever say a word about it to their subscribers. Whenever there was anyone unhappy or angry, they would get banned and deleted from the channel. As a result, the administrators were always safe from any harm to their reputation and could attract more and more new users. People who had lost money in cryptocurrency could not warn any other users about scammer-administrators and had no way to report them since the channels had no websites. Some left angry messages at Bitcointalk, but this website would be hard for any beginner to figure out.

One more suspicious thing that I noticed after I lost my investments was that the channels posted a lot of cross-marketing information. This was a perfect way for the administrators to transfer unhappy users to “new” channels and continue earning on subscriptions. I later learned that the channels belonged to the same person. I wrote another article that I devoted to this issue where I explain how I managed to expose the scammers.

I had already lost money in cryptocurrency, which was very stressful for me. However, I hated the fact that other people were giving their money to the scammers and I could not do anything to warn them about it. All of the users paid either for a monthly subscription or a lifetime one. The paid crypto signals group had about five hundred subscribers, and each one of them spent about 0.03 BTC on a monthly subscription or 0.05 BTC on a lifetime one.

Belief in Crypto Trading Returns

Having lost all my money in Bitcoin, I could not afford to waste any more of my budget. I turned to analysis and developed my criteria for choosing successful, trustworthy traders. I devoted a separate article to this topic. Based on my criteria, I decided to keep an eye on the following channels:
Asian Wh…
CryptoCh…
Indian Wh..

There was one channel in particular, called Asian…, that stood out. They had an original strategy and provided only one signal in five days, which was quite interesting. Moreover, they remained silent during the times of significant market fluctuation. I followed this channel for some time, and I realized that its users were actually making money. I took one more leap of faith and purchased a lifetime subscription, along with my colleagues, for 0.12 BTC. I hoped to get back at least a part of what I lost.

Having signed up for the channel, my colleagues and I received access to the previous signals and decided to draw up the stats for them. The results were shocking: 27 coins out of 42 (64%) showed positive dynamics two to three days after the signals, and the total Bitcoin capital reached 10% over this period.

I decided to write this article and share my experience because I understood how many people would quit trying trading crypto once they fell among thieves. I hope this article will help beginner traders keep their portfolio safe from scammers and grow it with the help of experienced traders. I had to lose money to make money in crypto, but that was only because I could not find an article like this one at that time. When you start trading, keep an eye on your portfolio at all times and do not blindly follow the advice of traders simply because they seem trustworthy and boast of breathtaking results.

Final Thoughts

This article does not cover all the points of crypto trading a beginner needs to know, but it provides valuable information on how I lost money in crypto. Learn from my mistakes and avoid the scams. My losses discouraged me at first, but then they motivated me to share my experience with you. A bit later, I decided to launch a platform to show the real results of signals as distributed by traders – Safetrading. Visit it to see the stats and audits for the traders and leave your feedback about any of them. Let’s stop the scam together and keep our investments safe!

 

This article was written and submitted by Andreas Schmidt.