I decided to try to write a journal of my cryptocurrency trading, which is a new thing for m, even though I already knew bitcoin since its early released (Back when the price was a whooping $0.25 per BTC). That was one of my biggest investment regret I’ve ever had! Because I mock bitcoin at early stage of its release).
How do I achieve it? Simply follow the latest news for top 10 cryptocurrency, relax and never panic when price drop.
How to convert Rupiah to Bitcoin?
To begin your cryptocurrency trading, you will need a starting capital. If you are new to all of this thing, you may be wondering how to convert your Rupiah into BTC? Well, the answer is use local bitcoin exchange.
For Indonesians, they can register to this exchange (Ref link) :
After register, you have to verified your account using photo ID (Drivers license, Passport, ID Card etc.). The next step will be transfering amount of rupiah to bank of your choice (BCA, CIMB, Mandiri and others which supported by bitcoin.co.id).
When your rupiah already goes through bitcoin.co.id account, you can directly buy bitcoin on its marketplace.
I bought bitcoin with rate of 1 BTC = Rp. 15.200.000. To my surprise! In the afternoon the price goes up to Rp. 16.500.000! That’s 10% gain doing nothing! With bitcoin price skyrocketing, I bought a couple of alternate cryptocurrencies (or altcoin). When bitcoin price is high, you can be sure that other altcoin proce will goes down.
The first altcoin that I bought was viacoin, this is quite new coin and based on my research, it has an active developer, good concept and will implemet segwit soon. In summary, I was taking 7% profit from viacoin.
Buy low, sell high baby!
After VIACoin, I turn my trading into Monero (XMR), not a bad gain :
After that, DASH comes to my attention. According to my research, DASH is probably a scam coin, this is indicated with its premined bullshit which the dev said happen accidentally (yeah, no). Based on that information I believe the price will go down soon, so I short position in using margin trading.
I assume, at that time, that DASH price is at the top and will not go higher. But the old saying in trading world says, you can never beat the market! And so the market beat me! The price goes higher and it triggers my stop loss position at around 3.5%. I loss 3,5% because of it.
Hit the jackpot with ZCASH!
On Friday, Bitcoin price suddenly drop significantly. This is because fear of a Hard-fork happening soon. I don’t really understand the technical side of hard-fork but from what I understand, when it happened, there will be 2 separate currencies emerges from bitcoin which is Bitcoin Unlimited (BU) and bitcoin core (BCC).
I know the information about hard-fork aouple days ago, and I’m pretty sure market will never like this kind of news. I predict bitcoin will goes down to sun $1000 or sub Rp. 14.000.000!
Before Bitcoin price actually take a hit, I convert my BTC to othe raltcoins such as PIVX, Ethereum, XEM, and ZCASH.
And I made a good decision for ZCASH :
You see, no one know what will happen on the market, let alone cryptocurrency market, where +- 25% swing is considered ‘Normal’, so it is better to take profit in a percentage you are comfortable with than wait for bubble to burst.
With ZCASH, I stop my trade for this week and in summary I manage to hold 83% profit for a week trade, not bad at all, probably beginner’s luck!
The fall of bitcoin price
All in all, my first week experience trading cryptocurrency is nothing sort of fun! I also get a nice profit, but when doing trading or investment in general, always remember :
ONLY INVEST AMOUNT WHAT YOU CAN AFFORD TO LOSE!!!
(c) Alit Trisatya 2017