Trader puts faith in crypto despite the failed first investment
From the highs of feeling like a total genius to the lows of bearish price movements, crypto investing has taken Dubai-based trader JC Enriquez on a rollercoaster ride.
In an interview with Cointelegraph, Enriquez shared his crypto trading journey, from his first encounter with digital assets. According to the trader, it all started when a friend asked him about his plans for the future. After sharing his dreams for the future, the friend told him that if he wanted to make those plans come true, “better study cryptocurrency, buy something and keep it.”
Hyped by the 2021 bull market, Enriquez finally decided to jump in and start trading. However, his first crypto rodeo was less than fruitful. He told Cointelegraph that he invested thousands of dollars in one project and then it went to zero in just a short period of time. He explained that:
“After a few weeks I was surprised. Their network became grumpy and slowly they stopped doing development on their project. After that, it closed permanently.”
When asked how he felt, Enriquez shared that the loss was devastating as it was money he and his partner were saving for emergencies. But thinking he would be able to get it back quickly, Enriquez convinced his partner to let him take the risk. He said that:
“When I first bought it, I felt like a genius because I believed in the project. And when the project got cranky and suddenly everything stopped, it was like the end of the world for me.”
Despite the results of his first attempt, the trader did not lose hope in blockchain and crypto. “I consider it an experience so that next time I will be more careful, more vigilant in trading,” he said.
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According to Enriquez, he still believes in crypto because of developments in Bitcoin (BTC) adoption such as fashion brands and airlines accepting BTC. Apart from that, he has faith in crypto’s inherent features such as allowing easier cross-border payments. Despite his initial losses, Enriquez still believes that crypto will bring him more profit in the future. He mentioned that:
“I still believe in a dream that cryptocurrency will bring me more profit in the years to come and will help me build my dreams in the future.”
After learning from his experience, the trader also shared that he now has a new game plan for trading crypto. He said he learned strategies such as dollar cost averaging and has learned to read graphs and indicators. He also shared that he now does extensive research before investing in crypto tokens.
