This how I gained $300 trading crypto in 2021

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Table of Content

  • Introduction
  • From FIAT to BUSD
  • My first Coins
  • Random Buy / Sell
  • The real gains
  • My tooth fell and I exit crypto
  • Conclusion

Introduction

Things started when my friend told me about his misfortune with cryptocurrency in the 2017 bull run and how he entered the market to make some profit so he can get his marriage ceremony done in the fall of the same year, But before everything went to shit for him, he has some really good gains with a small account, I think it was a $500 account, even in his trading he gave no thought to risk management. I saw this as a good opportunity to make some passive income although I was a little bit skeptical for the reasons that I will list later.

From FIAT to BUSD

First I live in Morocco which means that even buying shit from Aliexpress is relatively new for us. so how I’m gonna know that I can get into crypto which my country is not supporting. this made me a little bit skeptical about the crypto-sphere, add to this the fact that my friend (mentioned in the intro ) had some problems when he wanted to deposit his $500 back in 2017.

So I asked him about the way I’m gonna deposit my $400, he mentioned a site called Coinmama and that it’s legit and all I have to do is get my account verified and I’m all set. well, I did just that, the verification process was fast.

Now all I have to do is to link my bank’s Visa card to Coinmama, I used to think that a Visa logo stamped on an ATM card is enough for making international transactions, and boy was I wrong. anyways I’ll not bore you with details I ended using my friend’s actual Visa card, but to my luck, his card was already expired and he forgot to bring the new one. this was the beginning of February 2021 which every day the crypto market gets to a new all-time high ATH.

The other day we get the new Visa card and tried to buy some crypto using Coinmama and due to our multiple attempts the day before my friend couldn’t get the deposit done. so we ended up using another platform in which it asks for verification after you buy from them. so we ended up requesting our money back and I kinda dropped the crypto buying altogether because of this bad luck and shitty third-world country.

The next day I got an email from my friend telling me that we got the money back and He found a way for me to get into crypto after I thought that I lost those $400 for good, and that is thanks to

Bitcoin Exchange | Cryptocurrency Exchange | Binance

this is not an affiliate link by the way. See the image bellow

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My first Coins

To be clear two months ago I didn’t know anything about BNB, ADA , ETH, Stop-loss, or any of that. The first thing I did was talk to my more experienced friend about what should I buy, I know it’s not a good thing to do, but I was okay with losing that $400 anyways. I told him I wanted to HODL for at least one year, so I bought 0.14151 of ETH (ethereum) for a price of 1792.65 USD and a total of $253.67, also I bought 0.99 BNB (Binance Coin) for a price of 134.56 USD and a total of $133.21 and 8.34 DIA (Decentralised Information Asset) for a price of 3.34 USD and a total of $27.

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Random Buy / Sell

As mentioned above I wanted to HODL these three coins, after a week or so I saw my wallet balance shrink, my friend told me to take a look at BURGER SWAP, and that it’s a coin that has a max supply of 21 million coins, and that is a good thing in crypto. So the next thing I did was to sell my DIA coins and buy more BNB so that I buy some BURGER, I guess I gained $50 after selling my BURGER coins.

After that I turned to BNB selling high and buying low, I thought it’s easy to do and I could be making $100 daily. but the reality hit me hard and after the first day of trying this stupid strategy, I started losing the gains I made before. anyways this randomness goes on for about a week or 10 days. sometimes I buy BNB at a certain price point and it was usually at the end of the week, I would buy Thursday evening while I’m at my full-time job. and that is usually is the week’s high price, so I panic and sell after three hours with a loss. and to my surprise the next week the coin reaches a higher price than what I bought in.

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As you can see in the screenshot above, I was buying/selling multiple times a day, and also I was putting all my eggs in one basket, in this case, the basket was BNB.

The real gains

After a while of trading the same pair BNB/BUSD I decided to switch to a coin with low supply and a good volume, and the coin that matches those criteria was BURGER SWAP. the next step was to study its price chart and point to the support and resistance levels. after getting a good picture of those support/resistance levels I waited for the price to touch the support level then I buy.

My goal was to buy gradually as the price drops, and the more coins I bought the better, after several buys by the end of the week I had about 80 BURGERs

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And when one burger is about 0.020BNB (about $5.0) I would sell, as I didn’t mention that you can’t trade BURGER with USDT or BUSD, the only pair available on Binance is BURGER/BNB.

I repeated this process about two more times, and by the middle of March 2021, I had $700 in total with almost $300 in gains.

My tooth fell and I had to exit crypto

As the section’s title tells you, yes my front-buttom tooth fell, and this so-expected event pushed me to turn my crypto to FIAT again.

And let me tell you that the process of getting from BUSD to USD to MAD (morrocan currency) was a breeze and that is thanks to Binance. So any Morrocan people reading this I can confirm that you can experience the full crypto experience in 2021.

Conclusion

I’m sure that those dollars in gains were more luck than actual trading or holding, But it was a good experience with a positive outcome. If i were gonna enter the market again I would enter as a HODLER and treat crypto as an investment.