And How I Missed The Previous Bull Run.

I have a confession to make. The previous bull run was an utter shambles for me. Having started trading crypto just at the beginning of February 2018, I was in for a long wait, close to 3 years to be exact. Having the patience to hold without any idea of when we would enter a new Bull run was rough. But eventually we did get there, and it couldn’t have gone any worse for me.

I had broken the one golden rule which as a trader you should never do. I put all my eggs in one basket, and what a disastrous basket it turned out to be. For many of you, you’ll probably remember it quite bitterly, for others, thank your lucky stars you never got into it. I am speaking about Cover Protocol. An insurance based project that had a lot of hype behind it — even Binance’s seal of approval.

I got into Cover Protocol early, around when it was $600. I didn’t really go in big, but it made a jump to around $1,300 and I made a killing on that trade. The price eventually went down again, and rationalizing that it had so much hype behind it, potential to be huge as an innovative insurance provider in the crypto space and a small token supply— I along with so many others (blinded by greed) believed that the next price hike would be absolutely massive — and man, how wrong were we.

In a moment of which I still wonder what I was thinking. I ignored my own golden rule of keeping my portfolio varied and pretty much sold everything to fully go into Cover Protocol. It was the biggest mistake that I have ever made in all the time which I have been involved in Crypto.

To cut things short, the team behind Cover Protocol turned out to be some of the most arrogant and shady individuals that you could have ever met in the crypto space. Their project was hacked (I still believe to this day that they had some involvement in it) and the price was absolutely obliterated.

What made things even worse was the 2021 Bull run was now in full effect. So people who had invested in Cover Protocol, were basically waiting for weeks to receive the new version of Cover, and eventually when we did, the price never recovered.

What was particularly infuriating, was without even having fixed things yet for people that were waiting to receive their new tokens, the Cover Protocol team started a new project called Ruler (Unsurprisingly it turned out to be a failure, but never before they pumped the price and dumped on holders).

As for Cover Protocol In the end, the price never recovered and so many people had lost so much money. I along with some others had an amazing Bull run pass us by. It took me a long time to recover after that. I was so jaded mentally that I was considering leaving the Crypto trading game for good. I’m glad I didn’t though. This was a huge error on my part and I learned a huge lesson.

So my advice to you and I really hope that you follow this with every fibre of your being — Do not put all your eggs into a single basket, always keep your portfolio as varied as possible, I know for many of you, this is something that is obvious or natural, but you never know when greed will play a part on sound rational decision making. You may see a coin that is way undervalued than everything else right now, by all means buy some, but don’t put everything into it. Looking at what has happened with some very big projects such as Luna and FTX, we are skating on very thin ice as it is investing in crypto, it’s imperative to always keep your risk as minimal as possible!

Good luck!

 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -

For those who like my work and would like to support it, thank you so much, I am truly grateful to you guys.

BTC: 131Y73e7VihMZnK8Gi8F1zQVzHb3nu6Vpb