Bitcoin Story: I Made My First Million Trading Crypto After Losing 90% of My Savings

Bitcoin Story is a series that tells the stories of Bitcoin and Crypto traders. Every week, we’ll interview a Bitcoin or Crypto trader about their experiences and share them with you. This includes everything from those who have it rough to those who smile to the bank. You can also share your story with us.

My Name is Stephen Owoyele and This is My Bitcoin Story

Honestly, I never imagined myself trading Bitcoin or any other asset. It wasn’t in my plan at all. But somehow, I found myself here and I wouldn’t have it any other way. Bitcoin has helped me achieve a lot of things and I hope I can inspire the next person. 

How it Began…

When I was younger, my dad worked in a bank and was exposed to the financial market. Sometimes, he’d tell me about how bad his investments in the stock market had gone. 

It got me thinking, “Is this how I’ll also lose my hard-earned money if I trade??” 

Haha….It scared me. I told him I didn’t think I’d ever be a trader but life had other plans for me.

My crypto trading journey started in 2016 when I started interacting with various online businesses. I tried revenue shares, investments, and even the occasional Ponzi scheme 👀. 

Like most people know, those businesses failed. The profit was just unachievable. Apart from that, many of them just wanted to take money from people and run away. Most of them no longer exist. 

I discovered Bitcoin during my NYSC while trying to buy another digital currency called Perfect Money. Bitcoin fascinated me because I’d never heard of it. I didn’t touch it yet sha. Instead, I focused on Ethereum (ETH). 

My First Trade with Ethereum

I made my first real trade in April 2017 and it wasn’t great. 

I had less than ₦300,000 in my bank account which I saved up from my NYSC and those earlier investment programs.

When I found out about Ethereum in 2016, it was still about $3 or $4 (₦1,500) but I ignored it (BIG MISTAKE) because I didn’t understand it. When I checked again by 2017, it was like $50 ah! 

I was like WOW! This is crazy. 

I ignored it again and a week later, it jumped to $100. 

That was when my village people started inspiring me. I figured it was the right time to buy this thing because I felt it would keep increasing. 

I was READY! I loaded about ₦100,000 ($320) on a crypto exchange to buy 2-3 Ethereum. Luckily, I bought my first Ethereum for $98. When I woke up the next day, it had increased to $101 and I was like, “Okay, nice! I think I’m beginning to make money.”

The next day, I woke up and saw it had dropped below $98 and I was like, “what’s happening?!” But I held on to it hoping it would come back up. At all oh. It kept dropping. It dropped to about $88 and I couldn’t bear the loss so I sold it. That was one of my biggest mistakes because the price later went up to over $200 by the end of May 2017. It wasn’t a good first experience at all but I didn’t let it stop me. 

From Ethereum to Bitcoin

During my earlier businesses, someone introduced me to a man I call Prof. Prof showed me I could trade Bitcoin profitably against the Naira. That encounter made all the difference in my trading journey.

I focused on Bitcoin trading in March 2018 because of that bull run of 2017 when Bitcoin hit $20,000. I won’t lie, I made VERY substantial gains in 2017 from that bull run and it increased my appetite for more. 

I lost over 90% of those gains from trading and started researching properly. I learnt all I had to by reading crypto guides and asking for advice from people in communities like this. Eventually, I made it all back. It took about 4 – 5 months after that to hit ₦1 million from trading. I’ve been trading Bitcoin since then and I hope to continue.

Life as a Bitcoin Trader Today

My typical trading day is very busy. Sometimes, I forget to eat, take a bath, or even drink water. But ah, it’s always good. Every day comes with better opportunities.

I trade to increase my capital. For me, every boost in my capital is a breakthrough. If I traded with ₦2 million last month and I’m able to trade with ₦3 million this month, then I’ve made a profit of ₦1 million. You can make a lot more. But if I’ve increased what I started with, then that’s enough for me. 

I find trading sustainable and consistently profitable. My capital has grown. In fact, I can say it has grown geometrically. But I learnt the hard way that it’s only this good if you follow trading rules. But see ehn, I made a lot of mistakes. 

One of my biggest mistakes was not learning how to remain a profitable trader. Many people just enter the market and trade. They make money today, make money tomorrow, and lose everything the following day. That method is not sustainable long term. Another mistake I made was not preserving my profit earlier. This is one of the biggest issues that traders have. 

Everyone Should Know This…

The fact that I made back everything I lost in multiple folds shows you the potential of this market. It can make you better or worse depending on your mindset. Bitcoin trading is not a get-rich-quick scheme. If you’re not ready to work hard, it won’t work for you. You have to work for your money, just like you would if you were running any other business. 

In the future, I would like to use my profits to help people who are not as fortunate as I am. I also want to educate more people on the benefits of trading Bitcoin. It can really be a way out of hard times. 

I’m very grateful that I made up my mind to become a full-time trader early enough. It’s one of the best decisions I’ve ever made. 

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Quidax Africahttp://www.quidax.com
Quidax is an African focused cryptocurrency exchange that provides a simple platform for you to send, receive, store, buy and sell digital currencies. Our aim is to educate you about cryptocurrency. It should not be considered as financial advice. We recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.