This post is part of my series taking you on my journey to financial freedom. I will share everything I did, in the last weeks, to achieve my goal of becoming wealthy. Even if some of the sections may sound negative, they are part of this process and offer you the possibility to grow faster than me. If you missed the last update have a look at this post.
Table of Contents
Stagnation and frustration
Currently, I am in a state of frustration. I want to be honest with you, I try my best to achieve my goals. But my time is limited. My API projects are stagnant. I have few subscriptions and I am constantly worried about loose them. Losing too many customers would render this project unprofitable. A lot of people are trying my Economic Events API (the free plan) but they rarely test the 5 free requests. I am not sure yet why that is.
Trading is not developing that great either. I have approximately 2 hours a day for trading. The problem is that I am not able to observe the market for 2 hours straight. Because I do have a full-time job that requires me to switch focus between them both. Living in Germany does create another problem regarding trading. I found that the market creates the most sophisticated moves while major exchanges are open. These are opening at 3:30 p.m. and closing at 10 p.m. in my timezone, this is exactly the time for me to call it a day. This is family time, where we eat dinner and I am putting my child to bed. So if I try to squeeze in some trades I tend to force them, which rarely works. I get especially frustrated when I miss entries or when the market stops moving after I enter.
On top of this when I do have time at the weekends, there is no movement at all. The market consolidates and movements if they occur are explosive and not predictable (at least not for me yet).
I do struggle, because of my limited time, to follow my trading morning routine. Because of the mentioned problems, I have lots of trouble keeping my motivation up and not losing my vision out of sight.
Nonetheless, think sharing this with you will help you relate. Many traders start with a full-time job and need to push through. When I am profitable and you read this you will know that I had the same problems and you will know for a fact that you will come out if you persist!
Restarted my crypto trading bot
I restarted my Bot again. This time around I tweaked the take profit range and the interpretation of it when the market is consolidating and thus not trading. I will update you on the results very soon, this weekend was such little movement it didn’t take a single trade.
Paying crypto taxes for the first time
I stumbled into crypto in November of 2021 and quite quickly created a lot of wallets, tested a lot of protocols and possibilities and as you know traded Bitcoin (and other coins). Government regulation is picking up on crypto and will only increase its affords to participate in the new riches created.
In 2022 I learned a lot by trying a lot. While learning about all these new things I lost trades and made bad decisions. But this was not in vain, this empowered me to save on my taxes of my full-time job. Summarizing all my cryptos would have involved:
- tracking the movement of coins
- type of transactions (staking, lending, trading, mining, airdrop, etc.)
- value of the asset at transaction time
I was not ready to tackle this on my own, so I searched for programs doing this for me. After trying quite a few I noticed that the integration of Wallets, Blockchains, and exchanges is crucial. Additionally, the number of transactions plays a key role. That is why I decided to use Koinly. They offer you to integrate and upload your data before picking a paid plan. All other Services offer something like 25 free transactions to upload. But I had 4573 transactions in the year 2022, such a low number of transactions uploadable wouldn’t allow me to test the applications. So I could upload and fix all my data and ensure everything was set up correctly. Afterward, I even got a preview of my losses and gains for the tax year.
On top of all this, I can refresh my data just with a button click, I like the dashboard showing my holdings, gains and losses, and transactions. This was the reason why I was so keen on resting all my coins in one place before moving away from Binance.
Affiliate Disclaimer:
This post may contain affiliate links. If you make a purchase through these links, I may earn a commission or receive other rewards. This comes at no extra cost to you. I only recommend products or services I believe in and appreciate your support in using these links to make purchases. Thank you!