. I was it (and other ) during the time the price of it was nearing $20,000. I got into it when it was around $10,000.
I was really into it too. The price was exploding, every day it seemed to go up 10 percentage points. Some other cryptos had much bigger gains. Some were going up 100s and even 1000s of percent over night.
And another thing, the crypto markets don’t ! is going on 24/7 on every worldwide exchange. It’s truly the wild west of markets. No regulations, no central authorities. Some countries have certain rules, but most don’t since crypto isn’t really a big deal yet. Although most exchanges take precautions and require a photo ID or some other documentation to have a account with them.
So I began and learning how the market works as I was going along. I slept and breathed for a solid few months. I started to get good at as well. Had some significant gains. I gained about 100 percent on a trade. And a few hundred percent on a Lunyr trade. I made lots of calls on coins I didn’t even hold. At the peak of my I had a solid portfolio of about 8 different cryptos. I had turned a $10,000 investment into a $16,500 dollar holding in about a month and a half. was about $13,500 at his point; already on decline.
This is where I made my mistake. I didn’t sell! I was afraid of missing out on more just in case the price kept going higher. I got wrapped up in the crypto frenzy and ignored the fundamentals of . No matter if it’s stocks or , they don’t go up forever. And usually the price drops as quickly as it rises.
As the price started to drop, I got even less willing to sell. Thinking that this was the end of the correction and I would miss out on the next wave if I get off the boat now.
Well, there was no wave. It kept going lower and lower until it found the floor around $4000-$5000 dollar range. My portfolio is now worth a fraction of its highs. At this point I am holding on for the next bubble and I will sell this time. But even if it won’t return to its glory days, I’ve learned some valuable lessons and acquired valuable skills from my time . I’ve learned why it’s important to keep your emotions out of and how to do it well. And I’ve learned some fundamentals behind and how to interact with in general. I’ve also gotten quite good at reading charts, seeing patterns, and locking in trades.
I am keeping an eye on the market and believe that it will be back to its highs, but ‘when’ is the question. Til then, I will HODL.
Published at Wed, 01 May 2019 20:21:12 +0000
