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Bitcoin Baby - Day 27 "Just some little lessons learned from the last bull run"
Selling on the way up..... That´s what I did! So what went wrong? Well, I did not spread my sales enough, hence all were sold at 90 cents I got a 3x on my investment and that´s fine. But I am sure you can do better.
Do not directly invest your money from sales back into other cryptos during a bull run.
I did the following during the last Bull Run (keep in mind I have several trading wallets next to my hodl wallet. This is all about trading). If I would make a nice sale, I would be looking for a good project that was down like >5% that day and invest the money I just made straight away.
During a bull run that means that you are buying coins on their way up in the hope to sell them even higher. The risk here is that once the run is over you have no funds to buy the real dip and are stuck with bags of coins you bought at a very expensive rate......
Better to slowly sell on the way up, only invest a 30% back into the market and keep building a buy the dip fund ......because what goes up.....
Again I have many examples, but let me use the worst Casper (CSPR)
CSPR was going live at the end of the bull run. While I was closely following another project called Wise in which I had some coins staked I heard very good things about the project and the team.
So I was like Why Not buy some, they dropped a bit after the release, so should be a good time to buy, right?
Well, not quite especially if the crash is happening at the same time.....
But hey, we had a good run it can´t be over yet, this must be the dip. Let´s buy some more. The price is right....right?
Well not quite, so although for a second it looked like we would go up. And in a semi desperate attempt to still make a profit I bought even more CSPR when it looked to finally go up......but well it not quite did.
So currently I am holding about 600 CSPR with a net worth of $68 dollars that at one time was worth 5 times as much. Indeed huge loss for a baby portfolio, my biggest mistake so far....
But it´s only a loss when you sell....and this baby ain't selling. This project is still looking good, just not in my portfolio at this time.
The price for any project, but especially new projects during a bull run are never right. Best thing to do is stay away from those and let other people buy them, while you wait to take them off their hands with a smile once they drop 90% during the next crash.
Take this advice from a baby who saw the last bull run turn into a brutal 'crypto winter' bear market, that brought top to bottom drops of 90+% and knows some coins will never recover.
And if you are all overflowing with Fomo and think that I sound like a Pessimist..... keep in mind that a Pessimist is just an Optimist with experience.