Just downloaded Microsoft Crypto Chart widget. Setup my portfolio. There is an option to show the value of your portfolio over the past day, week, month, etc. I was able to graphically see what I already knew. My portfolio is down over 40% in a week, up 132% since Jan 1, up 1,068% over 6 months.
I have realized a couple of things: 1) I have lost, on paper, a lot of money these past several days. If I told people in my life that I lost 40% in a week they would castigate me, and I would feel I deserved it. How could I not sell at the high? How could I not sell on the way down? How did I just HODL through these kind of losses when I clearly could have, maybe should have done something! I would never tell anyone I had such losses. I walk around hiding my embarrassment of the past week and continue to say, crypto is a great opportunity….
2) I have made some significant gains over the past 6 months that I am very proud of. HODLing is the reason why I have made such gains, and I have lived through 40%+ paper losses before. Telling people of my gains is not a problem at all. In fact, when people do ask about crypto the majority want to get in. But how would I explain these moments when your’re down 40%+?
3) HODLing may be the best strategy when trying to compete against whales in the market. I have seen all types of reasoning behind the enormous swings in the crypto markets. Almost without fail, I lose money trying to time this market. When I first started trading it was like a curse, I would sell and the price would skyrocket almost immediately after I sold. Was I cursed? – IDK. HODLing is the only strategy that has worked for me. I have gone through these down 40-50% moments before and they have always come back. I have stared at this sea of red before, and I close my eyes and say HODL.
4) Explaining HODL to new investors is more than difficult. I have become a therapist to those I told to get into this market. Those who have experienced at least one boom are in love with crypto. A few who are going through their first downtrend without seeing an upside are anxious to say the least – I just keep sending them HODL memes. It’ okay you bought Ripple at $3, just HODL – while they sit on 33%+ losses – HODL!
I start this day in a sea of red. I will go on with my day pretending it doesn’t matter. But it does. I was king of the world not a week ago, today I sit with 40% losses… big losses… 5 digit losses… if I told anyone…..
Wait just smile and tell everyone you meet, crypto is the way to make big money, and when you lose big money, it’s okay, just HODL.
Originally posted on Reddit: https://redd.it/7qbrpb