With market turbulence as high as it is right now your asset value can shoot up 10% one second and fall 10% the next. To those who like to live life on the edge and have money burning in their pocket this period is great as a ton of money can be made in a very short period. For most though that is not the case and instead people are seeing assets hit prices that even a couple of months ago did not seem fathomable. Having gone through the last crypto winter and seen some of the coins I invested in disappear and float away into the abyss it can be stressful and drive you nuts.
When this happens if it has not happened to you yet you need to just disconnect.
Last week I was able to get out of Washington, DC, and visit my parents and brother back in Texas and during this entire time, I did not post. Crypto and stocks were the furthest thing from my mind as I just took in the time with family and friends and experiences that money cannot get me. I can only speak from experience but this has previously and once again is already paying dividends. Taking the few days off allowed my brain to really reset and since then I have been able to pull off some fantastic trades that I do not think I would have been able to pull off without.
I need to note that I did actually have an open order for if Ethereum ever hit $900 since I never imagined it occurring so I have benefitted from that order that was fulfilled while I was disconnected but what followed was something that I know I would not have done. I took all the ETH that I had bought at $900 and dumped it all when it hit $1,200 yesterday. This runs against everything I think of and do since I am in it for the long term but after I did it and even now looking back at it I love the move. Since crypto does not have the wash sales rules that stocks have as the price has dropped over the course of the day I am looking at getting back in and it will not affect what I will owe via taxes.
Something that I think that gets lost in trading, especially in the crypto world is that whenever you take a profit whether it be for $0.01 or $1,000 you are up and making money. Making money is the whole point and needs to be celebrated. Sure looking back I could have taken the BTC I bought at $7,000 and sold it at $69,000 but I did not. I took back the initial investment and the rest I have just let ride. This allowed me to redeploy capital and grow my portfolio and is something that people who are buying this dip need to try to remember. When any of the coins/tokens do these crazy run-ups it is fine to sell and take a win. You do not have to hold what you buy now till the crypto market exits the bear market or returns to what we have come to expect "normal" levels to be.
Last week a decision like this I would not have made but after taking the time away from it all became a slam dunk easy decision to do. It is going to be rocky for a while and the odds of everything shooting up like a rocket are very very slim so for me whenever I have huge gains like 30% over the course of a couple of days it is something I will take happily and just keep rolling with what the market is going to give me.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to further support me below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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