Yesterday, I promised to share some more success stories after having a bit of a break from posting. The break was only down to
‘If I ‘aint got nothing to say I ‘aint going to say anything’
So when I wrote yesterday the day before had been good but was my best crypto date yet!
My entire portfolio value surged beyond its highest ever (yes I do mean 31st August) level, only this time I was able to monetise it.
Those of you who follow me know that My Portfolio suffered badly with the massive correction that came at the beginning of September. As prices crashed over the space of 3 or 4 days I had a hard choice to make. I had to hodl or cash out at least into stablecoin and wait for the correction to bottom out.
I made the decision to hodl.
In the short term this was devastating, but now I had got on this ride I had to see it through to the end.
Again you may remember that I wrote in October that about 25% of my portfolio had become tradable again, while the rest was sitting ineffective, but at least it was staking.
Most of that inert crypto was in TEZOs, my favourite crypto, that was well undervalued. A run in prices had seen it rise to £3.20+ in late August for it to then drop back to <£1.60 over the last couple of months. Fortunately, I hadn’t paid top prices for my holdings, but I have come to recognise that the entire value of my portfolio is hinged on the value of the TEZOs with it being such a large element of its entire make up.
Yesterday saw a sudden surge in their value before an equally sudden drop back in value today. They hit a mini peak of approximately £2.23 and I leveraged the surge with some of my TEZOs holdings.
I have been acquiring TEZOs steadily since I started trading and about a third of them became profitable. So I converted them directly into stablecoin and made a killing on it. I immediately dropped the profits straight into Celsius where it is now staking at 10%+.
Please note I said profits, this means that I have literally magicked up money to drop into a high yielding wallet while at the same time my trading account fundamentally is unchanged.
This morning TEZOs have dropped back down and consequently my overall portfolio price has too, but I’ not too worried because the amount of crypto held has increased as has my overall profitability. What is more it is much higher than it was two days ago when TEZOs were last in the doldrums before today's drop.
With TEZOs showing such volatility and rapid correction, I got in, got out and stabilised the profits. Please note I had to wait almost three months to achieve this.
It also means that I didn’t make the same mistake as I had at the end of August.
The best case scenario when there is about to be a massive market correction get out and stabilise and go again when it has fully dipped. I was speaking to somebody about this just on Monday who had seen his BitCoin grow by 40%. I strongly advised he convert to stablecoin. Hold and wait for the dip and then buy back even more BitCoin with the same holdings. Of course, the surge could always continue to a higher level, but greed is not good and maybe it is better to take the sure 40% and wait, especially if that 40% can be staked.
The second best thing to do is hodl. Don’t lose your nerve, recognise the indicators and how a falling currency affects your portfolio. You may need to wait a while. I have not released all of my TEZOs and had to wait almost three months to get any joy. The overall wisdom is that the overall momentum in crypto is upwards and at this stage any of us who hold crypto are still relatively early joiners. Profits (and losses) will not be so achievable when big government starts increasing regulation – and that my friends I think might be more of a case of when rather than if.
Now I just need my Cosmos to fly on a similar trajectory.
Tomorrow I will share another success story on how I have dragged my portfolio kicking and screaming back into profitability.
Have a good day and stay safe and stay well