wipeout

Wipeout Wednesday – A Shocking Crypto Date

By rah | rah | 3 Sep 2020


In recent posts I have been happy to celebrate breaking through the 10% profit threshold and being able to stick there, while anticipating another upward surge. I even wrote yesterday how I was finally poised to leverage greater profits from my portfolio as it had been static for a few days and I thought it was just a matter of time – and then…

BANG

But it wasn’t the explosion I had been waiting for. Instead what happened was the entire 10% that I had built up was wiped out as prices crashed across the board. At one point when I checked the market was down 6.51% and while this morning the descent into the pit has slowed to 4.35% I am sure there are many chagrined expressions around the world.

But all is not lost. HODL, HODL, HODL… they will come back.

Also personally such previous dips have taken me below my original investment value and meant that I am incurring losses. This crash, which appears to be slowing reduced my fund to break even point – so nothing gained and nothing lost.

It is a bit frustrating that ten weeks of hard work can be wiped out just like that.

However my decision last week to switch to holding profits in DAI means that at least some stability was maintained and this alone probably stopped the consequences from being worse… and further more it is staking so despite the downturn it is the one part of my portfolio that is growing.

What lessons can we learn from such moments?

Possibly two:

  • HOLD your position – prices will come back. HODLing in staked currencies is a silver lining.
  • If you sense the storm is coming switch everything to USDC or even better DAI and wait for it to bottom about before (re)purchasing currency and starting again. In doing this it will be possible to leverage at least more crypto to your portfolio even if the price is low.

In hindsight I should have done this when I saw it turning, but I hadn’t anticipated it to drop so rapidly across the board. TEZOs were expected as they are still settling after the mid-August surge, but BItCoin and especially Augur looked like it should have pretty much bottomed out. For a while yesterday Ethereum was bucking the trend so it was difficult to interpret that the trends were going to take everything down.

I suppose as I write today the main glimmer of sunlight is that whenever there is a downturn there is always a resurgence and it can’t come soon enough.

clearing_storm

Happy trading and stay safe.

How do you rate this article?


31

0

rah
rah

I love reading and technology as well as history. I teach English and Business to professional clients as well as soft skills with a focus on communications. I am a big fan of both Sheffield Wednesday and Lincoln City Football clubs


rah
rah

Experienced Business Owner and Coach and Tutor who now trades in Crypto. It is proving to be an interesting journey with so much technical language involved. Follow me as I learn the trade (and how to trade). Made some howling mistakes to begin with, but still learning and will share what I learn as I learn it for the benefit of the community. - RAH

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.