Portfolio: $216,690.43 and dropping
Yep, there it is, the quiet week lasted one night. A combination of FUD from China and Korea, not helped by a fucking Daily Express bullshit article of all things, has scared the market shitless, and so we have the combination of huge FUD, profit taking and the necessary correction bringing everything down hugely, and there’s no saying when it will stop.
It’s a good job I don’t claim to be a professional trader as I NEVER take profits when I need to. It’s not greed as in ‘I’m holding on because I want to squeeze every inch of this that I can’ it’s because when something is going up I always feel it’s realising its potential. This isn’t the attitude to have though – regardless of if it’s reached its potential, a percentage gain is a percentage gain, and profits need to be taken. I need to have a figure in mind, so if it hits 30% I withdraw a chunk regardless; if it goes up further then I can sell some more at more profit and if it goes down I’ve made the most of the profit.
TEL is a good example – I should have sold a chunk the moment it got to $0.006 rather than holding out for $0.01. Very few ICOs launch and go that high even in bull markets, and I really should have been prepared for this as above. I think this is the last time I’ll go into an ICO in such a big way so it won’t be as much of an issue, but I need to make sure that I have a percentage straight onto the exchange to sell the moment it hits a peak. Now I have to wait until it gets back to $0.006 to get back to that point again.
In times gone by I would have panicked at times like this, but I’m using the chance to trim a little fat and send some alts to USD ready to pick up some gems in a few days when we bottom out. Might pick up some WaBi, but there’s nothing I want to sell so it’s hard. Need to keep some for forthcoming ICOs and when WAN hits the exchanges, so I really don’t have much to play with. In a way I wish someone would buy everything off me for BTC and I could start again! I don’t know what I’d buy, or more to the point what I wouldn’t, but it would certainly be sell. Maybe I need to be ruthless and treat this like a house decluttering – no emotions, just yes or no. Ah who am I kidding, I can’t do that.
So this is probably the start of a very painful week when there won’t be much to do except watch things fall, hope for the bottom and plan my strategy. Wherever you are, whatever you’re holding, I wish you luck! It will pass, that much I can promise you.