Ouch - Weekly Crypto Diary #10
Well yet another pullback/ correction has ravaged my portfolio this week. I genuinely didn't see this (now) sideways action staying around this long, but my portfolio has been stagnant, and I'm a little worried.
WEEK 10
Total Portfolio Profit: $7,715 | 218%
Week to Week Profit: -$3,000 | -30%
STAND OUT PERFORMERS
NEO: NEO has stayed relatively solid throughout this dip in the market. It's still hovering around $140/coin and is making me quite happy that I picked it so early. If this coin hadn't held up so well throughout this week, then my portfolio would be in an even deeper glut.
THE STATE OF THE MARKET
Since it's been a horrid week I thought I'd give my thoughts on the market as a whole this week.
We're starting to see a bit of a wobbly stage at the moment. People aren't too sure whether the market is going to rebound or fall even further. The volatility is making retail investors quite nervous which is understandable. New participants in the market are wearing down and it seems regulars are looking for exit points.
A lot of FUD is being spread and for good reason. This markets future is incredibly uncertain. Many people agree Blockchain tech is here to stay but will many of these coins that have millions, if not billions in valuations?
Personally, I'm a long term holder, always have been and always will be. I want to see out the next two years and hopefully see some life changing money. I don't know if that will happen and to be honest, there's probably quite a large change that it won't. However, I see my investment as losable and not significant enough to lose sleep over. Whether you're a regular trader or a long term holder, you should have the same sort of mindset towards crypto. You will make money if you're patient. You will lose money if you let emotion play too big a role.
FINAL NOTES
I'm still bullish on the market as a whole. I mean technically we're still in a long term bull channel. I think everyone should however take a step back and realise that 100% gains aren't going to be the norm every week. I like that we could be headed to a more stable market that guarntees returns rather than gives hope of large ones. That's just my two dogecoins though.
As always comment down below your thoughts on the market and your own portfolios.
Hopefully everything will bounce back in the upcoming weeks!
How much did you start with 7 weeks ago?
I started 10 weeks ago with around $1000. Added a few hundred in here and there throughout. I put $300 in three weeks ago and that's the last I've put in so far.
Nice! Did you make this primarily off swing trading, day trading, or long-term holding?
Are you optimistic about the next 3 months of the overall crypto market?
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