35% increase day. December 10x challenge update Day 4

A reversal of fortunes

Last night after I had posted my progress report I decided to sell the BTC and take up a position in Monaco (MCO) I did this because I know Monaco is fairly resistant to Bitcoin price volatility and if bitcoin were to rise or fall overnight, the likelihood is that overnight the value of MCO would adjust itself to maintain a constant Dollar value.

Well when I woke up monaco was up around 30%

What a reversal of fortune and somewhat unexpected. After I dived deeper into the reasons it was clear that there had been some news developments in regards to Monaco being listed on some large Asian Exchanges.

I sold the 8.1 Monaco at around 0.00076 compared to 0.00056 where I bought in last night before sleep

A gain of 35%

The only reason I did not keep the position open is simply because I wanted to diversity a little. My main portfolio is about 85% weighted towards MCO and this made a massive gain overnight, I wanted for the purpose of this experiment trade as if I didn’t already have such a huge position in MCO and lock in profits.

As it happened MCO continued to rise and is now sitting at 0.001 btc/mco or 100k satoshis ($11)

Had I kept my position open and sold the top I would have increased my experimental trading supply by around 85%

This is a prime example of how difficult it actually is to predict price movement in this market. Compare it to the stock market whereby a 1 or 2% gain is huge, in crypto there is so much more to gain...and lose.

I elected not to trade again today, I have made my daily target of 5% and also wiped out any losses from the past two days.

I have taken a position on Siacoin which I’m hoping will return another 3-4% once my sell order is triggered. But I will not be updating that until at the very earliest tomorrow morning.

The only learning outcome I can take from today is that patience does indeed pay off. This is purely from the fact I was already invested in Monaco, a project and team I believe in and I can see a good future ahead for it (and myself at this rate)

The position on SIA is not going exactly to plan at the moment but it remains to be seen whether my stop loss will be triggered, if it does then I’ll still be well up on my initial experimental trading fund.

Until tomorrow....