How I lost 36% of my Portfolio - Some Lessons Learned

greenfox1 (25)in #crypto • 7 years ago (edited)

Hello,

Trading crypto currencies is not easy, but it seems like it.

I started on May 25th with around 400$ lost 20% on that weekend drop, was thinking this is an opportunity so I put forth another 700$ to it, a week later I was in green, I recovered my losses and was feeling like this is great !!

However things started going down, I bought in XVG at 119 sat , hold it for some time, it went down, I panicked so I put a sell order at 124 sat, saying to myself that if it will reach that level it will be a good exit point. I believe in XVG and they have a great roadmap this month but I still sold and then surprise it went up to 186sat. (46% gain if I hold, and sold at that high).

Which brings me to this post, I went almost all in (80% of my portfolio) into Status*. it was nice for some time until it was not, the fall started slowly until I lost 36% (-38% by the time I finished writing this article) of my portfolio.

Now, I won't sell because the damage is done, and I will hold it with no sell orders for a month, a year or more, it is gonna be the lesson that I will remember for my next investment:

Never risk more money than you are able to loose.
Do not put all your eggs into one basket. Diversity is beautiful in real life or in crypto.
If you believe in a coin then HODL during the hard times when it goes down
Learn from your losses
making some money does not make you an expert, it may mean that you just got lucky the first time.