I Sodl, I need a break.
You heard me, I'm the weak hands everyone talks about. Selling at the bottom of a 20% correction. I’ve held bags of shit coins since 2017 and have DCA’d in since then. At one point i was down -80% but today at the time of selling everything i'm up 4x (312%) on all the fiat i put in. Why? I just need a break.
It has completely consumed my life the past few months, checking charts, reading reddit, watching YT. I even feel like I'm neglecting my kids at times. I tried my hardest to just hodl and forget about it but it's impossible. Is this a sign that I've invested more than I can afford to lose? Maybe. Not my original investment but the amount it's worth right now, It's considerably more money than I have ever owned in one go. But if it all went to zero it wouldn't affect my life, I have a good job, house, cars, no debt. I don't “need” the money i dont even have anything in particular I'd like to buy right now. God damn, I just need a break. I may come to regret the decision if BTC pumps but i'll live with that. But honestly, do i think BTC will ever be below where it is right now again? 100% I do. Maybe in a few months I'll start to DCA back in but until then I thought I'd share some of the things I've learned along the way for the new investors in the space.
EVERYTHING IS EASIER WHEN YOU'RE IN THE GREEN. I have made decisions this cycle that I would have never made the first time around. I rode my shitcoins right into the dirt “you don't lose if you dont sell”. Since I've been well in the green on my portfolio this time it's been surprisingly easy to cut losses on trades when they aren't performing well. I wish I'd done that in 2018. Try to divorce yourself from your current profit/lost to be able to make the right decision. Don't just convince yourself “it'll go back up”
TAKE PROFITS! And DON'T BE GREEDY. I was dumb enough to think that ill just sell at the top. This is so insanely hard to do and if you manage to, it wasn't because you're a great trader, it was just luck. DCA out of your positions, set thresholds and the amount you are going to sell and stick to them. Yeah maybe i shouldn't have sold 7k ADA at $0.95 but when it cost me $0.03 i can live with that. I sold the rest at 1.40 and 1.22. I didn't have a sell price for my BTC i was planning to just always hodl. But when i made this decision i got out at $49200.
NOONE HAS A CLUE WHERE THE MARKET IS GOING! Yeah those Youtube TA specialists talk a good game but really it's all guess work don't fall for their hype. I lost 0.15BTC buying XRP and riding it into the ground because “this is the last time you will see XRP below $2!” Honestly trust your gut, do what feels right to you. Mistakes are much easier to live with when you really felt at the time it was the right thing to do and it was your own decision.
DYOR! I know this is one everyone is sick of hearing. I held bags of ONT, NEO, WAN, QLC, XRP all of which I knew nothing about. Some YTers told me to buy them. They were heavy bags! Bags are so much easier to hold when you genuinely believe in the project. Cardano, I have followed, researched and look at how that has turned out. I do feel bad selling all my ADA, I'm so bullish on it. I just needed to for my mental health. If you're just flipping shitcoins don't do it without setting a stop loss. And if you're not prepared to get wicked out of your position at a loss, don't invest.
JUST BE THANKFUL YOU'RE HERE. Yeah, in 2017 i made some stupid decsions, buying bitconect may be the biggest one and losing a bomb on shitcoins like XRP. But I wouldn't change it. When this market starts to fall apart don't just leave with the hype, stick with it. Continue to learn and DCA in. All the money I have made, I have made by buying in during the bear market. And I personally think that's how the majority of average investors make it big, they got in when no one was buying. DCA’d over the long term. Rarely do people, get in, get rich, get out. It just isn't going to happen. It has been amazing this cycle to be the person I was insanely jealous of in 2018. Things like earning $1500 for doing literally nothing, just being a part of the cardano ITN. these types of things blew my mind in 2018.
MY PREDICTION – but bare in mind i don't have a clue what im talking about. The Bull market is finished. Now begins the long bleed same as we had in 2018 it took months for BTC and Alts to slowly bleed away their market caps and the hype persisted for ages. None wanted to believe that it was over. This is also part of the reason why i sold, we have had a massive rally, 10x from the lows of 2020. It may keep going who knows. It is strange how BTC has maintained such a massive dominance, it went as low as 35% in 2018 but hasn't dipped below 60% yet. I put this down to BTC demand from institutions. Maybe we still have a massive alt surge still to come. At the end of the day, I'm very happy to be out, with a clear head and a nice pot to show for it. Going forward, I don't think we are going to see the same level of pull back we had in 2018. I think we are going to have a prolonged sideways market, the level of institutional interest is so much stronger now. I think we are going to slowly fall to the 28k-32k range and then trend sideways for the rest of this year. Once we do start to trend sideways in the 30k range this is when we will maybe get our real AltSeason.