simplymike (67) in #palnet • 5 years ago (edited)
I just checked my very diversified crypto portfolio and already regret it. Should I keep believing and HODL, or just sell and accept my losses? I really don't know.
Source
My Crypto Adventure
It was October 2016. After selling both my own house and the house of my deceased parents, I had quite some money in my bank account. I had been going back and forth about investing in gold, when a friend of mine introduced me to crypto.
Bitcoin was selling at app. $700 at the time, so I decided to invest a part of my money. Best decision in my entire crypto career.
When the price of Bitcoin kept going up, I was a happy little camper. A year later, on December 17th, 2017, Bitcoin reached its ATH of $20000. My money was worth 26x more than on the day I decided to invest.
I should have been smart and cash out, but FOMO kept me from doing so. What if the price would rise even more???
Not cashing out was a big mistake. It may have been the first, but it was definitely not the last one.
Rookie Decisions
During the first year, before the entire crypto market exploded, I picked up some other good deals. I bought my first couple of ETH for $8/coin, and some Litecoin for $65/coin.
I should have stopped there, though. But it was too late... I had too much fun and made to much profit to stop.
So instead of just leaving the investments alone, I started looking for other promising cryptos. Without having more than a basic knowledge, I used my profits to diversify my portfolio.
I didn't know a lot about investing, couldn't read charts or detect patterns (I still can't), so I basically based my decisions on articles written by other people. At the time, it seemed to pay off. This was before the abundance of December 2017, so prices kept going up. Everything I bought at least tripled in price.
At one point, the price of DASH - which I bought at $88/coin - went all the way up to $1300.
Source
The last two months of 2017, I basically got addicted to discovering and buying new coins of which other people said they had a promising future.
(That's basically how I found out about Steem. It was trading at $0.9, and I bought it just for fun. It was only afterwards that I found out about SteemIt, lol).
Bear Market
What I didn't realize at that moment was that I was actually buying coins that were getting closer to their ATH every day. I considered every purchase as a good deal as long as I kept making profits.
Boy, was I wrong...
By January 2018, there were no less than 27 different cryptos in my portfolio, ERC-20 token not included.
Somewhere along the way, - after a tip from a friend - I also participated in the Envion ICO, investing more than $1000. It turned out to be one of the world's largest illegal mining ICO's, and the tokens were never paid out, nor refunded. (Read more about the Envion scam HERE.)
When the bear market kicked in, I made yet another mistake. Instead of following up closely, I simply did nothing. I closed my eyes and pretended the bear market was not there. This was the first time in more than a year that I took a look at my portfolio.
What To Do?
Fortunately, 68% of my portfolio is still taken in by Bitcoin. Since I bought at such a low price, it's the main reason that my overall numbers are in the green.
In a smaller extent, I'm still in the green for ETH, LTC, XRP, EOS and DASH.
But that's about it.
Everything else has been knocked down and even the best-performing altcoins are worth only 1/3rd of what I spent on them.
Oh, how I hate that bear!!!
I could kick myself for not following up and acting sooner. If I had, I wouldn't be looking at such losses right now.
So now I don't have a clue what to do. Do I sell these coins and accept my losses, or do I HODL, hoping they will recover.
I'm a bit ashamed to say that I still don't know any more about the crypto market than I did two years ago. I don't have any idea which coins might still go up, and which are a lost cause.
The truth is that if I sell now, I'll just get peanuts. If I'm lucky, I might be able to recover 15 to 20% of my investment (exchange fees not included). I wonder if that's even worth it....
But the prices of those coins could also drop even more, and then I won't even get peanuts....
I hate making decisions in general, but dilemmas like this one are the worst.
I'm simply clueless... and I don't like that one little bit.
I Haven't Learned A Thing
I realize that by writing this post and hoping to find someone who can give me some advice, I prove I haven't learned anything. I'm still relying on other people's knowledge and sentiment.
But for more than a year, the only crypto that occupied me was Steem. I wouldn't even know where to start my research on these other coins.
So, maybe that should be my question to you:
how and where to start my research in order to find out if there's still hope or not?
All tips will be more than welcome, because I can't go on like this, burying my head in the sand and pretending the problem doesn't exist.
Let me put all cards on the table while we're at it. Here's the list of cryptos I'm worried about.
(Don't laugh. I know I have made some bad decisions, to say the least, lol)
NULS, WAVES, BTS, LSK, ADA, NEO, XLM, XEM, ETC, MIOTA, STRAT, XMR, ARK, NANO, NXT, ETN
