I must admit I faltered in my emotions recently when I saw a whole chunk of my portfolio eaten away by the recent sell-downs. It wasn't too bad at first since I had the same experience during late May when I saw my portfolio drop by half over a couple of days. It was after I realized the sell-down could last weeks that my emotions started to be affected. It's also slightly different now since I am advising a couple of my friends on what to buy and I also manage a friend's money as well. With the recent dips, it made it more real that my dream of helping my friends double or triple their portfolio might take longer than I (or they) imagined. This added to the stress/ distress I feel. All the promises of superb profits seem more like empty promises made. Gosh do I feel wrecked.
I guess my issue was that I totally underestimated the power of the market when it came to panic selling as well as overestimated the intelligence of the cryptomarket investors. From what I could gather, the upcoming Bitcoin issue has been highly overrated. So, what started as concerns escalated into worries followed by widespread panic, as reflected by the recent sellings. They were of course helped by the many "FUDs" from ignorant/ really smart folks. Scrolling through the chats I'm suscribed to gets more and more dreary by the day. Even the "strong" hands became weak as seen from the waves of sellings. It's like you can feel them giving up as you look at the charts.
What's more unfortunate is that we are only into mid-July, which means more blood will likely be shed till the end of the month. I'm really praying that the general public will soon realize how foolish they were by letting go of their assets and quickly get back into the market. If they stay out of the market, they are the ones likely to be burned at both ends, having exited at a loss and getting in only when the prices have spiked up a fair bit. But that's the price you pay when you listen to the wrong voices in the midst of the cryptoworld.
