Just downloaded Microsoft Crypto Chart widget. Setup my portfolio. There is an option to show the value of your portfolio over the past day, week, month, etc. I was able to graphically see what I already knew. My portfolio is down over 40% in a week, up 132% since Jan 1, up 1,068% over 6 months.
I have realized a couple of things: 1) I have lost, on paper, a lot of money these past several days. If I told people in my life that I lost 40% in a week they would castigate me, and I would feel I deserved it. How could I not sell at the high? How could I not sell on the way down? How did I just HODL through these kind of losses when I clearly could have, maybe should have done something! I would never tell anyone I had such losses. I walk around hiding my embarrassment of the past week and continue to say, crypto is a great opportunity....
I have made some significant gains over the past 6 months that I am very proud of. HODLing is the reason why I have made such gains, and I have lived through 40%+ paper losses before. Telling people of my gains is not a problem at all. In fact, when people do ask about crypto the majority want to get in. But how would I explain these moments when your're down 40%+?
HODLing may be the best strategy when trying to compete against whales in the market. I have seen all types of reasoning behind the enormous swings in the crypto markets. Almost without fail, I lose money trying to time this market. When I first started trading it was like a curse, I would sell and the price would skyrocket almost immediately after I sold. Was I cursed? - IDK. HODLing is the only strategy that has worked for me. I have gone through these down 40-50% moments before and they have always come back. I have stared at this sea of red before, and I close my eyes and say HODL.
Explaining HODL to new investors is more than difficult. I have become a therapist to those I told to get into this market. Those who have experienced at least one boom are in love with crypto. A few who are going through their first downtrend without seeing an upside are anxious to say the least - I just keep sending them HODL memes. It' okay you bought Ripple at $3, just HODL - while they sit on 33%+ losses - HODL!
I start this day in a sea of red. I will go on with my day pretending it doesn't matter. But it does. I was king of the world not a week ago, today I sit with 40% losses... big losses... 5 digit losses... if I told anyone.....
Wait just smile and tell everyone you meet, crypto is the way to make big money, and when you lose big money, it's okay, just HODL.