Learn From My Investment Mistakes. Taking Some Profits is Wise!
I too have high hopes for Steem, as I did for PTS, Protoshares, Angelshares, BTSX, and BTS. As an investor, it is your responsibility to own your investment decisions. Do not risk more than you can afford to lose, be it time, money, etc...
I look in the mirror and hold that guy looking back at me responsible for making investment decisions. Investing and speculation is a game of managing risk. The better you become at it, the more successful you will become. It has taken me over 20 years to become a better, more consistent trader. However, I still have investments that I hold too long or sold too quickly.
I wrote the above over 4 months ago.
2017 Taking Some Profits
The last few months in crypto has been crazy. The dramatic rise to all coins has been unprecedented. Today, I made a decision to sell one on my holdings, Factom.
The reason I sold was I didn't want to repeat the same mistake I made in 2014, when Bitshares was at an all time high. I rode BTS all the way down from 7422 satoshis to 303 satoshis. A painful lesson, but that experience taught me a great deal.
In hindsight, I think I could have bought bitUSD and held on to my position and made money on the decline. I believe this to be true, if not, someone please correct me.
As an investor, I believe selling some of your holdings after an astronomical gain is prudent.
Sell Everything?
It is tempting to do so, but I have several other holdings that I plan to keep. Many of them are Bitshares user issue assets (ICOO, OBITS, HERO, STEEMFACTORY, TASKMANAGER, VIRGRO, ZAPPL). Others include Counterparty assets (Spells Of Genesis Cards, LTBCoin, DATABITS, FoldingCoin) and Komodo, and Litecoin.
I think many of these have the potential to go much higher. I could be wrong, though.
Venture Crypto Capitalist (VCC)
I've been fascinated by the Venture Capital business model, however, I'm not an Accredited Investor, so I can't invest in early stage companies via private placement deals. However, Initial Crowd Offerings (ICO) within the cryptocurrency world has allowed me to become a VCC.
I haven't been participating in the recent ICOs, however, I'm looking to start up again. If anyone is interested in discussing crypto projects and performing some due diligence, let's talk.
I'm Thankful
I'm thankful the Lord Jesus allowed me to find out about cryptocurrencies. I'm willing to share what I learned with others, so they too can benefit. So let me know if I can help.
As always, thanks for reading.
good advice!
Great post and information! ☆☆☆☆☆😎
Thanks, I'm glad you found it informative.
You're welcome. I have made similar mistakes. "You got to know when to hold them...... know when to fold them....etc.....
Great post and informative. Will follow you, (upvote:-)
Thanks!
i made a good amount of money with bitshares in the last few weeks
Yes, it'a always prudent to take a little profit after very fast and aggressive run ups. I sold a small chunk of SBD couple months back to get my originally fiat dollars back that were invested and was kicking myself for a moment after steem made these recent moves, but in the end I know it was the right decision on the grand scheme of investing.
An old saying goes, 'No one has gone broke taking profits!"
Watching profits fade away can be painful and I feel like it is hard not do that without going through it first hand.
However. I will try to learn from your choices so that I can make great ones in the future.
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Resteemed :-)
Hello @pairmike !
Nice article. This is the kind of topic have been thinking off the past few weeks! I sold my Factom a few days ago.
I have to admit selling your Bitcoin for Bitusd or Usdt is not soemthing I like to do, as you have to react quick and I come in a kind of FOMO.
So, I learn to train patience and hold, or also like to invest in a few ICO´s. (Status should be a good one I heard)
I wish you could luck and even more success!
Thx for the response. Do you mean Stratis?
No I meant Status 😊
Ok, thanks. I'll look at it.
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