Watching my money disappear with the crypto crash
I, like probably many on here, have a small amount of money invested in a number of different cryptocurrencies. Bitcoin, Ether, Litecoin, etc, etc.. Unfortunately, like some, i came in a bit late in the bubble, when it was already fairly high (although not as high as it got, thankfully).
The whole investing in Crypto's is new to me, but i understand there's highs and lows, ups and downs..
However, this past few weeks, I've been watching my investment wither away. I'm already down roughly 50% on my investment because of the crash, and I know its only going to get worse before it gets better. I'm thinking of pulling some of my money out until it hits rock bottom and then re-investing it. Although at the same time, i think the time for that has passed too.
Here's my thoughts on the matter.
I'm here for the long haul. I know its going to get better again. But watching it all happen is really hard. I know that this is all because of the bitcoin fork on 1st August, but it still doesn't make it any easier.
What I am considering doing as a short term measure while the market continues on the downward slope, is moving my coins from a couple of the majors back to fiat and a couple of more stable currencies (such as Steem and EOS which while both of these have suffered, they appear to have suffered less than the others). Then once it reaches rock bottom around 1st August, I'll reinvest.
As I said, i know this is just a normal dip because of the fork, but to minimise my losses and maximise my investment once it starts shooting up again, I feel this is the best course of action.
Keen to hear other people's mitigation strategies.
I won't sell. You haven't lost anything. You only lose if you sell. And I wouldn't worry too much about the volatility. The BitCoins are still yours, and whoever wants to do stuff that's illegal, has to recur to BitCoins. There is no other way - at least not on the internet.
I will wait till October .. or early September to predict future movement and momentum. Good luck
Whats due in September / October?
I am no financial adviser... and I feel your pain... I say wait it out for now. Make the moves on the way back up. I know that's not very helpful in times like these but its all I have for now. I did try to play a little in some ICO's. Hope it pays out in the long run. Good Luck.
Its great to hear other people's thoughts. I did try a bit of active trading on a new currency about a month ago, made a little bit of money on its movement, but it was so volatile. Much more volatile than the majors. Good luck with the ICO plays.