Well, in hindsight, I wish I had NOT decided to “hold” the portfolio undisturbed for 2-3 months or until the price targets were met. I had a Stop Loss only for ETH at 700 (a silver lining) and decided not to risk manage other positions (a big mistake).
All the cryptos in the portfolio followed Bitcoin’s drop and collapsed, wiping away most of the unrealized profits I had as of the last update. The 15k portfolio had grown 45% as of May 5, 2018 but as of July 1, 2018 all the profits have evaporated – see the portfolio status below.
Anyways, I think BTC has bottomed for now around the 5700 – 5800 zone but going forward, I will need to manage the risks in a better way.
BTC chart as posted on June 11, 2018. Subsequently, BTC touched the 5800 level twice between June 21 and June 30 and has now bounced back to the 6300 level. It can again drop back to the 5700 level but I am hoping it won’t
So, what is happening with the portfolio?
Took advantage of the recent drop in prices and used up the cash left in the portfolio to buy ETH at $435 and additional lots of LTC at $80 and XRP at $0.45c. The current status of the portfolio is as follows:
Basically, the value of the portfolio is now back to the initial investment figure of 15k. While working with those new targets mentioned above, and feeling confident, I will also make sure to close all the positions if the portfolio value in total falls by 20% any time.
Lesson 1: You will NEVER know, you can NEVER be too sure
Lesson 2: NEVER say NEVER again 🙂