I Played Catch the Falling Knife This Week without Drawing Blood
The @cryptokeepr always HODLS his investments in cryptos (and precious metals) through thick and thin. I don't let some big drop, some parade of hit pieces, price manipulation by big money, or whatever affect my plan. In fact, once Steem dropped through the $2.50 level I started salivating like a hungry animal and played the risky game of Catch the falling knife and resumed my buying which I have not done since that Autumn of 2017 fire sale of steem near and below $1 apiece. Actually I started my buys near $1.40 back then...so I was red for a couple of months in terms of steem purchases.
Back around November I had a few doubts churning around in my mind as did others, saw many questioning the viability of our platform and our native currency, and was losing hope. However, I didn't sell what I was a bit underwater on
- Because my steem is mostly held as steem power and I can't just panic and sell all of it at once--it takes 13 weeks
- And because I've sold stocks and ETF's at a loss or sold for too small a profit to many times, only to watch what I no longer owned skyrocket over time (ETN's like XIV and DGAZ come to mind as what could've been five baggers or more that I sold for a paltry 20% profit).
Lesson learned, plan adjusted, OOOOOH those emotions!
Gotta keep em in check if you're gonna play with such volatile assets. So this week I did some rational thinking, I held out my hand and grabbed that sucker by the sharp end on the way down and a little more as its descent slowed and reversed and so far it's drawn no blood if you consider the average of those buys is a little lower than what Steem trades at as of this writing (about $2.20). I did this partially because sentiment is near where it was back in November and I had some extra cash and other coins laying around.
Those buys are from red and green positions in the bigger name currencies made at earlier dates and I went ahead and picked up a bit more LTC, BTC, and ETH too the past several days. Steem dropped so much compared to those that buying it with those other cryptos was a win even though some of those previous buys were in the red (steem being more in the red compared to its high than the higher market cap coins).
Also note I've been converting my SBD to Steem and powering that up along with my buys. I'm not sure how quickly it'll happen but there's a movement going on among some of the witnesses to restore the SBD back to its intended peg, which is much lower than it is now so I trade SBD for steem and power it up frequently. Regardless, I've gained nearly 600 steem power in the past 2 week through mostly buys but some earnings too. Now felt like the right time.
I'd done a post recently to try and give some perspective to those who bought high and have seen their portfolio evaporate at an alarming rate. Then the price fell a bit more. Well, THAT SUCKS and I hate it for them and for everyone. Like I said, I have some winter buys of other cryptos that are currently red or traded for alts that are even more red but I still have a net gain in all my crypto activity since the beginning of my journey into cryptoworld. And I didn't start out holding green buys for the first couple of months but I stuck to it and reaped the rewards which are lower than they were in December but I digress....
Steem is a long term thing for me and it is my still my number one holding. This post is to show my continued faith that we have bigger and better things coming and if you're underwater, maybe consider holding on unless you've hastily invested your bill money or money you need it for other things hoping for short term gains (bad idea). I won't advise people to buy now or ever, I'm not a financial advisor, I'm merely sharing my own experience and proving my faith is still there.
AAAAND THE DISCLAIMER! This is not financial advice and I am not advising or even trying to suggest that anyone buy ANY asset whether it be crypto, precious metal, stocks, ETF's or whatever. I am not a financial professional or advisor so play this game at your own risk and do your own research / due diligence before buying any crypto or anything else whose value could drop at any time. In other words, you may end up with very bloody hands (metaphor) if you catch that knife at the wrong time.
@cryptokeepr Well done. This is the best chance to buy. Every year the market is low. Good investors are taking advantage of these opportunities. steemit The best place to invest in the long term. You can consider it as your main job
restem your post
I wish this could be what I do for a living (and a few other things to supplement it). I'm tired of being a slave to corporate America and really want to work independently someday and not for a big company like I do now that sucks the life out of me....it does pay well though. Some day steemit may provide such big returns I may not have to work full time at a regular job. That's the dream anyway....
Great financial analyzed post, my mentor always said buy when others sale so when there is parnnick in the market especially during market fall in price. It is always wise to buy and hold at that particular time, because that is when you will get the highest return on your investment in terms of long term portfolio .
As the Oracle of Omaha Warren Buffet says "buy when there is blood in the streets". Sure steem and others could drop even lower but they'll rebound in a big way eventually. I'm hoping we see a bit of consolidation near the price we're at now for most cryptos then a reversal eventually. I won't dare predict when that could be though. And yeah this is a long term thing for me.
Sir! Did you have to scare me with that picture 😦 faints
Hahaha Key Kristy! Great to see you around! It's been awhile. I was thinking about just using a stock image from the web but noticed a big sharp butcher knife in the drying rack next to my sink so I opted for the selfie instead.
When I used to work in the restaurant industry as a kitchen manager (while I was in college) I made a habit of actually playing with the knives there when I got bored...I'd toss them in the air and flip them 360 degrees and catch the handle and scare the hell out of the servers and my bosses. Never really got hurt doing that. Ah the stupidity of youth....
But in the metaphorical sense of investing in a falling asset, I've drawn blood plenty of times and learned from it. But that was back when I was trading stocks and ETF's short term..No more short term trading for me!
Steel hands always defeats a catching knife!
You have the right mindset, you will be fine.
Thank you for the post.
I appreciate the vote of confidence in my decision :) It's hard after seeing so many red days but I try look at it as an opportunity and not a hardship (the price).
this is a very challenging work.you playing catched the falling knife without blood.you are serious and fun the moment.its very risk work dear.thanks to sharing for your interesting post..friend @cryptokeepr
Risk is always a part of the equation when investing, but so is seeing the long term / big picture. Even if Steem and the others had continued to fall I would not have regretted my buying. I'm happy to see the price stabilization of the crypto market as a whole for now though.
yeah,dear you absolutely right and i am agree with your opinion..@cryptokeepr
sooo nice article in this post.keep it up dude.you are too good man.go ahead in your way
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very good post sir
deserve to follow
please follow back
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