Around the first of December I decided to dip my toes into the fast-moving waters of the crypto-currency frenzy.
I can tell you for a fact, even at this early point, it is the wild west of trading!
However, crazy it may be, I think that there is sufficient evidence that it is something that needs consideration in most portfolios. But a small allocation, to be sure. Think of it as Las Vegas money – if you lose it, you at least had the fun of spending it!
Here is my take on crypto trading so far.
First the good news: I am already up 100% – or more on all positions, even after adding the money transfer charges (wire transfers) and no so cheap trading costs.
It is my intention to take my initial investment off the table after I am up 100% and play the game with house money.
If you want a roller coaster ride, without leaving the comfort of your office, you might want to put a few bucks into this crazy new market. But it is volatile – and I mean REALLY volatile – many coins move as much as 10% or more daily. And some days as much as 100% (on certain coins).
It is no easy matter to set up accounts on most exchanges so plan on it taking some time. If I had been able to get my Kraken account opened for trading a few days earlier, I would have been able to buy Ripple (XRP) at about 20 cents per coin. Just as my account opened, it went up to $1.00 in one day and added another dollar the next day! I was able to establish a position of a few hundred coins at a price just above $1.00 and it has been well over $3.00 already – trading at about $2.75 as I wire this
So far I have traded Bitcoin (fractions of a coin only) – and doubled my money. Ethereum – also doubling my money. And Litecoin – another doubling of my money.
Am I having fun? You bet I am. Do I know what the F#@& is going on. Hell no!
But like I said, when I trade cryptos, I just pretend that I am in Vegas – and roll the dice.
And I intend to continue to take profits each time my little position doubles in value. Who knows where this madness might lead to eventually? But in the country where I was raised, we had a saying, “Make hay while the sun shines.”
While sitting around the campfire, one man-eating native asked another what he was eating. He replied, “I’m having a ball.”
That pretty much sums up my crypto trading experience so far!
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Great system – couldn’t trade without it !!Frank YDavid, Panama
Thanks for the method !! Very solid, very logical entry and exit and genius SRV’s !!Denis DRussia
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the SRV’s are spot on !!Tom CUSA
I trade the US Bond Markets exclusively – amazed at the accuracy of the SRV’s !!George SNew York, NY
….very impressed with the whole philosophy – both personal and trading, expressed in the book. I will read and revert !!Richard DUSA
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