iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
131 Blog Posts

Crypto Correction

You took some profit right? You had a trading plan. You executed it flawlessly. Your fibs were drawn with care and your stops optimized for textbook 4:1 Risk/Reward ratios. Good.

If not, enjoy this feeling. Nothing has you more alive than a swift 20% market wide correction. Your portfolio decimated, your plans for next year’s vacation wiped out. It may not be pleasant but you will survive, stronger for the experience.

Pain will be of the Hellraiser variety but stay the course. Don’t indulge in the pain because  this is when you need to go to work. You make money when you buy in Crypto and buying opportunities are coming. The moves in Crypto are violent. Crypto markets are mass psychology in fast forward motion. Be a student of it but don’t let it run you.

Your lighthouse in this storm is this: you are playing the long game. This is the early innings in a multi decade shift in how financial transactions happen worldwide. This is bigger than the Internet. Do not lose sight of this fact. This dip will be a blip on the chart months from now. Don’t chump out for a 20% daily drawdown.

We will look at our favorite coins and we will find that sweetest support. We’ll bid that support and we will be victorious.

We are the heroes in this movie. In the first act you meet the hero. In the second act the hero is in jeopardy. In the third act the hero kills everyone. This is the second act. Soon we will be beheading market participants and drinking from their skulls.

I’ve have not traded any coins since late October. I am irresponsibly allocated in BCH with a very small position in EOS. BCH is my long term monster play in crypto. EOS is my potential moonshot and I will rebuy XMR as my anonymous coin angle, possibly soon.

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6 comments

  1. Metalleg

    I’m up about 500% so I can withstand a 20-30% drawdown without sweating it. Will put more cash to work shortly as buying opps present themselves.

    Question: when you talk about taking profits, what is your method for doing so? Do you trade into one of the Coinbase offerings and then sell into a USD wallet? I assuming you aren’t going into USDT so even if I were to take some off the table, outside of going to cash and creating a taxable event, what other options are there? Thanks.

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    • CoinSpeak

      Sell on an exchange or venture onto sites like localbitcoins.com

      You have to know what you’re doing and it’s not appropriate for large sums but if you’re just cashing out monthly expenses it’s doable.

      If you are sitting on a large sum you can’t really create a market for yourself or you risk getting labeled an unlicensed money exchanger and going to jail. Good times.

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    • lapens

      This is also my question. I’m not sure if it’s the same in the USA but here in Aus we have to pay 10% GST on any new purchase of coins. So going back to fiat and then back into crypto again automatically costs an extra 10%. Jumping in to USDT seems attractive but I’m wary for obvious reasons. What do you guys think?

      PS. I’m also up a lot like Metal so can afford to ride these drawdowns. I transferred more fiat in today as this is a fantastic buying opportunity #PPT #ETH #XMR. What are your recommendations???

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      • Metalleg

        Lots of chatter about XVG lately. Also like OMG, NEO, and starting to research ICX which, on the surface, seems like a winner.

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  2. J Adabese (your pen pal)
    J Adabese (your pen pal)

    Cool pic

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  3. dp909rev

    Still got MGTI and loading up on Litecoin and BCH.

    http://www.youtube.com/watch?v=XbZ8zDpX2Mg

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