Trading Update - Rebuilding My Portfolio
Following my departure from the market on November 10th, prior to the Bitcoin Segwit2x fork, I have slowly been rebuilding my portfolio. I had come out of Bitcoin the day before the cancellation of the fork, and the majority of my altcoins a few days earlier.
During my first full year of trading, I have twice seen my portfolio cut between 40% - 50% and the uncertainty around the 2x fork was making me nervous about this happening again. Every notable drop in portfolio value is a lesson in the market and what I know now is that there are no set patterns, as such my gut instinct plays a significant role alongside both technical and fundamental analysis. For example:
- Q1: there was an inverse relationship between altcoins and Bitcoin, when Bitcoin went up then altcoins dropped and vice versa
- Q2: altcoins grew significantly while Bitcoin traded sideways while the scaling war heated up
- Q3: Bitcoin went on a mega run while altcoins entered a depression
- Q4: we are now seeing altcoins grow alongside Bitcoin
There is no set pattern. Because of this, specific actions have cost me potential growth as I have tried to trade on previous trends. So now I am working on version 3 of my strategy which will focus on treating each asset individually while considering the macro picture.
I have been rebuilding my portfolio again, focusing on the principal leading market cap coins, supported by attractive smaller cap opportunities. I am starting to feel that as institutional money comes into Crypto, they are going to put this money in the safest, most significant, performing assets. Therefore I am currently holding the following:
- Bitcoin Gold
- Genesis Vision
My portfolio also took a nice big kick in the arse through the Confido scam, knocking £25k off my portfolio value. I will write about this separately, but it was another lesson in performing proper due diligence and accepting there will be losses on this crypto journey.
In other news I am drowning under the weight of inquiries and questions, currently reaching around 50 a day from text, phone, email and the Facebook group. I am looking at options for making this more efficient or even charging a premium for this as I can't continue to support it. The 3-4 hours a day of support is taking time away from producing content.
Lastly, I am working on three additional things:
- What Bitcoin Did Podcast: I completed my first interview with a chap called Luke Martin, @venturecoinest, one of the leading Crypto Twitter traders. This is now available on iTunes and SoundCloud.
- WBD Mining: I am looking at building my first Bitcoin mining operation in Dallas and just trying to time the market for buying my first block of equipment. There may be opportunities for others to invest alongside me in the project.
- Advisory Roles: I have been offered two Crypto advisory roles, of which I am likely to accept one
With everything happening, I might be looking to take on someone full time to support me with keeping everything going.
I will keep you all updated on all projects. As ever, feel free to ask any questions.