Regardless of how high crypto may continue to go, I know that there will always be those individuals that say, "Yeah, but the gains in this journal are just paper gains until you actually sell." So given the recent increase in prices, I'm officially closing out this journal gracefully so that there's no debate whatsoever about how it played out. Ok, so there were three crypto assets that were acquired via roughly two dozen buys along the timeline of this journal. All of the trades ended up being profitable except for one, and the breakdown is as follows: I bought 1.58 BTC for an average price of $49,938 so my cost basis was $78,902.04. The exit price was $97,762 which generated proceeds of $154,463.96. So the net profit on that is $75,561.92. I bought 487 SOL at an average price of $93.82 so my cost basis was $45,690.34. The exit price on SOL was $256.51 which generated proceeds of $124,920.37. So the net profit on that is $79,230.03. I bought 2020 MATIC at an average price of $2.47 so my cost basis was $4,989.40. The exit price was $.58 which generated proceeds of $1,171.60. So the net loss on that is $3,817.00. So in summary, I bought $129,581.78 worth of crypto that generated $280,555.93 of sale proceeds, creating a net profit of $150,974.95 for a total return of 117%. Thanks to all who participated in this thread and followed the journey. It took a lot longer to generate some profits than I ever expected initially primarily due to the FTX scandal. So this definitely ended up being an unexpected exercise in patience. I would like to start another journal soon but realistically that won't likely happen until January 2025.
I remember when you opened it up 3 years ago I had just bought a dozen cryptos that were the hype then. I just sold everything this past week, averaging a pretty good annual return of 19%. This hides the reality that 9 of 12 were sold at a loss, that I missed selling ETH ath, that SOL came through out of nowhere and compensated for the ETH disappointment. The elephant is clearly BTC and had I bought 3 months ago instead, my return would have looked mighty impressive. Overall satisfied. Lesson for me is stick to BTC, be patient.
Good on you sir. I remember when your average price was in the 25K range. What a fucked-up path BTC went. You are very smart to get out mow, as it nears 100K. Be sure to rotate those gains into a simple Vanguard SP thingy. It is the safest play while Putin rotates to a new nuclear stance.
Well now I'm getting worried. When the 'elite' traders start to get out... why do I keep pyramiding in Livermore style?
If youre Ok to share,why are you exiting crypto? Do you see no upside from here? I get it from the perspective of the journal.Are you selling only on paper to close out the journal? Perhaps you have an opportunity to make superior gains elsewhere? Obviously,Im curious,but understand if you cant share. Congrats on being a part of it and profiting handsomely. Cheers,