I will continue to monitor over the next couple of days and if the panic sellers are still jumping off buildings, I will buy more of SOL, BTC, and MATIC.
The screenshots of my fills are starting to take up all of my computer screen so from this point forward, I'll just be uploading the fill history in CSV format from FTX.
Dollar Cost Averaging ..a sanitized …more palatable term …for averaging down. Functionally, samathing. Lol ….adding to a losing position.
This be good approach if you were hedged? Do you have an "uncle" point ? Buddy of mine once bought Gold long ago at $800 then market went down to 299, took a decade? to reach 800 again.
If you like SOL, on FTX and have an appetite for more risk in a nanocap, COPE has a really good R:R rn.
I think it's important that I clarify some things here. First of all, I want you to understand my perspective on Bitcoin and cryptos in general. I'll do a Q&A with myself in an effort to explain my outlook. Q: Do you think governments worldwide will stop printing money over the next decade? A: No. Q: Do you think BTC is a long-term hedge against the currency debasement that occurs from money printing? A: Yes. Q: Do you think there will be more companies, governments, countries and cities purchasing bitcoin this year than there were last year? A: Yes. Q: Do you think Bitcoin and other digital assets are likely to be embraced by the big tech companies like Google, Apple, Amazon, and Facebook over time? A: Yes Q: Does that mean you think BTC prices will continue to go up for the remainder of your lifetime? A: Yes. Q: Does that mean you will sell your positions if BTC goes down significantly in price? A: No. I will buy more. Q: Do you think the U.S. Government will ban bitcoin like China did? A: No. Q: But if that did happen, then what would you do? A: Move to another geographical location where Bitcoin is not banned. (Preferably tropical) Q: Do you think more NFTs will be minted and sold this year than last year? A: Yes Q: Do you think there will be more NFTs minted and sold in 2023 than there will be this year? A: Yes Q: What platforms do you see the most NFT activity taking place on? A: At the moment, Solana and Ethereum but Ethereum will need the help of Layer 2 solutions like Polygon to make that happen at scale. There will be others that deserve attention along the way. Q: What do you think about meme coins like Doge, Shibu, etc? A: They are a complete waste of time and resources. Q: What do you think about the other Alt coins? A: Mostly worthless, but some will be superstars. Most of them beyond the top 30 are akin to casino gambling. Sure, you can put some entertainment money into them, and you may get a hit occasionally. It's not likely you will be a net winner over time with them, but they are definitely fun to gamble with if that's your thing. Q: Do you think Decentralized Finance apps built using crypto assets will eventually disrupt the legacy banking system? A: Yes Q: Are you frightened when you see extreme volatility happening in the crypto asset space? A: Not at all. Q: What do you think about crypto critics? A: I think they are set in their ways in terms of how they see the world, and I think they are extremely uneducated on the subject of crypto assets, most likely due to being older and/or having no desire to put in the hundreds of hours of necessary time required to learning and understanding something new like blockchain technology and the applications that can be built upon it. Q: What do you think are the biggest problems that traders have in general? A: Way too much reliance on technical analysis and financial news from FUD journalists as their primary indicators.
Baron since you don’t have a stop or puke point do you have an exit strategy if bitcoin reverses course ? Or is this a hold til you die strategy ? Do you also intend to cost average in more if price moves up or only on down moves ?
BTW I am not against “averaging down”. I do it on probably 50% or more of my trades. It works because of “price probing”. But I am speaking of the utilization of the technique in intraday trading.