Sticking To My Guns
By Jim Bauer
@porwest (78761)
United States
June 21, 2021 5:42pm CST
Recently I got involved in cryptocurrencies as I mentioned in earlier posts, and since doing so it looks like the proper word for what is happening in the crypto markets is that it is "cratering." Everything is down, and down big time.
But I am sticking to my guns.
I said that I would be willing to put 1% of my entire portfolio into crypto. I said that I wanted to own 1000 coins of Dogecoin and 1000 coins of Amp, and despite what is happening I am still fully committed to both of these coins and the amount I am willing to pony up in the short term.
In some ways I kind of LIKE what is happening in the cryto markets honestly. Why? Because it is acting more like any other asset class would act. It is acting more "realistically."
If it is going to be an asset class that has legs for the long term it has to be one that does not act like a lottery ticket. It needs to have a reasonable valuation and reasonable path.
It's a small amount of money for me to invest, and I said from the start it is all money I can afford to and am willing to lose.
So, it's plan forward. No change to my thoughts. And no change to how I plan to proceed. I will, of course, keep you in the loop as to my overall thoughts on the market and what I intend to do next.
Stay tuned.
17 people like this
14 responses
@BelleStarr (61047)
• United States
22 Jun 21
well, it is good to diversify so why not, It isn't my cup of tea but i am already retired so have a different objective.
3 people like this
@BelleStarr (61047)
• United States
22 Jun 21
@porwest I was quite aggressive up til about 2 years ago
2 people like this
@porwest (78761)
• United States
22 Jun 21
Retirement does change the game a bit. Although, being how much I am involved in the stock market, it is something I am not sure I will ever give up. Even in retirement. But of course, my strategies will become more and more conservative, which is saying something since I am fairly conservative now with my strategies.
2 people like this
@kaylachan (57359)
• Daytona Beach, Florida
21 Jun 21
Hopefully it yields you positive results in the future.
2 people like this
@kaylachan (57359)
• Daytona Beach, Florida
22 Jun 21
@porwest This is true. You seem to have that in spades.
1 person likes this
@porwest (78761)
• United States
24 Jun 21
@kaylachan I try to be as informed as I possibly can before I hunker down with my money. It usually works well. But of course, like anything, things do still go wrong from time to time.
@janethwayne (5193)
• Philippines
22 Jun 21
If you are determined of what you been doing keep on going.
2 people like this
@Nakitakona (56302)
• Philippines
23 Jun 21
@porwest You may be right. Stock exchange is too dependent on the market business activities.
1 person likes this
@porwest (78761)
• United States
23 Jun 21
@Nakitakona Well that, yes, and of course those who invest usually do a LOT of research before diving into anything and plunking down their money. In the markets knowledge is key to being successful.
1 person likes this
@RebeccasFarm (86517)
• United States
22 Jun 21
Will just wish you all the best Jim
1 person likes this
@porwest (78761)
• United States
26 Jun 21
I am not sure what the correct answer is. I would say yes, based on the numbers being down. BUT, it is also a bit of unknown market (for me at least), and so its harder to place a value on any of these cryptocurrencies.
If you put any money in, it HAS to be money you don't care if you lose all of it. That's my best advice.
1 person likes this
@porwest (78761)
• United States
30 Jun 21
@TheHorse Yeah, 1% is reasonable. At least to me. Not the way I would normally tackle any "investment," but when I consider what I would be willing to spend in lottery tickets or drop into a slot machine at the casino...
What I put into crypto is a drop in the bucket.
@porwest (78761)
• United States
22 Jun 21
I agree that this is nothing to be worried about. Dips are opportunities to buy in most asset classes. I am not sure why this one would be any different. It's a small correction before a massive upswing I think. I can't evaluate this market like I can stocks...but I am confident my analysis is correct.
1 person likes this
@AkoPinay (11544)
• Philippines
22 Jun 21
I am happy when prices go down because I can BUY MORE. I am also happy when prices go up because I can CASH OUT MORE. Crypto "Game" is fun if we don't take it too seriously. By HODLing we can always get our MONEY BACK (except when hacked of course) not like lottery. 
I am happy also that you've "tested the waters" and now learning this crypto thing. 
I am happy also that you've "tested the waters" and now learning this crypto thing. 1 person likes this
@LindaOHio (155568)
• United States
22 Jun 21
For every low there will most likely be a corresponding high. Hang in there.
1 person likes this
@misunderstood_zombie (8142)
• United States
29 Jun 21
I hope your wait turns out for a lot money for you. I would have so much anxiety on which way to go but you seem very confident. 
1 person likes this
