The rapid rise of price in Bitcoin has caused market capitalization of BTC has ballooned up from 120 billion to crossing 280 billion! Hold on right there!! Before making any rash decision, remember - whenever you buy something. It will means that someone is selling it :)
By saying this, I do not mean that the crazy bubble is about to burst or anything. But I'd like to take this opportunity to caution everyone that this is a high risk investment and please do your due-diligence before entering any positions.
Unfortunately, I did not hold onto it. How nice would it be if I'm holding onto it right?
Let's not be greedy :)
I've been rather busy lately and my frequency of trading around is getting lesser and lesser. Allow me to remind myself for another time here - "The initiation of Crypto-investing/trading comes with 2 intention - to build a bigger war-chest and at the same time learning from the crazy and volatile alternative market. (Though, there's no guarantee that it will be assisting me with building a bigger war-chest.)"
I've embarked on this adventurous journey a month ago on 12/11/17. And weeks ago, I've posted on the results of being a cryptocurrency trader for a week. Today, in this post, I will be writing about my results for this month (ending 12/12/17).
One important lesson that I've learnt is to never chase the boat. Once it left the port, wave good bye to it! Another one is to never be emotional to your trades. There will always be a better time to buy or sell. Do not chase for the perfect timing.
However, as I'm taking a small little break from the crazy trading or speculations what many is calling it, I've decided to write about the results this far, today.
This time round, I will not go into the detail of the lengthy crypto-crypto transactions. So let's jump straight into the summary.
Here's the summary for this month:
*the ending funds are in consideration of the withdrawal fees. Pre-withdrawal ending funds stands at USD1,234.41
|DBS forex rates|
For verification on the cost of withdrawal as well as taking back my cost along with booking 100% profit, I've initiated a partial withdrawal from Gemini and received the funds in my DBS MCA the next day. Also to confirm, Gemini does "charges" a USD7 for the withdrawal (despite the official site claiming that withdrawal is free) and at the same time DBS charges approximately S$10 for the handling fees. Hence, the "withdrawal fees" worked out to roughly S$20. Pretty expensive here.
I'd advise those that are using Gemini to not withdraw as and when you like and to keep the USD there to save on the cost.
With my initial injection of USD500 at the rate of 1.3694, my starting funds stays at S$684.70
Through the tradings, the funds at the ending of the month comes at USD1,219.97
This comes up to a profit of 143.99% / USD719.97 (in USD) or 139.45% / S$954.82 (in SGD).
The difference is due to Forex spread between the buying/selling if I convert the funds back to SGD.
Now, the game changes as I'm playing on my free chips. Let's see how the game goes now. However, I believe that the pace will probably slow down as I'll having more schedules in the coming weeks as well as the reduced capital.
At this very point of writing, I hold no positions in any coins and funds are all in USD. For now, I'm more than contented, should I miss out on more "potential profits". Till today, I'm still very amazed by the crypto world and again, it must be beginners luck :) The crazily volatile market has also taught me a lesson. Nonetheless, this performance is nothing compared to many out there who is holding onto them.
With this event, my warchest is successfully "bumped" up.
A week as a cryptocurrency trader - Results
Note: Investing in cryptocurrency is very risky. Please do your due-diligence before any actions. Having that said, I'm prepared to lose every cents that I've input into the crypto world should anything fall through. I do not recommend investing in cryptocurrency.