Right now, my account is worth $5300, but it was $3000 just last week. Here are the coins I bought and their costs:
UMA - 5/5/21 - $25 each - $2000 total spent
OMG - 2/12/21 - $6.16 each - $4472 total spent
ETH - 11/14/21 - $4690 each - $558 total spent
SUSHI - 5/7/21 - $16.60 each - $1975 total spent
BCH - 5/7/21 - $1380 each - $1975 total spent
XLM - 2/21/21 - $0.49 each - $2112 total spent
SHIB - 11/10/21 - $0.0000545 each - $436 total spent
ANKR - 5/7/21 - $0.16 each - $2546 total spent
I hope I did the math right. When Coinbase Pro merged my account with regular Coinbase, it messed up my cost basis, so I had to look back through all my transactions.
I probably made some bad choices back then and might make more in the future. Enjoy everyone!
Darcy said:
Looks like you had a habit of buying at peaks
Yeah, it’s kind of embarrassing haha. I bought and sold during the rising trends of many of these coins. Eventually, I got tired of watching the markets so closely, trying to time my trades, so I bought a bunch of coins and forgot about them until everything crashed.
@mckambodian
The market makes new buyers feel the need to enter at the peaks. They tend to believe the price will always go up and end up buying in the bear market. It feels like wasting money in the bear markets, but you must believe in buying quality during those times and find the best stories for the upcoming bull market.
@watchyourcoins
Absolutely! After seeing the prices during the bear market, I thought nothing would go back to where it was. A lot of this is just a learning experience, and I hope others learn from my mistakes!
@mckambodian
I’ve been there so many times, just with smaller amounts. Buying at peaks because of FOMO and then selling at lows. I learned my lesson, and now I wait to buy at dips. There’s no need to rush. If it’s not this coin, it’ll be another.
The thing is, this isn’t just a $16k investment anymore. Now it’s only $5.3k. Looking back, I can see the mistakes I made. Remember all those posts back then telling everyone to invest in ‘x’ and hold for years because of its profitability? People are still doing that today. Back then, I thought I’d be opening my account years later to find a lot of money. I’ve learned my lesson about altcoins.
@mckambodian
That’s true in any market. In 2008, I was into gold. By 2009, I saw many people lose more than two-thirds of their investments. They sold everything possible to avoid losses.
That is devastating and hard to recover from. What you experienced is just a bad day, so don’t worry.
@mckambodian
I get it. But can you understand that I’m so poor that I would never forget losing $16k? That’s what makes it funny—you didn’t take the time to research because you had too much money to spend. Always do your own research.
@mckambodian
Dude, the bull market just started, and hopefully most of your coins will rebound to the price you paid or even exceed past all-time highs. In my opinion, you should have bought altcoins months ago, not now. If you really want to buy new coins, invest more money instead of selling existing ones at a loss. Selling the coins where you broke even isn’t a bad move; they might perform better in the coming months.
@August
You’re right! I’m going to keep holding onto them, but it’s so tempting! It’s easy to look back a month and think, ‘I should have invested way more,’ but after three years of holding, I would have been saying that every day. I think a good strategy is to buy a bit every week or so. That way, you don’t go all in at the high and do nothing during the lows.
My current situation proves I have no idea what I’m doing. Maybe if I sell, then the price will skyrocket?
Good luck!