Re: The Long Road To ISA Millionaires
Posted: November 22nd, 2017, 8:41 am
A little update.
I felt emboldened by some of the comments here and decided not to sell 500 euros worth, but instead agreed a strategy with my other half (we share all finances) that if the Bitcoin price ever reached double my initial investment amount, I would take out my original stake and have the freedom to 'play' with the rest (either let it run or try to sell high , buy low on the swings).
She was happy with this approach as she got on board with the notion that having taken the original investment out, we wouldn't really lose anything regardless of what happened with the rest.
Well a few weeks ago, just before the Bitcoin2x split failed to materialise, it reached that doubling in price. Although tempted to let it ride I stuck by our agreement and sold half. Soon after the price crashed and I felt pretty smug, but now it has recovered and gone a fair bit higher.
It's going to be an interesting ride and I reckon I'll learn a lot about my tolerance for risk along the way, but having taken that original investment out, I do feel less like I am 'gambling' with my wife and mine savings!
As a side note, my Etherium tracked Bitcoin movements pretty closely for the first few months since I bought it but then stayed pretty much steady when Bitcoin starting to shoot up. I plan to follow the same strategy of selling half if it ever doubles in value.
I felt emboldened by some of the comments here and decided not to sell 500 euros worth, but instead agreed a strategy with my other half (we share all finances) that if the Bitcoin price ever reached double my initial investment amount, I would take out my original stake and have the freedom to 'play' with the rest (either let it run or try to sell high , buy low on the swings).
She was happy with this approach as she got on board with the notion that having taken the original investment out, we wouldn't really lose anything regardless of what happened with the rest.
Well a few weeks ago, just before the Bitcoin2x split failed to materialise, it reached that doubling in price. Although tempted to let it ride I stuck by our agreement and sold half. Soon after the price crashed and I felt pretty smug, but now it has recovered and gone a fair bit higher.
It's going to be an interesting ride and I reckon I'll learn a lot about my tolerance for risk along the way, but having taken that original investment out, I do feel less like I am 'gambling' with my wife and mine savings!
As a side note, my Etherium tracked Bitcoin movements pretty closely for the first few months since I bought it but then stayed pretty much steady when Bitcoin starting to shoot up. I plan to follow the same strategy of selling half if it ever doubles in value.