Losing 50% of my portfolio has taught me more than when I was up 200%, and I am okay with that

Being a new crypto investor (that is starting in February of last year) I have made many poor investments choices in crypto. The two main ones being not diversifying and knowing when to take profits. Diversifying would not have made much of a difference in the current state of the market, but as for taking profits, I was up 2k in an initial $500 investment and I was in the current state of mind that it would still only go up.

Then came the pull backs. I thought it would stop at one level, then kept dropping. Looked like it was recovering, to only drop again. I held, held, and held, until that 2k profits turned into a loss. I thought I was doing good as I started dollar cost averaging in my investments, but at the support level I was buying at we plummeted more from there. Soon my now $1400 investment turned into a $700 loss which I sold.

Reasons why I sold at a loss were because I had no extra money to keep loading the bags and there has been no floor in sight. With that in mind, I plan on buying once we find the bottom of this crash. I would rather find a floor and possibly buy a few % higher than where I sold, then letting everything drop until who know when we will stop.

I know there are a lot of hard minded people in crypto, but those who do not learn and acknowledge their mistakes will keep taking losses. I am still new and have learned one thing from this experience, and that was knowing how to hold. Now that we are in this bear market I can use this to better educate myself on crypto currency’s and make smarter choices so when the market turns back on I’m ready.

I’m not sharing my story to get any congratulations or sorry for your losses, but rather speaking out for the people who have similar stories like mine and are too scared to tell as they may get ridiculed by veteran crypto investors. Know that you guys are not alone and now everyone new to crypto has experience a major crash. This will hopefully teach a lot of people, like me, something new they haven’t learned in being in a bull market.