I was a sceptic. I might have already told you that?
I am financially trained and have been completing book keeping services through my company and completing tax and VAT returns for years. I have also advised on the setting up of charitable accounts and other such enterprises and provided services to help people get their personal finances in order…
… but back to the point.
My family are well aware of my background and they urged me to invest in Crypto. They had been inspired after reading internet articles and seeing on TV interviews about Crypto Investors who were making a living purely on a Crypto income, I really didn’t want to, but they said they couldn’t do it as they lacked knowledge or financial understanding – so it had to be me. I still resisted because of a bit of FUD, but mainly because of one resounding reason that stood out above anything else.
For this I will need to take you back a few years. I remember speaking to a well-respected portfolio manager who I was coaching at the time. He works for a large insurance company and had a multi-million dollar portfolio to invest. At that time few had heard of Crypto, but I was interested in and seriously considering ForEx.
His advice was simple and blunt.
“Don’t bother, unless you want to lose all of your money”.
I took it very much to heart and assumed that Crypto would be the same and so I warned my family that any funds invested would quickly get swallowed up and lost and it would be a waste of money. To my surprise they agreed and so here I am just two months later and in a better position to comment on it.
Scepticisim has gone, but caution remains.
For the first few weeks as I was learning I was losing badly and getting more frustrated. I felt cheated by my exchange and was struggling to read the market and now my final calculations are in I can see that at one point about five weeks in that my portfolio had shrunk by more than 22%. What made it worse was I was making lots of good investment decisions, but they were being undone by just one or two bad ones.
“Don’t bother, unless you want to lose all of your money”.
My client’s words echoed again loud and clear in my head and I thought about pulling the plug and admitting defeat to my family. I had put up half of the fund and they had put up the other half.
It wasn’t a conversation I was looking forward to having…
I had to do something and do something quick.
I got smart, I knew the principles already, but I researched the market and created robust strategies that were rapidly implemented (those of you who follow know this already as I have shared quite extensively and it will be interesting to see how many of you have followed my lead and what kind of results you have achieved) and it was a revelation.
On Sunday evening, as I often do, I assessed my current position and was in for one of the biggest shocks of my life when I realised what I had achieved.
First fruits of recovery had started maybe just under month ago and I remember celebrating when for the first time my portfolio value actually exceeded my investment value (see A First Milestone). Within two days of that breakthrough I was up and staying above and haven’t been below since. Now here is the most amazing thing…
Close analysis showed me that in the last three weeks up to Sunday I had made 24% of my original portfolio value. That is an incredible return in three weeks. It is like the opposite of buying a brand new car from the showroom. We all know a new car depreciates significantly the moment it leaves the showroom. Well the change of value was just as dramatic, but in my favour. Imagine buying a car for ?20,000, driving off in it and then taking it back three weeks later to be told that it was now worth ?24,800!
Yes I will have a bit of that, thank you very much!!!
The only downside was that much of this was swallowed up by recovery rather than pure profit. However, my is yield currently running at about 7% net (after allowing for initial losses) and growing exponentially as I write.
Forgive me for sounding a bit smug, but that is incredible.
In my next post (Part 2) I will compare Crypto to other investments and explain my argument for choosing Crypto.
Have a good day…
