6 ms·
You should get a financial adviser. Your problem is that you didn't understand your own risk tolerance. There is no such thing as free money and as you get high
by frgtpsswrdlame 9y ago
You should get a financial adviser. Your problem is that you didn't understand your own risk tolerance. There is no such thing as free money and as you get higher and higher returns, you're accepting higher and higher risk. When you invested in crypto you were thinking about returns but not about the risks (in all fairness crypto evangelists never advertise this half of the equation.) So go get a financial adviser and talk with him about your risk tolerance, how big of a dip in your portfolio can you withstand, that sort of stuff. That'll help you going forward with your money.
As for now, well you're in a bit of psychological bind. No one knows whether crypto is going to be $6000 tomorrow or $8000 and no one knows what it might be in a month. You can't time the market - whether that makes you hold or sell (or partial sale), that's your own decision but you'll have to live with it so really mull it over. If you do sell I would advise totally cutting any crypto news out of your life, if you sit there and watch the price you'll feel sick, no matter which way it goes and if it does peak over your sale price again you'll constantly think you could have timed it (you couldn't have, that's why you're not sure whether to sell or not now.) Also you need to keep work from going downhill, at this point you need your cashflow. If that means a short vacation to reset that's up to you but no watching crypto prices on vacation!
TLDR: you gambled and you're not a gambler. Don't do it again and keep your job in good order.