John, hope you don't mind me putting my update here, but I wanted to share my results today since you've been so good about being transparent with what you are doing.
I happened to be watching at just the right time to notice the plunge. On my chart, ATH didn't hit yet, so it took me a bit by surprise, but since I had a sizeable position in the 2X leveraged ETF, I took profits.
In one account, the bigger one, I closed for a $14k profit, which for me is an incredible gain. I'm part of, what they call, the "shrimp" army.
I was building up this position ever since the plunge after the ETFs launched. I took an exit at $53 for BITX in this account, although it had been as high as almost $55 today. I waited a few minutes to watch if it would recover, and it didn't, so I feel lucky to make the right decision. And just like I said I would, I started scaling into the non-leveraged ETFs. I was mostly buying IBIT today since I already have a huge amount of BITB. I want to diversify the ETF holdings, but since they all custody at Coinbase, maybe there is no diversification in reality. (not your keys, not your coins) Its in a tax free account though, so the benefit is there.
Here is the $14k closed position. The $922 loss is an ETH ETF that I can't wait to close. It got at high as -$400 today, and then plunged, so I'm hoping I can hit breakeven with it. Been holding it since the end of 2021 and it went as low at about -$4k. The rally in the past month has been incredible, and was hoping I could close it soon, but maybe we need to regroup first before another push higher.
So now that my leveraged position is sold, I plan to just buy more spot ETFs and sit back and wait for the top in 2025. Hopefully it plays out like this, but I might start scaling out when we get to 100k depending on how things are going. Since its not a leveraged position and the fees are so small on these ETFs, I don't mind if we dump and not reach 100k this year. Its a long term hold at this point.
Here is me scaling into IBIT and FBTC. I had gone to sleep, and to my surprise, all the open orders hit. I should have set even more lower because I could have gotten a bit more IBIT for lower prices. But I put in about 70% already from what I sold from BITX, so there isn't much left to buy to be fully committed.
In my IB account where I do my day trading (horribly mind you), I booked a $1.6k win, which is bigger than anything I have ever gotten (I'm seeing that swing trading vs. day trading is much better for me emotionally, so this is an interesting observation). Once again, I started scaling in, and was happy to see so many fills. The shitty thing is that I already took many profits on the way up. If I just held the position from about the $20s or so when I started buying, the profits would be much bigger. I got about $100, $200, and $800 profits along the way, so this is the biggest, but it could have easily been about $4-5k if all I did was add to the position and not exit.
I don't mind if we keep going lower as I will just keep loading up more. Since this is the leveraged ETF, I think there is time decay, but I'm fairly certain we will have a bounce so I can get another nice profit. Even if it drops down to $30, I can still keep buying in 10 share increments. (maybe these is what they call the famous last words... LOL)
Anyway..... so that's it. I'm quite pleased with how it all turned out and eager to see what happens as we approach the halving.
I happened to be watching at just the right time to notice the plunge. On my chart, ATH didn't hit yet, so it took me a bit by surprise, but since I had a sizeable position in the 2X leveraged ETF, I took profits.
In one account, the bigger one, I closed for a $14k profit, which for me is an incredible gain. I'm part of, what they call, the "shrimp" army.
I was building up this position ever since the plunge after the ETFs launched. I took an exit at $53 for BITX in this account, although it had been as high as almost $55 today. I waited a few minutes to watch if it would recover, and it didn't, so I feel lucky to make the right decision. And just like I said I would, I started scaling into the non-leveraged ETFs. I was mostly buying IBIT today since I already have a huge amount of BITB. I want to diversify the ETF holdings, but since they all custody at Coinbase, maybe there is no diversification in reality. (not your keys, not your coins) Its in a tax free account though, so the benefit is there.Here is the $14k closed position. The $922 loss is an ETH ETF that I can't wait to close. It got at high as -$400 today, and then plunged, so I'm hoping I can hit breakeven with it. Been holding it since the end of 2021 and it went as low at about -$4k. The rally in the past month has been incredible, and was hoping I could close it soon, but maybe we need to regroup first before another push higher.
So now that my leveraged position is sold, I plan to just buy more spot ETFs and sit back and wait for the top in 2025. Hopefully it plays out like this, but I might start scaling out when we get to 100k depending on how things are going. Since its not a leveraged position and the fees are so small on these ETFs, I don't mind if we dump and not reach 100k this year. Its a long term hold at this point.
Here is me scaling into IBIT and FBTC. I had gone to sleep, and to my surprise, all the open orders hit. I should have set even more lower because I could have gotten a bit more IBIT for lower prices. But I put in about 70% already from what I sold from BITX, so there isn't much left to buy to be fully committed.
In my IB account where I do my day trading (horribly mind you), I booked a $1.6k win, which is bigger than anything I have ever gotten (I'm seeing that swing trading vs. day trading is much better for me emotionally, so this is an interesting observation). Once again, I started scaling in, and was happy to see so many fills. The shitty thing is that I already took many profits on the way up. If I just held the position from about the $20s or so when I started buying, the profits would be much bigger. I got about $100, $200, and $800 profits along the way, so this is the biggest, but it could have easily been about $4-5k if all I did was add to the position and not exit.
I don't mind if we keep going lower as I will just keep loading up more. Since this is the leveraged ETF, I think there is time decay, but I'm fairly certain we will have a bounce so I can get another nice profit. Even if it drops down to $30, I can still keep buying in 10 share increments. (maybe these is what they call the famous last words... LOL)
Anyway..... so that's it. I'm quite pleased with how it all turned out and eager to see what happens as we approach the halving.
