Hey guys, my friends and I were down 90% of our crypto portfolio. We bought at the highs and we bought shitcoins. Now we are still down significantly and i just want to ask if you guys have strategy to recover from this? Cheers!
Learning from your mistakes is a lesson. It seems like you have identified the major factors, buying a rally and buying alts.
You mentioned a "portfolio" I would argue that diversifying in the crypto space is mostly folly. Consider this. If cryptocurrency is still around and growing in 20 years then it is highly likely that Bitcoin will still have value and perhaps the highest value, like now. If bitcoin is not here in 20 years then it is unlikely any open-source, peer-to-peer, blockchain currency will exist. The alts are based on the same technology and do not offer any real market diversity. So in my opinion it is better to
buy the gold standards in completely different markets. Buy bitcoin cryptocurrency, buy gold metal, buy productive land, buy AAA stocks.
As far as buying into a rally... That is okay if you are looking at a longer term investment and you believe in the future of your investment. If you are trying to play the volatility as a day trader then you are in a brutal market where tomorrows price doesn't matter anyway. Alts tend to not have a future beyond tomorrow.
Cheers!