A couple of days ago I wrote about taking a position in Litecoin. I mentioned that my greatest fear with the trade is if Bitcoin started taking off. Well, two days later, Bitcoin decides to take off!
I'm not sure how many times this has happened, but it seems to happen all too frequently for my liking. It happened both times as I took a substantial position in Steem, back in March 2017 and again a few months ago. Each time after I purchased my Steem, Steem in BTC terms starts to tank.
Thankfully in March 2017 I held on to a large chunk of my Steem purchase after powering up. Steem Power takes time to power down, and for that reason I held on and reaped the rewards from the price rise over the next crazy few months. Whereas some of my other crypto purchases, I tended to sell way too early. You live and learn.
For this reason, I'm holding on. I'm confident there will be another altcoin season soon, and both Steem and Litecoin will benefit. In the meantime, hope Bitcoin chills down a bit.
In conclusion, if you want to be a successful trader, do the opposite of what I do. :)
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