Gm friends,
Welcome back to another Wealth Mastery Premium Investor Report.
Let’s jump in!
Here’s what’s in today’s issue:
- My portfolio updates.
- Jesse has a deep dive on MakerDAO’s plans to supercharge DeFi.
- Sam has the top 3 NFT drops.
For any crypto related questions please comment on the website.
Buys and Sells
Oh boy, what a week.
Not going to sugar coat, I got greedy and paid the price.
But as always, I will break it down for you here, the good, the bad, the ugly.
We all make mistakes, and this was mine.
First, the longs from last week got closed at a loss. All good, it wasn’t extreme.
BUT… unwinding my big loans was an uncomfortable hit.
The loans versus my BTC and ETH got me super paranoid so I had to draw down multiple altcoin positions to pay back those loans, and to build up a bit of cash just in case shit hits the fan, plus to give me some space to buy back into certain positions or double down on existing ft that makes sense when the market gets some strength back.
Essentially I had a soft liquidation, choosing to dump some altcoins instead of face bigger losses if the market really went against me. A further 15% dump and I would have faced some liquidations on these positions. I had sell guard rails in place that would have sold down some of the positions to preserve the bigger chunk of collateral, but still, this felt like the path of least pain.
Literally the worst possible time to do this. The drop in early July started the alarm bells ringing on these loans, I should have derisked on the last pump then I would have had no loans, no worries, and cash to actually buy the dip. Spoiler, I did not do that.
I am pissed at myself for not listening to my gut on Friday when the alarm bells started ringing in the market. I need to be more flexible and more willing to go 100% into cash when needed. Could have saved myself a lot of trouble.
While you can feel free to roast me over the call to do this, the core reason for these actions was to make sure the portfolio lives to make sick gains another day.
Have to protect that Bitcoin stack. Which I did.
So I had a pretty hard sell down on altcoin positions.
I closed all the smaller positions that I had pending sell orders on such as DOP, Mojo, AXL, Myria. I will get more of all of these things in the future from private round disbursements.
The only two sell orders I still have open from before this mess are FTM and ETH (a small sell order). I added on a new one for Brett, more on that in a minute.
Sold the airdrops for coins like Wormhole, Layer Zero, Zk Sync, as always with airdrops they should have been sold on day one. Holding any airdrop coin was a mistake.
I sold all of the following coins.
- Taiko – not sold at a loss, this sell order actually was just a break even on my capital investment, with future coins to be released from my private round. So, now what remains to be released in the future is just free money.
- Manta – I had high hopes for this when it came out, but it has been a downward spiral for a long time, and holding it no longer made sense when I could still get a decent amount of cash out of it. Not hating on Manta, but it just didn’t work out as a speculative play. Much of this was received as an airdrop, so slight silver lining there. The network, like all…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
