Take Stock - Market Analysis for Sep 25th, 2019

Sep 25, 2019 - 12:06 PM EDT

Word to the Wise-

I have had many conversations with folks overinvesting in alts in 2019. I had a conversation a month ago with someone left the service who's crypto account blew up because he overinvested in DENT. When talking to him, he said 'I can't sell and lose $5k.' I cut off the conversation after that knowing full well, he'll be lucky to ever see that $5K again.

It is time to look at your portfolio NOW. Are you up 3X in 2019, which is what we saw in Bitcoin? If not, you are underperforming boring old Bitcoin. Do yourself a favor. Do not put more than 10% of your holdings in small cap cryptos. And, consider outsizing in Bitcoin. It has the most solid five wave pattern in the market, and now a very shallow wave 2 may be ending. Boring old Bitcoin is still showing it is the leader.

If you are in love with a project, please check to see if the market agrees with you. It may not. Buying something when the market doesn't agree with your thesis is a recipe for giving money away.

This is is not advice, as I can't give that. But I am saying basic principles. Take a quantitative view of your behavior. Doing the same thing over and over when it is not working is the definition of insanity (paraphrased from Einstein I believe).

Ryan Wilday hosts the Crypto Waves service on ElliottWaveTrader.net.

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