Stats given cover closed trades for the 20th August - 26th August
My total realized profit from the past week is 0.04% Overall the portfolio is up 5.73%
Profitable trades closed: 13
Unprofitable trades closed: 3
Most traded instrument: $NVDA (6 Trades)
Despite our struggles with $TSLA this was a good week overall, the portfolio is up 5.73% and suddenly the possibility of closing out August in the green is very real. The Nasdaq had a very strong week with many stocks pushing to new highs. Our $AMD $SQ $ETSY and $NVDA positions are strong and look likely to close for realised profits of between 5 and 40%. I am slowly moving up stop losses accordingly, but I’m wary of these stocks becoming over-valued.
eToro caused a small heart attack for anyone invested in $EOS this morning as they closed everyone's trades. eToro quickly put out communications to clarify that it was indeed an error and that all positions will be reopened at the price they closed at or better. This has already happened for my trades and most copiers will be unaffected. There is however potential that if you were copying with a reasonably low amount (under $500 perhaps) that the positions did not re-open. I’ve been in contact with eToro regarding this to ensure it is resolved in the best way possible. I will give an update as soon as I have more news.
As expected, $NVDA announced their new line of GPUs switching from their GTX naming standard to RTX. Why RTX? Ray Tracing of course! Several times throughout 2018 I have speculated on Nvidia pushing Ray-Tracing towards consumers and developers towards the tail end of the year, and during their recent earnings call I concluded that it would be before October. Here we are only weeks after their earnings and the new line of GPUs is announced with a huge focus on the new technology. The cards have been totally redesigned with Tensor Cores (these are usually used in Nvidia’s AI cards) an a dedicated part of the GPU for Ray-Tracing. This generation I believe will sell quite poorly though. Most games do not yet support the technology, and although many new titles have announced they are using it, they suffer from poor performance. Excluding the ray-tracing stuff, these cards are a slim improvement over the 10 series GPUs. I believe most consumers will instead opt for discounted 10 series, over the new RTX 20 series. That being said, it is clear that this is a huge leap forward in graphics, and I expect that in a year we will see this technology more widely adopted by both consumers and developers, the 21 series will be the real cash-cow for Nvidia.
Bitconnect has again hit headlines with new drama as an Indian man was arrested at the airport in Delhi. He was believed to be one of the major leaders of the now dead ponzi scheme, and is suspected to have benefitted to the tune of tens of millions of dollars. It is reassuring to see further progress in catching those who pushed this scheme upon the unsuspecting public.
Cryptos
$BTC - Closed a 37% loss along with a -3% and a +2% trade. The -37% was to refresh the position and allow new copiers in. A few weeks ago I also discussed Bakkt and why I was bearish on the news. Since then a lot has changed, they have clarified that any leveraged trades will be fully supported and have in fact demonstrated a great understanding of Bitcoin and the overall crypto space. Bakkt could well give Bitcoin the boost that was originally promised by an ETF approval (which now seems like a distant dream).
Stocks $ETSY - Cracking performance, with a 4.5% and a 10% profit on this instrument, I’m still extremely bullish given their last earnings call (very positive during the Q&A, worth a listen). This will become one of my biggest positions
$NVDA - 6 trades, all in profit. Lowest was 1.7%, highest was 9%. I discussed this quite a bit above, I think the next couple of quarters could be a bit weaker though, so I’ll keep lower exposure and build up the position again next year
$SQ - Closed a short term position at 2%, and closed a two-month hold for a fantastic 21.6% profit. This company has a great future, happy to keep trading it
$AMD - Keeps going up. One trade here for 2.6%, we have a bucket load of open trades that’ll be closed this week, recently there are calls that it should be up at $30, while I believe in the target for the long-term, this stock is begging for a major correction and I’ll be looking for opportunities to short it this week
$SHOP - One small trade at 2% profit. Shopify is riding along the bottom of a channel it’s traded within for almost a year now, I don’t think it’s ready to break down from it yet though
$TSLA - I closed my last trade at -21%, at frankly a terrible price, but Elon is apparently pretty unstable right now, as is the stock price. I’m happy to pay that price to relinquish any concerns about him for a few weeks
Looking Forward
$EOS is getting closer to releasing it’s worker proposal system. It is essentially the same DAO system used in $Dash and enables the EOS community to directly fund work. A few teasers have been shown and it’s looking good $IOTA is ploughing ahead with it’s more established partnerships now, Fujitsu have released a proof-of-concept running on IOTA, they referred to IOTA as “the new standard protocol”. Pretty bullish!
As always, comments and questions are welcome!