Search
  • Jay Smith

eToro Update - Week 36 2018


Stats given cover closed trades for the 3rd September - 9th September

My total realized profit from the past week is -0.80% Overall the portfolio is down 10.19%

Profitable trades closed: 21

Unprofitable trades closed: 7

Most traded instrument: $AMD (15 Trades)

It’s been a tough week for crypto. When CNBC released their latest trading tip which aligned with my plans I made light of it and joked about how they have a 95% inaccuracy on crypto trading advice to date. I genuinely did not expect them to be wrong again. After suggesting to Buy Bitcoin at 7400 with a 6400 SL and 7800 TP the market decided to drop down to that 6400 SL level in just a few hours. Perhaps this is the community mocking CNBC and purposefully selling simply to spite the organisation? Perhaps there is other insider trading taking place. Certainly the feeling that something strange is going on appears to be growing. The “Bart” candlestick pattern is yet again playing out on the Bitcoin charts and frankly I’m not too sure myself who/what is causing it. This makes short term trading and swing trading extremely difficult. Normal TA does not apply to these vast surges and falls in price. As such I will be focusing more on long-term trading for cryptos. The future still looks very bright to me

Amazon hits $1tn market cap. Bezos’ company is second only to $AAPL as the US’s most valuable company. Worth remembering when people claim that the entire crypto market is overvalued. With the Nasdaq showing little signs of slowing down in 2018 both $GOOG and $MSFT will also be looking to join the exclusive club

$TSLA CEO appears on Joe Rogan podcast. Elon’s appearance stirred up controversy through several of his comments and actions on the podcast episode which spanned almost 3 hours. At one point Elon smoked a joint of weed. Entirely legal in California, the act still drew heavy criticism from concerned investors and even clients. The US Military was reportedly investigating and reconsidering using SpaceX for services. For me though, the weed was just one of many strange actions taken by musk. In discussions about “What a Tesla could do” Elon continually reassured Joe that it would blow his mind what Tesla was capable of and offered to show him later. He refused to specify what he meant. Joe already knows plenty about Tesla. It appeared to me that Elon was hinting about unreleased versions of Tesla’s self-driving capabilities and that he would potentially leak this to a podcast host. Both concerning, yet very bullish news. The real take-away from the interview which broached a huge number of topics, was the apparent lonely and depressed Elon Musk. Several times during the podcast he displayed signs that he was struggling with Paranoia, Stress, and perhaps several other mental health issues. It wasn’t all bad, Elon discussed the Boring Company, Colonising Mars, Solar Roof tiles and some of his strategic thinking behind Tesla. The full podcast is on youtube

Cryptos

$DASH - Two positions, one closed for -4% the other for 1.4%. In hindsight the -4% close could have been closed in profit had I been a little more patient, but swift move down from $7400 in Bitcoin felt like it could again carry everything back to their yearly lows. Dash has been surprisingly resilient to the drop, performing the best of all cryptos in my portfolio

$BTC - Two trades, one closed for -9.7% and the other for -2.5%. Like Dash, these positions were closed as the bear move set in

$ETH - One trade closed for -74.5% After again studying ETH’s performance and news recently, I decided to close another long HODL position in favour of growing my EOS holdings. EOS has risen by 53% against ETH since the beginning of August

Stocks $AMD - 15 trades, closed between a range of 0.8% and 12.3% profit. No losses. I’m again very happy with trading performance here. I am now only short on AMD as I believe greed has set in and the price is no longer justified. Until it corrects I do not expect to have much exposure, if it remains volatile I will attempt to trade it further

$XI - 1 trade closed at -17.3%, I really wanted some exposure to non-US tech stocks a few months ago, but frankly the position was not working for us

$SQ - 2 trades closed for 0.8% and 1.6% profit. Square still looks incredibly strong long-term and I have a target of (wait for it..) $150 by their Q3 Earnings of 2019. This is based primarily off the opportunities they have within crypto/payments.

$WDC / $DBX - Both big losses closed, they were both moves fuelled only by TA, not fundamentals. Lessons have been learned

$FB - A day trade for 0.4% profit

$AMZN - Another day trade for 1% profit

Looking Forward

As mentioned last week, Blockchain Live takes place in London this month as does $EOS London Hackathon. I’m planning to attend both, and will share my thoughts afterwards

Comments and questions are welcome!


22 views

Follow me