since this is getting downvoted, I will give a simple example... if you have $2 and it goes up 100% (two-fold incease), than you have $4... but if you cash half your money, then you have only $1 invested, and you are stuck with $3 instead of $4 ... and lost 25%. Not sure if my math is 100% right, but if you are betting on value going up, you lost money.