Help A Rookie #1: Taking crypto profits --> convert into BTC & hold? into Fiat? into BTC and re-invest? Tether?

in #crypto7 years ago (edited)

Hi everyone,

As suggested by the title, here is a super rookie seeking advice from experienced crypto traders/investors out there. I've taken my first position late May and now hold the following coins: BTC, ETH, UBQ, SC, STRAT, GNT, XRP and ETC.

Phase 1 (completed): setting up exchange accounts, downloading wallets, research & making my first trades, etc, holding.

Phase 2: taking profit... but how exactly?

I've just made a 130% profit on SC and would like to secure some profit by selling a portion of my position, in order to reinvest it later when the market dips again. I am not clear - AT ALL - on the best way to do this. Here are the 4 options I see:

Option 1: Tether. Tether ? on polo ?

Option 2: convert into BTC, transfer to coinbase, and transfer again into fiat
--> To me, this is the most logical option, but it pains me to think of the fees & commissions I will have to pay for each of the conversions to get the fiat (SC to BTC, BTC to Coinbase, BTC to Fiat, Fiat to bank account), and again the fees for the reverse process when I will decide to re-invest these proceeds (fiat to BTC on coinbase, BTC to exchange, BTC to coin), as the objective is to re-invest.

Option 3: convert into BTC to reinvest immedialty into a coin that hasn't peaked yet
--> But that's not really securing profits is it?

Option 4: convert into BTC and hold for future alt opportunites
--> Now this is where I'm really confused as all altcoins are pegged to BTC. What if BTC dips ?
If the value of BTC decreases, I suppose I will be able to buy less coins. This option would hence only be adequate when I bet on a bullish BTC (not my case personnaly), right ? wrong ? :)

But then there is this equation: Alt=xBTC (Alt value = X times value of BTC), i.e. if the value of BTC goes down, then the value of Alt automatically follows, in which case, it doesn't matter wether BTC is high or low as - simply put - I will be able to buy the same amount of coins.

SUPER CONFUSED ROOKIE needs help :)

How do you guys do it ? Do you use one of the options above ? Or use yet another option ? I'll have to go with option 1 I guess...

I hope some of you guys will be able to help me out (especially on "option 4"), as I'm clearly missing a "big chunk of understanding" here.

Cheers !

HAR.

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