Here's a question: when do you sell? Or are you a hold forever type of guy? That's what gets me wondering about crypto, should we just hodl all coins forever?
Here's a question: when do you sell? Or are you a hold forever type of guy? That's what gets me wondering about crypto, should we just hodl all coins forever?
That's a great question. I'm learning as I go, but I think it's somewhat of an art. You try different things in different situations and find something that feels right. I can't answer for you, but I can show what I did with PIVX:
(That's from my copy of the spreadsheet I linked to in the original post). I bought 6k PIVX, starting staking and eventually sold 1k. Then I sold another 1k higher than that to get all of my initial investment back, plus a nice profit. Now I have 4k PIVX essentially for free that I can stake and keep long term. Obviously, it won't always work out that nicely, but it's a great example of when things go really well.
Some of the bitcoin I got from selling PIVX I used to buy Golem which I road up a little wave and sold for profit also. It's fun when all the candles are green, but when things go red it can be rough. I held all my bitcoin from $1,200 in 2014 down to the $250 range. Being emotionally involved isn't helpful for profit.
Just some random tips for beginners:
Emotion really kills the profits. Makes one sell low and buy high and that is when your trading account gets slaughtered. Have tight stops and don't put all eggs in one basket, cut the losses quick and let winners ride but don't hesitate to take profit!
And one more, if something is getting hyped from the the rooftops by many people, you're probably buying a top as they are unloading. Wait for a pull back, this time you can spend on actually reading about the project.
Excellent advice. :)
Me personally, it depends on the product you are holding. There are some things I just flip for profit regardless of what the coin or token use is. If I think it has long term value, I still may sell a small % to recoup my original investment cost (and maybe some quick profit) and hold the rest long term. I think it truly varies on what you financial goals are, what your immediate financial needs are, and what your long-term plan for savings/investments are. It's a true balancing act. Sometimes you need to sell for capital into another great opportunity. In the crypto space there is such a thing as holding too long. Only certain products have true long term value.
Best advice I've ever followed is - when the time comes, you won't have to sell to fiat.
One of my all time favorites.
Haha it may well be from that image I remember it from.