When to Cash Out Your Earnings?
The meteoric rise of cryptocurrency has been a joy ride for anyone who is hodling.
Looking at the markets today has been nuts. Both ripple and bitshares have surged over a dollar, and steem is getting close to all-time highs.
Checking my portfolio's gain in value has been a hoot and a half and its hard not to jump for joy throughout the day.
Finally, my distrust of the dollar is paying off big time. I must say, I feel vindicated for all the times I pointed out the blatant scam of the fed. The anarchist in me is loving this ride for many reasons.
But when to exit.?
I told some friends how I was doing, and one of them said I totally should take the money and run. For anyone who has been investing in crypto the last few years, this would seem like a shortsighted move.
But I must say, I am wondering how long I should wait before converting it back to fiat. My general feeling is to wait until i truly need it, like a payment for land or a house.
Then again, the dafe thing to do would be to pull out now and take the massive gains ive already made.
What is your general withdrawal strategy with crypto?
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Like others have said, I also only put in money I can afford to lose. The money in crypto I do not track in my Personal Capital Portfolio.
For taking money, when a coin starts to stabilize for a week and I have already profited 50%+ from it then I will take out my initial investment in it and let it ride. From there its just a wait and see game. In the meantime, every week I will rebalance my crypto portfolio to take some gains on my winners and add more to the coins in a slump.
I only invest in cryptocurrencies where the team behind it has already produced some progress. An example is REQ, I did not invest until I saw that Colossus came out and they came out ahead of schedule. Anything before the release on test net was just screen shots and air talk for me. I may have missed out on some gains, but seeing their dev team gives me confidence that the value will rise in the future.
Right on, that's a solid strategy.
That's the number 1 thing I tell people because others have stressed it to me: don't invest more than you can afford to lose. The stories of people taking mortgages out to buy BTC are insane.
My initial investments in ripple and bitshares were so minimal that taking out my initial investment would be the equivalent of maybe $150. I'm considering taking some profit on those two, just haven't decided the amount just yet.
Personally, I only put in money that I was fully willing to lose, and am willing to ride it out until its truly life-changing. I don't know what that number is, but definitely 1mm+. If it crashes to nothing, I'll survive.
If I was in over my head, I'd definitely be taking out my principal investment after it had doubled or tripled up.
For sure, I've already taken out all I put in, so it's 'house money' at this point.
I'm thinking if I could buy a house with cash, I'd totally cash it all out.
very good news for the us!!!
Bitcoin Price Today 14.697 $ {12/22/2017}
Right Time To Buy Bitcoin and Make A Profit upto 20%
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