RE: When to Cash Out Your Earnings?
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.