Should I sell my Steem tokens and take profit? Or should I just hold?
The price of the Steem token has jumped quite a lot recently, and considering that it was close to $0,15 not long ago, it feels quite awesome to see it close to $0,7 currently (and that it almost reached $0,8 yesterday). That leads us to a question which is important to all of us. Is this the time to sell Steem tokens? Or is this the time to keep on holding onto them?
I have quite a lot of thoughts on this topic, and here I will try to share some of them!
I have shared a very similar article on Hive, but since I feel very different about Steem and Hive, the answer to the questions asked (even though they are similar) might not at all be the same for both platforms. This is all based on your personal feelings and how you think of both platforms.
Are you on Steemit long-term?
This is one of the most important questions. Are you planning to stay around here for a long time? Do you have a dream of becoming a big fish on the platform? If you currently own 1000 Steem tokens and dream of owning 10,000, then you need to take the following into consideration:
- I sell some now in order to buy more when/if the price drops!
- I just work like crazy and don't sell anything before I reach my goal!
These are the two main thoughts when it comes to how you can take care of your Steem tokens. If your main goal is to remain on the platform long time and just grow your number of tokens, then the safest is to just hold. Because, you could sell and if the price keeps on pumping, then you will be even further away from your goal. If the price dumps, then you can be happy and buy more. Both solutions are good.
But, there are some more questions you should take into consideration as well.
Do you believe in the future of the Steemit platform?
This is a very important question. If you have faith in the platform and believe that it will be an essential part of your future and the future of others in 5 years from now, then you should not be in a hurry. Just look at the price of Bitcoin. It might dump and go down, but in the long run, it is going upwards. The same is most likely going to happen with Steem (at least if you believe in the platform).
It is also important to think about the number of developers active at the platform and the witnesses working. Does it seem to be a stable long-term project? Is the fact that Justin Sun and Tron rules in the background a positive thing long-term?
Do you need the money?
I remember speaking with some of my Venezuelan friends in Project Hope, and they said that the way we deal with crypto is very different. They write and publish in order to make a living, and they are in constant need of taking profit in order to survive. If that is so, then you should of course take profit now as well.
But, then you have those people living in wealthier countries who publish and remain active and invest, mostly as a hobby. For them, it might be sad to see the prices go down, but it will not influence whether or not they have food on the table tomorrow.
Will you be on Steem when you get as old as this? It might influence what you do with your Steem tokens today!
How will you feel if the price falls back to $0,15?
It is important to prepare for the worst. How will you feel if the price of the Steem token should drop again back to $0,15? Will you have deep regrets if you don't sell today? You need to be able to live with yourself in the future, meaning that you need to think this through today, and make a decision depending on that.
How will you feel if the Steem price goes to $2?
The price might go down, but it might easily triple in value from here. How will you feel if that is so? You need to take everything into consideration before you make a decision.
**If you feel totally messed up and stressed and fear that you will regret deeply if you make the wrong decision... calm down, and leave the crypto space. If your nerves can't take it, do something else. **
My final piece of advice
It is important to feel good, no matter what the future might bring. In general, I would say that selling some is a good thing. You can either enjoy the profit, or just keep it to buy more if the price falls... but since you also keep tokens, you will still be able to enjoy it and be happy if the price keeps mooning!
How do you feel? Do you have a plan? Has the Steem pump just started? I would love to hear your thoughts!
Hello friend, excellent questions you formulated, for my part I plan to stay for a long time on the platform, I think we should always keep some part of our steem, some time ago I retired for a year, I do not think I will do it again.
So long friend, have a great week.
I'd say better keep your sp's up and trade sbds if you need it for a living, tho this is just my own opinion
@unbiasedwriter firstly, thanks for this pieces, is really educating.
Of course, I have a plan.
My plan on Steemit is a very long term own. Wish to be a Steemian till my old year's, so I say "I will hold on my Steem".
With my analysis so far, Steemit wouldn't fall to the extent of $0,15. Rather if it must fall (which I'm not sure that it will), it wouldn't go below $0,5 - $0,4.
If Steemit has come to stay, then it staying is Paramount.
The answer is always with your own needs.
Hi friend, several interesting ideas, it would be really sad if you lowered the price, as you say many people benefit from these platforms and thanks to your publications they have food on their table. It would be great to see the coin at $2, I think it would indeed make some profit. I have never taken advantage of these prices and it is time to do it. Greetings!
The need at that synero says it all
That was a good one well said and a good question being asked @unbiasedwriter, I am so happy. For me am not selling my steem,let see what the future holds for steem.
This is an interesting piece. Sometimes you have to make decisions based on the current situation and sometimes you have to make decisions based on what could happen in the future.
excellent proposals and scenarios, I plan to stay and take the advice of storing steem, I have the truth that it will go up a lot, a long time ago the steem came to be placed on top of the sbd it could happen again
Steem is a very good investment , as per me we need to hold all our steem token which will generate passive income daily and helps in compounding.