Steemit - The Importance of Taking Profit
I am usually one for writing sometimes long winded posts, but I plan on keeping this one a bit shorter as it is a corollary to a much larger post I made on my experience trading, and losing a lot of money in learning to do so.
(You can find that here)
__ It is very important for you to take profits out of Steemit.__
I enjoy the concept of this site. I really do. I hope it goes wonderfully and overcomes its flaws and setbacks. (A huge one is the bots, currently.)
I encourage everyone who believes in Steemit to continue posting and continue growing the system, but do not cancel your power down. You can convert what you like into whatever you like that you keep on Steemit, but as someone who has been in crypto for a long while I have learned the best thing you can do for yourself is to reward yourself. Not to hold out hope for the moon.
If it does launch, WONDERFUL. You have made loads of money.
One in the hand...two in the bush
BUT, is the withdrawal you take out really going to hurt you if Steemit DOES become the next reddit? I think not. If you have a huge balance, it's not going to hurt you at all. In fact, it may just continue to encourage you.
Don't think of it as "money that could be more". Think of it as money right now, even if you keep it in BTC it is, effectively, realized profit. When a trade goes very well and you have a large position, you sell on the way up.
There is no reason for it to be different for Steemit. Sell on the way up. It succeeds? Excellent, you still have years of equity to cash out.
And, here's the truth: Steemit is doing well, and has done well longer than most altcoins, but the vast majority of them die sad, quiet deaths. I do like the concept of Steemit, but the truth is the odds are not in our favor.
So please - for yourself, for Steemit, even, don't be afraid to take your profit.
You don't want to have to try and market sell if the price is actually crashing, that sucks.
Reward yourself. Withdraw, and tell people just how much money you have now realized from Steemit, and you might just get a few more people onto the platform by doing so.
Does anyone disagree? Counterpoints? I am open to responses. Thank you for your time.