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HamHead
Hard Ass Motherfucker



Registered: 03/17/15
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When do I sell my cryptos?
#24845889 - 12/14/17 02:35 PM (6 years, 1 month ago) |
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So, with this Big Bang of cryptocurriencies, I've made a little money, but it's all intangible.
My question to Money Matters is, when should I cash out profits into $s?
What sorts of % should I look for as gains in order to begin selling/converting into BTC?
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ashfiken
TotalCrazyasshole


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Re: When do I sell my cryptos? [Re: HamHead] 1
#24845916 - 12/14/17 02:46 PM (6 years, 1 month ago) |
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Purely subjective. I'd like to wait until ethereum is fully developed , that's my scope of sale point .. Some may be a number or a % but I'm pulling gains ere and there but mostly just keeping it in the tech I believe in most.. Watch out for taxes
Cheers
-------------------- hmm... "I'm naked and fearless... And my fear is naked." "life isn't worth living without the threat of death" "I got my plans in a ziploc bag, let's see how unproductive we can be" "nobody lives their lives fully except for bull fighters" My Trade List
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chibiabos
Cosmic Pond Scum



Registered: 03/16/17
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Re: When do I sell my cryptos? [Re: ashfiken] 1
#24846826 - 12/14/17 10:37 PM (6 years, 1 month ago) |
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Whenever you think that it's time to cash out.
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LogicaL Chaos
Ascension Energy & Alien UFOs




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Re: When do I sell my cryptos? [Re: chibiabos]
#24846923 - 12/14/17 11:43 PM (6 years, 1 month ago) |
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Exactly.
If u cash out early, u might lose out on future gains. If u cash out late, it might be after some price crash.
Really up to u
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Asante
Mage


Registered: 02/06/02
Posts: 86,794
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I have been thinking about a good exit strategy that allows a currency to moonshot while still benefitting you.
I came up with the notion of taking 5-10% of the total sum out with every doubling of the original sum.
This, with every doubling, lts you take out twice as much wealth as before and yet it will assure you'll still be well invested in the currency it its up to 1024+x its original value.
If you take out 10% at every doubling you'll have your investment out in 3 doublings while still having over 11.4x as much invested in the next doubling:
1 - 0% 2 - 10% = 0.2 3.6 - 10% = 0.36 6.4 - 10% = 0.64 <-- at this point you took out a total of 1.2x your original sum
A very simple stress free method is to wait for the first doubling or whichever level you considre appropriate, at whuich point you withdraw your original sum. At this point you have your money back to reinvest elsewhere and you can consider your position in that coin "for free" because you have it at no expense to you - therefore you need not worry if it goes to shit completely, and just ride that baby for as long or short as you want and whenever you like withdraw whatever you want, because even if the whole currency tanks, your position in it isn';t in money you really worked for.
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ManianFH
living in perverty



Registered: 07/06/04
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Re: When do I sell my cryptos? [Re: Asante]
#24847605 - 12/15/17 11:09 AM (6 years, 1 month ago) |
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I closed almost all my positions last night expecting a pullback (it didnt happen)... and am now nearly all fiat, which isnt a bad place to be... I still expect an entrance point again somewhere. Am thinking of going more into POT since it has dropped nearly a quarter of its value since reaching the all time high the other day... was obviously a selloff. Its been seeing higher highs and lower lows, which usually means good things for the future, however, I dont want to be entirely committed to one thing..
choices for today....
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Asante
Mage


Registered: 02/06/02
Posts: 86,794
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Re: When do I sell my cryptos? [Re: ManianFH]
#24847706 - 12/15/17 11:54 AM (6 years, 1 month ago) |
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Quote:
mick said: I closed almost all my positions last night expecting a pullback (it didnt happen)...
That sounds awfully drastic for a highly volatile market, making absolutist moves either gets you broke or rich.
What sign did you see for a pullback? You might have jumped the gun on something thats still in the post, after all.
-------------------- Omnicyclion.org higher knowledge starts here
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Enkidu
"No-Such-Person"


Registered: 07/09/16
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Re: When do I sell my cryptos? [Re: Asante]
#24850972 - 12/17/17 12:26 AM (6 years, 1 month ago) |
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Hard to say.
People seem to thin crypto has a potential to crash but honestly, it seems this is something that will be HUGE in the future.
Some compare the advancement to that of the internet.
So, that would mean in the next few years you will see the biggest gains.
Some people believe, I think bill gates was quoted, that bitcoin will reach 1 billion by 2020.
There doesn't seem to be a reason why they would crash, except that a different coin out competes them, or the government steps in and big banks attempt to take over the market.
I plan on investing only what I am willing to lose, and with the long term in mind. At minimum years.
There are also some cheap coins right now that have the banks as their target for their software. Those might be a safer alternative to grab in addition to the coins that are meant to be decentralized
2 of those are XRP and XLM
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Asante
Mage


Registered: 02/06/02
Posts: 86,794
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Re: When do I sell my cryptos? [Re: Enkidu]
#24851041 - 12/17/17 01:52 AM (6 years, 1 month ago) |
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Quote:
Enkidu said:
People seem to think crypto has a potential to crash but honestly, it seems this is something that will be HUGE in the future.
Thats how I see it too. The corporations, banks and governments sure are tossing hundreds of billions of dollars into it like it will. This is the next big thing, a bull market that might last several years still.
Quote:
Enkidu said:
Some people believe, I think bill gates was quoted, that bitcoin will reach 1 billion by 2020.
I tell you, IT WILL DIVERSIFY. You can now buy a select few cryptos for pennies on the dollar if not pennies on the benjamin. If we keep our finger on the pulse of this, we might get a large millionaire count on Money Matters
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SirShroomsAlott
Howdy



Registered: 05/15/14
Posts: 6,945
Loc: United States
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Re: When do I sell my cryptos? [Re: HamHead] 1
#24851054 - 12/17/17 02:11 AM (6 years, 1 month ago) |
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For the most part it's subjective, if you see something skyrocket 150% plus within a day then sellout at the 150% profits (this could literally be more or less, don't take it as an exact percentage to base your sales off of, use your best judgment), I can pretty much promise you'll be able to take profits out and buy back in for more than what you sold if it gained that much within a short time frame 9 out of 10 times. Almost every major and quick increase is followed by a correction that gradually builds back up, unless it's a complete trash coin that's never going anywhere.
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geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
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Re: When do I sell my cryptos? [Re: HamHead]
#24851913 - 12/17/17 02:34 PM (6 years, 1 month ago) |
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The velocity of movement in the altcoins I have been holding has really picked up steam in the last couple of days. It would stand to reason that the aggregate crypto sector is due for some backing and filling, but it's hard to take too much skin out on a move this strong, as it's nearly impossible to determine where the ceiling may be, coupled with the fact that prior pullbacks have been short lived, thus making attempts at averaging down for re-entry more difficult.
That being said, prudence would dictate scaling back on a portion of any issues that have experienced outsized gains in a very short period of time. The best way to approach a market of such momentum, I feel, would be to utilize stop limit orders on partial positions, and revise those limits as the market continues to move in your favor (or once hit, set a buy order to reload at your anticipated support level).
In this way, you needn't concern yourself with anticipating a top, you simply keep riding the trend higher until you get bucked off.
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