Best way to exit/swap out when price is good

musicyeo

newbie

Activity: 5

Merit: 0

Thanks guys for all the detailed explanations! Appreciate it a lot.

Just like to learn further about this point:

Quote from: asriloni on September 30, 2023, 10:20:35 PM

Just swap it use pancakeswap into the WBNB or stable token. You can also try to swap it into the USDT to decrease the risk of volatility.
If you were swapping it into the USDT and your token will be routed automatically into the USDT/stable token. Cashing cex is far better but bnb looks good enough caused by the volatility was not so high.

BTCBSC > WBNB > USDT

So the preferred way is to swap (in this case in PancakeSwap) from BTCBSC to WBNB first, then swap from WBNB to USDT?
Is this because of the fact that BTCBSC and USDT are in different networks, hence not possible to do using a single direct swap?
Or is this 2-swap strategy intentional for certain benefits?

Also, on slippage, how should I go about determining a good value to use? Is there a rule of thumb or table that I should follow?

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

First off, I'm not saying that you should trust your trading group, but as far as this matter is concerned, I think I'm with their suggestion. I always doubt trading groups whether they're a trading group on Facebook, Telegram, etc. They're just guessing just like us. Most of all, many of them are just shilling tokens that they themselves own. They're promoting tokens simply because they want the price of what they own to rise so that they can sell or dump.

But this time, I recommend that you should just swap your tokens to ETH or a stablecoin as soon as you profit. Don't target a huge profit. Be practical. Be realistic. Avoid being greedy. That will just leave you with worthless tokens. Tokens usually end up worthless fast. So swap them into top coins while you are still in profit.

Saisher

full member

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Merit: 175

Quote from: musicyeo on September 30, 2023, 06:28:11 AM

(1) Should I just swap it with some StableCoin, e.g., USDT, assuming this should be not as volatile as other forms of cryptocurrency, hence a 'safer' option, before cashing it out at a CEX for $$?

This is the safest option if you just want to retain and maintain your profit and you are not a risk-taker

Quote

(2) Or should I try to identify a cryptocurrency that has a very good trading volume, and seemingly good prospects in the (near) future, yet currently at a historically lower price? And hold till the price goes up before cashing it out?

If you are a risk taker and always on the look for tokens or coins with good potential in the market this is a risky move but will pay off if you're lucky and you picked the right tokens to trade.

Quote

(3) Or is it as simple as always just swap to ETH or BNB depending on the network, as someone pointed out to me in another trading group?

Eth and Binance price is always stable in the market if you're planning to hold for the long term these two tokens are worth trading on the token where you made profits.

Whatever decision you make be sure to dig deep to maximize your profit.

AnonBitCoiner

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Eloncoin.org - Mars, here we come!

I concluded from your post that You took part in the presale and token is not yet been listed and now you are waiting for token to list in pancakeswap. first of all you should prepare enough bnb to cover gas fee. 4$ worth bnb will be enough when you use pancakswap. next you should take care of slippage tolerance which in many new token should be more than 9. Now I think it is better to swap your token to usdt which is safe coin and then If you want to buy BNB then I will recommend to use new address to hold because you will give approvals to pancakswap which is not safe.

Ethereum is good coin and chances of rising is high but If you want to swap it to the Eth , I will recommend to first deposit it to Cex without KYC and buy there or use instant exchange to hold Eth in real Eth own chain.

asriloni

legendary

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Leading Crypto Sports Betting & Casino Platform

You shall jump to the pair which is having the biggest liquidity to decrease the price impact that will also affect your swap. You will receive less if you were swapping your BTCBSC token into the pair which is having very small liquidity.

You can check this out https://www.dextools.io/app/en/bnb/pair-explorer/0xe97f314f5aaf4db5fa044f1c7d024bfd4a3ea70e

Just swap it use pancakeswap into the WBNB or stable token. You can also try to swap it into the USDT to decrease the risk of volatility.
If you were swapping it into the USDT and your token will be routed automatically into the USDT/stable token. Cashing cex is far better but bnb looks good enough caused by the volatility was not so high.

BTCBSC > WBNB > USDT

musicyeo

newbie

Activity: 5

Merit: 0

Hi all!

I'm new to crypto trading and have some burning questions that I hope to get answers to.
I've recently bought some BEP-20 based tokens (BTCBSC). It will be listed soon in PancakeSwap.
I'm wondering what is the best approach to take when the price of which becomes favorable.

(1) Should I just swap it with some StableCoin, e.g., USDT, assuming this should be not as volatile as other forms of cryptocurrency, hence a 'safer' option, before cashing it out at a CEX for $$?

(2) Or should I try to identify a cryptocurrency that has a very good trading volume, seemingly good prospects in the (near) future, yet currently at a historically lower price? And hold till the price goes up before cashing it out?

(3) Or is it as simple as always just swap to ETH or BNB depending on the network, as someone pointed out to me in another trading group?

Also, since BTCBSC is a BEP-20 based token, if the advise is to swap to ETH, do I need to explicitly use some kind of bridge to achieve this? Are fees higher this way, hence perhaps then the advise would be just to swap to another coin from the same network, e.g., BNB?

Thanks in advance!
Sebastian

Topic: Best way to exit/swap out when price is good (Read 76 times)