Do you have a Bitcoin exit strategy?

Mpamaegbu

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Quote from: virtualdn on February 20, 2021, 02:48:36 PM

But again... why exit? Who says you have to exit BTC? I don't like this strategy at all as a long term BTC hodler. I plan giving a part of BTCs as a legacy to my kids so not my cup of tea.

Most of those who do so don't do that with the intention of running away completely from hodling Bitcoin at all. They do so in order that they might fancy their chances of increasing their quantity in hodling. But we have seen countless times how this strategy hasn't work out well. Except for those who have the skills, it backfires like @mk4 warns there 👇

Quote from: mk4 on February 20, 2021, 12:45:22 PM

Unless you're really experienced in the field of trading, chances are, doing the "sell now and buy back lower" strategy is just going to wreck you in the end.

Again, nothing says those who sell now can't leave any Bitcoin for their progenies. You can also try it if you've the set skills for it.

jossiel

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Quote from: matchi2011 on October 04, 2021, 08:09:32 PM

Quote from: jossiel on October 04, 2021, 06:49:03 PM

Quote from: chuckweitzman on October 04, 2021, 01:30:14 AM

@jrrsparkles I agree with this strategy. Even I prefer selling at the peak as the best option for a bitcoin exit plan.

It's much better to have selling points than to exit. As long as you've got a hold of bitcoin and it's market value keeps on increasing. There's no point in exiting.

You can compare this if you've thought of this for the past years and you've sold at a said high of $1000 or even $100 when its price was cheaper before.

Then looking at the present, you just made a bad decision for having an exit.

If you are into long-term investment, best not to have that. We all witness how far bitcoin goes and still moving forward.

But for those who are into short or mid term trading, people who wanted to have a quick gain,
They are attached with profits that they already satisfied. There's no wrong though as long as you
are good at dealing with risk management.

Make sure to assess yourself and the manner you deal with this investment. You alone who can decide if setting up limits or
aiming for much higher profits is much better for your money.

Long term folks are also taking profits, why you shouldn't take profit? For me, even you're a long term person, you have to take profits.

Don't miss any single run that has generated you profit, you can always buy back at a lower price as the market usually goes with that pattern.

matchi2011

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Quote from: jossiel on October 04, 2021, 06:49:03 PM

Quote from: chuckweitzman on October 04, 2021, 01:30:14 AM

@jrrsparkles I agree with this strategy. Even I prefer selling at the peak as the best option for a bitcoin exit plan.

It's much better to have selling points than to exit. As long as you've got a hold of bitcoin and it's market value keeps on increasing. There's no point in exiting.

You can compare this if you've thought of this for the past years and you've sold at a said high of $1000 or even $100 when its price was cheaper before.

Then looking at the present, you just made a bad decision for having an exit.

If you are into long-term investment, best not to have that. We all witness how far bitcoin goes and still moving forward.

But for those who are into short or mid term trading, people who wanted to have a quick gain,
They are attached with profits that they already satisfied. There's no wrong though as long as you
are good at dealing with risk management.

Make sure to assess yourself and the manner you deal with this investment. You alone who can decide if setting up limits or
aiming for much higher profits is much better for your money.

Lanatsa

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Quote from: jossiel on October 04, 2021, 06:49:03 PM

Quote from: chuckweitzman on October 04, 2021, 01:30:14 AM

@jrrsparkles I agree with this strategy. Even I prefer selling at the peak as the best option for a bitcoin exit plan.

It's much better to have selling points than to exit. As long as you've got a hold of bitcoin and it's market value keeps on increasing. There's no point in exiting.

You can compare this if you've thought of this for the past years and you've sold at a said high of $1000 or even $100 when its price was cheaper before.

Then looking at the present, you just made a bad decision for having an exit.

Totally different when you do talk about exit and selling points which I do really agree because you could really take advantage and make profits in short time if you do wanted to.

Always have a strategy on when to get out and when to get in and make yourself sustainable.Do all sorts of things as long it would be beneficial for you.

It is just normal that you should have a goal at least unless if you are a long term holder then its up to your choice.

jossiel

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Quote from: chuckweitzman on October 04, 2021, 01:30:14 AM

@jrrsparkles I agree with this strategy. Even I prefer selling at the peak as the best option for a bitcoin exit plan.

It's much better to have selling points than to exit. As long as you've got a hold of bitcoin and it's market value keeps on increasing. There's no point in exiting.

You can compare this if you've thought of this for the past years and you've sold at a said high of $1000 or even $100 when its price was cheaper before.

Then looking at the present, you just made a bad decision for having an exit.

dezoel

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I have my own strategy as retirement plan. I am not going to do anything until I have enough money to retire. I like to work, I have one of the best jobs in the world because it is what I did even before I started to get paid for it, now I am doing it for money so I am happy.

However the fear of not knowing what will happen a month from now is a scary thing. What if it all goes down, what if I get fired, what if I am sick and can't work anymore, there are too many things that are very risky and I can't just hope to be working for 20-30 more years just as I work now, things may change, and I need to find an alternative for what I have right now. This is having enough money saved aside to retire, if the crypto portfolio I have ends up being high amount enough that I do not have to work, I will keep on working but if anything happens to me then I would be able to live without worrying about money. In that situation I will exit, put all that money into savings account and just spend it until I die.

Daveprofile

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Well in my opinion. If you are using Bitcoin as a trading instrument then you would have to get acquainted with the Japanese Candle Stick technique. This will give you sell and buy indicators that would help you make decisive decisions regrading your trade. You can pair BTC against the US dollar or other prominent commodities to maximize your profit and lastly focus on daily charts as trading with time frames far lower when one is not experienced can cause mental drains and make one loose trades since the stop loss would be reached more often.
Happy Trading!

chuckweitzman

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@jrrsparkles I agree with this strategy. Even I prefer selling at the peak as the best option for a bitcoin exit plan.

jrrsparkles

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Quote from: Bergkampsballs on February 20, 2021, 12:41:19 PM

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

The best strategy can be selling at the peak then wait for the lowest low, obviously which is not possible to attain so we can set a goal price then just go with the same strategy or you can also be a long term holder just keep holding until the next peak.

vapourminer

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what is this "brake pedal" you speak of?

you mean an exit strategy from fiat dont you?

rima28

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The price at the bottom of the bear market is very likely going to be blows. so I am going to end up with more BTC end.I have made mistake in the past of selling at the early stage and that's not a smell amount please prayer for my feeling. but I have just learn that it's best to keep yourself on truck or leave a person that you are likely to purses and continue holding on matter how much you take proof it's always remember that all in what in Bitcoin 1 line that 11 his tone has seen with lower for this is just my intention everyone is different.

orions.belt19

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Quote from: krsber on March 20, 2021, 05:21:04 PM

Hi, this is my 1st post and not sure if I can ask this here.
But my question is, how do I find out the least expensive way to sell BTC back into US fiat.
I have Coinbase and Binance.us that I can easily use but are there alternatives? And how much should I expect to pay?
I realize volatility factors in. Is there a place to track fees?
I guess this fits in with the exit strategy question, but not sure. And I'm not sure I am asking the right question.

In Binance, I think there's an option for you to put up sell ads in P2P trading allowing you to sell your BTC back into fiat to other binance users and they can pay you thru your preferred payment method or directly to your bank account. You can also set your own rate, so you can sell it for a higher price (assuming that buyers will take it). For me, this is the best option without having to go thru fees or taxes and whatnot and since you can have it transferred directly to your bank.

Theones

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Quote from: Bergkampsballs on February 20, 2021, 12:41:19 PM

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

Exit point is very important. when I slept last night bitcoin was 60k and when i woke it was 57k. You can never hold a coin and you never know how far it will go. Just set a target price and when that price is reached, sell your coin. Remember haste makes waste. In other words, everyone has to choose individually.

Quidat

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Quote from: krsber on March 20, 2021, 05:21:04 PM

Hi, this is my 1st post and not sure if I can ask this here.
But my question is, how do I find out the least expensive way to sell BTC back into US fiat.
I have Coinbase and Binance.us that I can easily use but are there alternatives? And how much should I expect to pay?
I realize volatility factors in. Is there a place to track fees?
I guess this fits in with the exit strategy question, but not sure. And I'm not sure I am asking the right question.

I cant think off that is much better with neither coinbase or binance but if you are really actually hedging between Bitcoin and US fiat then
i would much prefer on staying up first when it comes to conversion with stablecoins and converting those profits in one go rather than on actively
switch it up which would really make those fees to be that somewhat a bit of a concern.

When it comes to bitcoin exit strategy then there are various ways.Fees would differ so best thing to find out what would be ideal for you.

krsber

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Merit: 1

Hi, this is my 1st post and not sure if I can ask this here.
But my question is, how do I find out the least expensive way to sell BTC back into US fiat.
I have Coinbase and Binance.us that I can easily use but are there alternatives? And how much should I expect to pay?
I realize volatility factors in. Is there a place to track fees?
I guess this fits in with the exit strategy question, but not sure. And I'm not sure I am asking the right question.

passwordnow

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Quote from: Yurkov on March 18, 2021, 04:58:15 PM

Sell in chunks, don't sell at one price. I did this mistake of selling half of my holdings at 24k while remaining half at 30k.

You even have sold in higher price than the mistake that I did but it's really regreting when we look at the prices today and the prices that we're able to surpass. I've done the same mistake but with a lower price and that's why lesson learned.

Quote from: Yurkov on March 18, 2021, 04:58:15 PM

So in the end I am at loss, should have sold in small chunks of 5% or 10%. Make sure you exit before this bull run is over.

Don't think that you're in the loss but as long as you've sold it higher than the price you bought it, you're still in profit. But the potential profit should have been higher if you and I haven't sold early.

SquallLeonhart

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I actually do, many people who are not sure what bitcoin will do feel afraid and they get out as soon as it drops, and many maximalists end up promoting it to the end, like they would die before they would sell, those type of things. I do not think that I will hold it that much, and I do not think that it will drop neither, there is nothing that would make me more happy to hold it as much as I can but I do not see the point of it.

So, what is my exit strategy? Retirement, I want to be able to have enough money to say that I can retire and do absolutely nothing, that way I will be basically profiting everyday with ease without worrying about anything, then I will just take it out, maybe keep a bit in for fun, and then use that money as retirement fund when I am old. It would make things a lot easier for me and I would basically spend my times relaxing.

Timelord2067

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I joined the signature campaigns about nine months ago as I regularly post and see it as a means to receive bitcoins that I can hodl indefinitely (ten plus year objective) given that I haven't had to buy them. And, any time I do actually need bitcoin, I can buy them for the going rate and use them immediately without worrying that they'll go down in price.

Some of the SigCamp funds have gone into opening Lightning Network Channels and some have gone into paper wallets.

TookDk

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Quote from: Bergkampsballs on February 20, 2021, 12:41:19 PM

Hi, just to be clear I'm bullish as hell for the next few months but I think it's generally accepted that this bull run will probably come to an end at some point this year.

I'm wondering if people here are planning on getting out of crypto or significantly reducing your stake at some point this year and if so what your plan is and where you are looking at reinvesting your funds?

Bitcoin IS my exit strategy

zanezane

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Quote from: Yurkov on March 18, 2021, 04:58:15 PM

Sell in chunks, don't sell at one price. I did this mistake of selling half of my holdings at 24k while remaining half at 30k. So in the end I am at loss, should have sold in small chunks of 5% or 10%. Make sure you exit before this bull run is over.

Selling chunks is not an exit strategy, as you are still hodling bitcoin. My exit strategy involves accumulating a lot of bitcoin and selling it when the prices are so high that quitting is an alright thing to do and then investing the money on other things that makes a passive income stream like Index Funds, ETF, Mutuals, Stocks or a business. Exiting is a difficult thing to do because we don't know when will the bull run stop, exiting at the right time is astronomically difficult.

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