Do you have a Bitcoin exit strategy? - page 5.

tippytoes

sr. member

Activity: 1988

Merit: 275

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

Not really. My simple strategy is as follows:

1. Only sell bitcoin when totally necessary.
2. Continue to not spend money on unnecessary stuff.
3. Continue to focus on creating more cash flow to have more money to invest in assets.
4. Continue dollar-cost averaging weekly regardless of BTC price.
5. Price crash? Continue holding as per usual.
6. Only trade shitcoins with less than 5% of my total holdings.

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.

Those strategies you mentioned above actually are more than enough not to get screwed in this market. Right now, exit strategy is hard to execute as bitcoin is going up and reaching new ATH almost everyday. As we are more than 58k as we speak, people or institutions are still buying. But remember, correction is just around and you need to be ready if you have short term plans for your bitcoin. I understand that some people here need to cash out because of their financial needs. So if you are looking short term here, and you are already in good profit, you can cash out if you are comfortable with it.

blucepheus

copper member

Activity: 544

Merit: 215

With institutional interest growing rapidly, I’m with certain analysts and fund managers who predict BTC will hit $100k this year. I anticipate a pull back following that, and will likely take some profit at that point. That said, is there a point in taking profit when you fully expect it to bounce back?

Nobody can call the top, nor the bottom. Attempting to call the market is a game that I’ve lost at many times.

AakZaki

legendary

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zknodes.org

As a trader I always have a strategy to get out of the market at the right time and enter again when the price is really below. I sold some of the Bitcoin that I had to secure my main capital, then I entered again. When the price got high I sold some and so on. I use technical analysis to determine my safe position.
If you are a holder you can hold it according to your initial strategy and at what price you are targeting.
I myself do not hold, I do scalping and continue to take advantage of the fluctuation of bitcoin prices to make a profit.

cheezcarls

hero member

Activity: 2282

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Looking for gigs

I only sell BTCs when it's necessary like emergency situations (in case fiat savings are totally out or any other circumstances). Just like that in order to avoid anymore losses when big bloodbath comes.

matjas

full member

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Merit: 115

Judging by what we saw when $41k -$35k dip happened and all major exchanges went down, it might be a bloodbath if the burst will happen. In that case, no exit strategy would help you. My strategy is to transfer bit by bit to fiat every now and then, so even if the bubble bursts, i will have some some profits safe and sound.

Casdinyard

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Leading Crypto Sports Betting and Casino Platform

There's no doubt that many investors are having such option especially those who are well aware on the nature of this industry. The market price is believed to be not consistently increasing and there is always a tendency for a downfall. Those people who are saying that they will hold no matter what, will probably have actions in contrast with this statement, once things go the other way around. We have seen how many people regret not selling at its peak, given how long the market in general is in red marks. Ofcourse not all people can endure seeing how losses inflate as the market value is falling.

Innerpumper

member

Activity: 1021

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Even I myself was confused when it came in, When should we get out? What if we lose above 10% should we cut the loss? I'm trying to explore this, the most appropriate thing before buying or before selling there should be a target and patiently wait and not greedy in taking profit.

matchi2011

sr. member

Activity: 1456

Merit: 267

Buy $BGL before it's too late!

Quote from: Peanutswar on February 20, 2021, 10:53:40 PM

Depends on the situation if you are into short term trading you can use the technical indicators as a guide to your entry-level and exit level it depends on the profit too so it's all about your decision. If you are into a long term strategy why not holding your coin and check the graph once a week or make a sign only for the 12 hr or 1-day market candlestick so you have an idea if there is something reversal may happen or another bullish. Also, one of the best things is to always set a Take Profit/ Stop loss (TP/SL). Again bitcoin is a long term investment hold as you can.

Setting up your mindset within the target that you wanted to seetle both your entry and exit position is really important. Exit strategy
always depends from how you understand the market.

The more you dig deeper the better you understand, from that point, it will be much easier for you to sets your expectations, you should
be more on tracing things out before you decide your exit strategy.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

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?

My Plan is simple , I have already Put my exit amount to target but only Half of my Bitcoin will be taken out and the another 50% will remain even if this took me
Long years to recover again because i have been profiting to my altcoin
investment already and my Bitcoin is only for my Future risk so half is more than enough to cover all my capital and my effort since day 1.
So all in all i am enough for that target and maybe will change in the long future.

mk4

legendary

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Paldo.io 🤖

Quote from: Bergkampsballs on February 20, 2021, 01:23:25 PM

I'd love to. Crypto has turned my life around but if most people are expecting the price to fall at the end of the year surely the fact that so many people are expecting it to is likely to result in a self fulfilling prophesy?

For every person that expecting a crash, there are also people that's expecting bitcoin to continue rising. While self fulfilling prophecies could happen, making trading decisions based off them might not be a good idea.

Peanutswar

legendary

Activity: 1708

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Top Crypto Casino

Depends on the situation if you are into short term trading you can use the technical indicators as a guide to your entry-level and exit level it depends on the profit too so it's all about your decision. If you are into a long term strategy why not holding your coin and check the graph once a week or make a sign only for the 12 hr or 1-day market candlestick so you have an idea if there is something reversal may happen or another bullish. Also, one of the best things is to always set a Take Profit/ Stop loss (TP/SL). Again bitcoin is a long term investment hold as you can.

tinopener

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Activity: 224

Merit: 36

Quote from: MCobian on February 20, 2021, 06:39:54 PM

With the Bitcoin price reaching above $ 50k, it won't be long before there will be a correction. Due to a healthier Bitcoin price increase,
price correction is required. And if that happens I won't panic, because every time Bitcoin has increased by $ 5000 I always sell some of
the Bitcoin that I have. So when a correction occurs, I can buy more Bitcoin from Bitcoin that I have sold before. Actually, I've been doing
this strategy since the Bitcoin pump at the end of 2020, and until now the strategy that I use is still running well.

That's probably a good way to do it i.e. waiting for a 5k increase.

Is it exactly 5k from the last time you sold, and do you try to avoid round numbers like 20k, 25k 30k, because that is probably where a lot of people have limit orders (or a few hundred dollars before)?

MCobian

full member

Activity: 1190

Merit: 117

With the Bitcoin price reaching above $ 50k, it won't be long before there will be a correction. Due to a healthier Bitcoin price increase,
price correction is required. And if that happens I won't panic, because every time Bitcoin has increased by $ 5000 I always sell some of
the Bitcoin that I have. So when a correction occurs, I can buy more Bitcoin from Bitcoin that I have sold before. Actually, I've been doing
this strategy since the Bitcoin pump at the end of 2020, and until now the strategy that I use is still running well.

pixie85

hero member

Activity: 2184

Merit: 531

My strategy is to sell a bit so that I have some cash at hand for bad times but that's it.

I made some good decisions in the last few years like buying ETH when it was cheap 2 years ago and it gave me huge profit. That's going to be my first sale if I need money. Bitcoin is going to be held until I really need to spend it.

I came to realize that you can buy an apartment and rent it out but you won't make more than 10% a year this way. How about holding bitcoin and making 300% in 3 years? That's what I did between 2017 and 2020.

Bergkampsballs

member

Activity: 145

Merit: 25

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. As someone said above sell BTC only if you need those money, keeping money in fiat is not a very good choice anyway.

Sorry, I'm a big fan of Bitcoin and crypto but sometimes we've gotta do what's right for ourselves. I appreciate that might be frustrating for the true Bitcoin enthusiasts but I currently have everything I'm worth (and more TBH) in crypto assets. I think any major correction later on in the year could spook investors and set off a bear market that could end up in me losing a lot of money so it would be silly not to be thinking about reducing my risk at some point.

Quote from: vapourminer on February 20, 2021, 03:25:20 PM

a better question is do you have a fiat exit strategy.

Yeah, get out and stay out. Already got the first part sorted, just gonna hodl what I need each month Wink

aoluain

legendary

Activity: 2436

Merit: 1362

Well the bull run may not end this year or next, who's going to be selling vast amounts of Bitcoin?

The buyers now are a mix of Retail buyers and long term Hodl investors.

As mk4 states, Hodl, DCA and buy as much as possible works for me.

At some point I will have to spend Bitcoin because every last amount of FIAT
I own is gone into Bitcoin but generally I'm Hodling.

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

You don't have to exit but when you do, make sure that you have no regrets. But as always, it's a free market that whenever you exit, you can always go back at your will. I have made mistakes in the past of selling at the early stage and that's not a small amount to spare for my feeling but I've just learned that it's best to keep yourself on track or leave a portion that you're likely to pursue and continue holding no matter how much you take for profits.
Take your profits if you really need them and you need to buy something for yourself. A car? then sell but I'll choose only to spend not more than 50% of my total holdings.

vapourminer

legendary

Activity: 4354

Merit: 3614

what is this "brake pedal" you speak of?

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. As someone said above sell BTC only if you need those money, keeping money in fiat is not a very good choice anyway.

this

a better question is do you have a fiat exit strategy.

veznata

jr. member

Activity: 80

Merit: 4

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. As someone said above sell BTC only if you need those money, keeping money in fiat is not a very good choice anyway.

so far BTC pass through cycles. this time will be the same. why HOLD forever when at the same time you don't invest in real estate or something else that wil bring you passive income as time past. BTC will not only goes up indefinitely. it is against all rules. bear in mind that there is some small percentage that government (even of leading countries) can ban it at some point. don't put all your eggs in one bucket. surely there will be opportunity to buy back at dip later on.

virtualdn

legendary

Activity: 1358

Merit: 1093

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. As someone said above sell BTC only if you need those money, keeping money in fiat is not a very good choice anyway.

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