Topic: Little Bitcoin investment becoming something else - page 4. (Read 836 times)

let's tackle the million-dollar question: hold or cash in? It's a head-scratcher, no doubt. But chill, I'm here to drop some wisdom bombs.

When you're rolling with Bitcoin, remember the golden rule: think long game. Bitcoin's like a rollercoaster on steroids, so trying to nail the timing? Good luck with that, bro.

Still, it's smart to have a strategy locked and loaded. If you're counting on that dough for daily life, snagging some profits might be your jam. But if you're in it for the long haul and can handle the market's mood swings, maybe just hug that Bitcoin tight.

At the end of the day, it's your call. Stay woke, have a game plan, and trust your gut. You'll rock the wild world of Bitcoin like a boss. And hey, if you're ever stumped, just remember the mantra: when in doubt, stack more sats!

OP are you trying to trade or are you trying to invest/hold. Since you talk about missing selling at $31k it sounds like you weren't planning on investing/holding bitcoin but rather trading. Unless you need this money for daily life you should just hold it. And really you shouldn't be relying on trading profits to use for daily life because as a stream of income it is inconsistent.

I would suggest you don't bother trying to trade, but just instead hold it long term. That way you grow your wealth long term, don't have to worry about taxes (assuming your country taxes gains in sold cryptocurrencies), don't have to worry about timing the market for trades as seems to be what is concerning you right now, and you can continue accumulating more Bitcoin over time if you have more money to invest.

Bitcoin is currently in a correction mode, so the price can go either way at any given time, the question that you are asking the community is something that only you should decide. The market is not very high at the moment, but it's not too low as well as in a correction, it can go even lower in the coming days, so it is up to you really.

If you think that you desperately need the money and since your assets are in profit, maybe you should sell them and use the money for your up keep as you said, but if you think you can manage otherwise, I would suggest you should wait for some time.

I fully agree that seeking financial advice from strangers or the internet is not the best idea, but I think there is nothing wrong with sharing in this forum so that someone is more confident in making investment decisions and they are taken based on updated data and facts, even though the end abaout decesion maker is in their hands Alone.

I don't blame you for asking other users for their opinion; it's perfectly understandable that you're interested in knowing what others would do in your or a similar position. However, the profit you're mentioning is extremely petty; is it worth the hassle? Even if you're an avid day trader, the amount of Bitcoin you own is also minimal, which makes it impossible to do so. I'm not remotely sure how much purchasing power these 4,500 Naira provide you with, but if I were you, I'd simply create a budget and stick to acquiring more Bitcoin.

Weigh your options and decide what seems best for you on such occasions; there's no right or wrong answer.

Congrat to you, it’s nice seeing that you are already in profits, but I went through the link which you attached to the post and people advised you to purchase bitcoin and hold till bull run start, but am surprise you are planning to sell your bitcoin so early, what am seeing currently is not a bull run yet, it will have been better you keep on holding since that was your initial plan.
It’s always advisable if you are planning to hold bitcoin, you should be ready to hold for long term, and you shouldn’t invest any amount you will be needing soon in bitcoin or any amount you can’t afford to lose. Since you are planning to hold before, you shouldn’t be deceived by the little increase in bitcoin price. But since you are in profit already, then the decision is left for you to take either you sell or you keep on holding.

I understand your point mate, but what I understand is that " A problem shared is a problems either half solved or fully solved". Therefore me running to here doesn't mean i don't know what action to take but I might go the wrong way thinking i knows the best, it true other people's point of view and reasoning may not be the same as mine. I seen lots of reply here and i think i will have to wait a little more longer to see if there will be a market increase within the week or month.

Self discipline matters a lot during your investment journey, i know it is very hard to see your investments gets to some certain amounts and not taking profits from it. Sometimes you may want to wait for the market to get to some certain high level before taking profits, but initially you didn't specify the form of investment you wanted to make if it was for long term then there is no way you should have want to take profit despite the dip or if your initial intension was for short term you could have taken profits when it was around $31k. There are more to come about the market so you have to endure few months before selling it off, have this in mind that halving is around the corner and you may miss a lot.

If the problem is taking advantage, in my opinion it is very relative. Because every bitcoin investor has different intentions in carrying out their investment, but in essence all investors also want to make a profit. But in my opinion, there are two ways to get profit by investing in bitcoin. The first way is to invest in bitcoin for a short period of time. Usually bitcoin investors who do this method always sell their assets when there is a profit, even though the profit is not too big. Then the second way is to invest in bitcoin in the long term. Bitcoin investors who do this method usually sell their assets every four years, when the bitcoin halving occurs. Because usually when a halving occurs, there tends to be a sizable price increase. If you research the price history of bitcoin, you will surely come across cycles where bitcoin experienced large price increases. I personally even if there is no very urgent interest, I don't like selling bitcoins, even though there is a small profit. So basically I personally too, am investing in bitcoin for the long term, and looking forward to the halving to come.

And my advice to you. If you don't have a very urgent need, I would suggest that you invest in bitcoin for the long term. But if you have a very urgent need, you can sell your bitcoin assets whenever you want, the most important thing is that you sell them when you have a profit.

First, what is the reason why you bought some Bitcoins? Is it for long term? Is it for short term? Is it for medium term? That alone will answer your question.
NGN4,657 is around 10$ in USD which is for me not a good profit knowing that you held your Bitcoins for more than 2 months. Just imagine getting only 10$ of profit for more than 2 months? I would suggest to add more, and hold it for the long term. 10$ profit for a week might be good, but for 2 months, I don't think so.

This is the problem when you are being too emotional with your investments. There are sometimes that emotions dictate your decisions, and it happened this time. You choose to let your emotions control you thus, you didn't sell at the $30,000 price which is an obvious resistance.

So you are investing because you want to help your husband, eh? I don't usually suggest this, but if you really want to help, I guess do trading. Just the basic buy and sell might be good already. I mean there are some risks into it, but if you really want to help then I guess you will give some time to learn it right? It will be more profitable, but it will be more risky than the usual buy and hold strategy.

This is not the best place to ask for advice. In fact, it's better not to take financial advice from strangers at all.
Probably, when you invested your money, you set yourself a goal - a target. Start from it and do what you think is the best.

For example, for me such an amount is not considered a big profit so I wouldn't sell it. But we're all different and we have different goals, so this could be a good deal for you.

If it's so hard for you selling is a good option when you're already in profit. The bull market most likely won't come this year, so make your decisions from that, if your plans are short-term.

Your position as a young mother wanting to help ease the daily expenses of the family I think is great and I can understand if you want to secure your return on this investment. True, emotions can sometimes run high when investing, but it is important to make a rational decision based on your financial goals.

Regarding the decision to hold or take profit can be tricky due to the unpredictable nature of the Bitcoin market, it is difficult to know what will happen in the future. If you need money for your maintenance, it may be wise to take advantage and use it for your immediate needs. Remember to keep some invested for long term growth.

If you think that this much profit is fine for you then you should sell it because when to sell or buy is your decision which should not be influenced by any other members.The prices can go down from here which might make you sell at even low and loss also but if you can hold it for next few months then you can get returns also which will be more then current one.So you have to make these moves on your own.

I know it might be difficult, but you should really try to remove all emotions from decisions linked to your Bitcoin ownership. Your bitcoins should be forgotten, until the Bitcoin price reach the point where you want to take profit.

I had several friends that sold their bitcoins at a loss, because they were to fixated on the price. Do not look at the price every day, because it will constantly trigger emotions to tempt you into selling it. 

Not only you but we don't know what the market will be like in the next 1 month. It could go up or continue to plummet from here, so no advice for you, as no one wants you to blame. In investing, you should have a specific goal for yourself, that is, you need to have a goal to sell as well as hold for how long. You should not invest according to emotions and become too greedy, the market moves unpredictably, so it will cause you more pain than pleasure. If you need money, you should sell your bitcoins because your child's needs are still more important.

Depends on what you're timeframe is. If you're simply planning to sell because it's going down, probably a dumb idea. I'd suggest you to replan your investment ideas and set up a specific time frame instead, or maybe a specific profit at specific time frames, multiple ones so that if it doesn't go according to it you can go to the next one.

Now If you're selling because you're gonna buy and sell in the short term, I reckon anytime you profit is a good time to sell, you can simply buy at bigger dips when they come.

If you regret missing the opportunity to sell Bitcoin for $31K, it will never be right. We will definitely be waiting for something big. 
Don't get too flustered that the value of Bitcoin has temporarily dropped. We should be patient at this time. Now the price of Bitcoin is hovering around $27K. If it can create a good support here then we will see a big change in the Bitcoin market very soon. It's only a matter of time before the price of Bitcoin goes to $40K. If we can be patient and trust the market then we will see this price change of Bitcoin very soon.

Since you missed the $31k opportunity I think your goal was bigger. You stick to your goal and fix a specific target at which you will sell your bitcoins.

Buy and sell while holding is my strategy right now HODL is great but take profit is a must at the end of the day the reason I am holding is take some profit.

So when you buy and DCA and made a profit it is okay to take profit some of it and continue to buy more when the price had a correction

Bitcoin is unpredictable, no one knows what will happen tomorrow, so we cannot give you advice. It would be best if you decided for yourself depending on your situation. If you need money urgently for living and raising children, you should sell it. And if you don't need that money, you can hold it for a long time, you should keep holding it to get better profit.

Bitcoin investment should only use idle money and hold for a long time if you want to earn good profits, you should not use the money to spend every day to invest. I think you should reconsider your investment, you are investing in the wrong way.