Topic: What is your advice: When should I cash out? - page 9. (Read 2769 times)

If I were you, I will cash out my money if there's an emergency case but because the bitcoin value is getting high every day then I will probably saved it for now or invest it to double my money. And if you are not into money that much then it's fine if you withdraw it anytime you want.

Right. However, anything is possible right now. I am sure we should expect a lot happening in some few days that even a whole lot of us may not expect. Right now, I really want to believe consolidation is over and if we may go test another top soon once it even past that $17k stage again. My own advice is for the OP to understand that every decision should be in his hands and as long as he understands what he is doing, he should be ready to accept whatever the outcome is, whether right or wrong.

Yes, I completely agree with you. Bitcoin is so hot now. Its price increase every day. So, if I dont need money for my personal works, I wont withdraw.

What do you mean cash out? Cash out without invest again or cash out to get profit and buy back in low price?
If cash out and buy back, i think is depend on your strategy.
For me i better to buy low and sell it in small profit and buy back again.

i think , the time to cash out if you really need that money or urgent situation and cash out as small as possible , so you have more capital on your exchanger
and more capital more profit
i think that

When it reaches $17,000, I guess. But this suggestion is for those who are actually trading against the fiat price of bitcoins. If you want to earn without the huge risk, then just hold on to it. I do believe that $17,000 is not even close to what bitcoins will be in the near future. Probably bitcoins could even reach $20,000 before year's end and that's a bit far from today. We only need another $3,000+ to get there, and I do think it is quite possible.

OP if you don't need money then just hold it and let it grow but if you want to secure your investment I suggest you to convert at least 25% of your coins to fit and save it in bank. We really regret when we cash out and suddenly it pumps but this is part of the game, however, it's still a win win situation.

I admire your entire approach to managing your crypto investments. In particular, cashing out only in times of real need is a very great attitude you can really be proud of. I think you should focus less on the rise and fall of your coins' market. It is, after all, very basic that such coins will experience high and low points in their valuation. In the end, their entire worth is still rising in general. So just do your holding thing but couple it out with constant following of your coins' updates and news.

NO one can advise you when you should cash out it is totally up to you when you want to sell. It is you who has to decide when will it be profitable for you to sell your bitcoins. One thing that can be suggested is just keeping in mind, only sell when you think you are making a profit and just don't sell anytime you feel that won't be a smart move.

Trust your guts, when you feel its time close the deal and wait another good entry if you plan to trade again,
By the way nice job on diversifying your portfolio, good job not all traders like the idea of diversifying investment

Ofcourse everybody need cash in our daily needs, but when you do make sure that it will goes to the important things. You can use some cash to start a new business, buy a small farms,and so on. In this case your profit just not come from bitcoin.

Yes, you should know how much profit do you want to get. You must have list of evey months profit if you sell it on the current price. You should have always trial and error in that part. Trial is your profit you can earn while error is your loses. We always come up with that situation for have a better preparation in the future.

What you are referring to is call SMART MOVE. I think this way, because when to enter and when to exit is a hard decision to make.
But it is not an easy matter for all because a "hard decision" is the concern here. Maybe some people have this ability and they are the ones who are successful.

As an example, I wanted to exchange some btc for western union and at that moment the rate was around $16500.
I thought at that time to make the trade tomorrow when price will hit $17000. But when tomorrow came the price dropped to around $13500.
So now what you will call me, stupid? Currently I am waiting for another pump for btc, and my target is still $17000. Is it a SMART MOVE? I don't know actually.

As of your case, you made this post because ETH and LTC in pumping. But what if it is not pumping today, will you still posted here?
See, this is the SMART MOVE or HARD DECISION.

If you had sold btc yesterday and bought eth and ltc than today you could be making a good profit.

Practice on SMART MOVE, and try to take fast decision.

Good Luck.


edit: A good strategy helps a lot for smart moves imo. Lets say you will take 5-10% profit from each trade opened. No matter if the price goes up later then your sale price. Just don't regret. Take the profit and find another opportunity.

No one can predict the future except to those who have the power to predict the future but most of us can't so we can't tell when someone should cashed out his or her cryptocurrency. We need to take risks when buying and selling cryptocurrencies because there can be a time that we cashed out bitcoin in a higher price but it became higher on tomorrow or the other they, it can give us regrets. It happened to me last time but I have accepted what happen because it was the reality. We need to take all the risks and accept what we have done. Even we cashed out our coins in a lower value, we need to accept it. For me, the better way to earnmore is to divide the coins for selling and for holding so there will be no hard regrets.

I'm by no means an expert or have the right to call myself a professional trader or speculator in any way but I'll tell what I do.
Right now, the market is actually kinda easy to read and deal with if you take a closer look at what happens and try to benefit from it.

In the past few weeks, bitcoin got a lot of attention which is obviously why it went up so much in price. When the big boss (aka btc) starts going up, it goes up dramatically. So, literally everyone gives up their coins and buys into btc. Let's say you did that and you bought at a low price (13.5k which happened yesterday). What do you now ?

You hold on to btc as it goes up. And it will start going up and down (but the major trend will be an increase). Once it stops and stabilizes for some time (12-24 hours) that's the time you start scouting for altcoins to buy. As everyone is probably still selling their alts for cheap.

When the price gets stable, people think that this ride is over so they start selling and you see the price go down again and alts going up. They'll keep going up until btc decides to move up again. You don't wait until that happens. Once you made an appropriate profit from your alts you quit (I'd say at a 10% profit or less).

So this way you earn from btc and alts at the same time.

This is why it's always important to set targets for yourself. I think I speak for a lot of holders like myself who have time targets rather than price. For me this means a really long term view that will only require evaluation at 2020, and very likely beyond that. Price movements won't matter in that case.

However, like any thing you invest in, the first financial target should be to break even. Keep track of the investments you made initially. And if you can already cash oit to recoup that outlay then do so. Remember to also account for time invested. Cash out enough to make that time worthwhile.

Do this and you ensure you are not in loss, and that you can also enjoy seeing some fruit of your labours. So even in a worst case scenario if Bitcoin fails, you will at least have had not "lost" everything, and you come out with the learnings and experience.

Try and have fun too, that's important.

For me the best time to cash out is when you need the money or if you have something to use it because as the price of bitcoin continue appreciating converting it into fiat when you don't need it will cause regret on your part especially at this moment where appreciation is really amazing but if you want to be sure and don't want taking risk you can still convert whenever you wish then transfer it to your bank account.

Its very difficult to find that answer and that makes this trading game more interesting.To avoid loss,you should not blindly follow the price rise of a coin so that if it gets dumped suddenly,then you would not be able to even place the sell order and you would have to sell at very low price at last.

So,just fix a profit target of 5 or 10 or 15% and complete the trade after reaching that price.Also,when you know confirmly that your coin price is going to fall,then you could sell it and cash out and re invest again at its down price.By this way,you could make huge profits.

for the moment no reason to consider a cash out, the market is still very new

It's hard to predict because of the price volatility,but you can safely cash out when the price is stable
But if you want to play safe,just cash out whenever you need fiat and just hold your btc if you dont need it because the price will rise eventually in the future