Exit / Cash out strategies

[harri74]

Hi folks,

What do you use as your cash out / take profit strategy? Do you even have a strategy for taking profits?

I have been trading for the last 6 months and more than once I have been in a position, which in hindsight, where I should have 'cashed out' a significant portion of my portfolio, but I haven't.

The obvious strategy is to take out your original stake and just 'play' with house money after that. I also read that if you double your investment in a coin then sell half which seems quite obvious. However, I have a long term vision in place (mortgage/house purchase) which makes me more inclined to leave the majority of my portfolio exposed to the market. I use Blockfolio app which makes it easier to track my investments and until recently I was just skimming the profit off successful coins and reinvesting in sleeping giants. This strategy was working well until the price of BTC nosedived by around 50% 3 weeks ago which makes me think a regular profit taking Into FIAT strategy would be far more effective.

I plan to ride the alt train for as long as possible. I follow the market daily which makes me confident to hold fast through the hard times but I feel having some kind of profit road map is a good thing.

Thanks for your input.

[harri74]

See the 'How do you secure your profits' thread.

[kk80586]

Sell on the way up, buy on the way down. Depending on the speed of the rise/fall use a larger percentage of your investment. example: You have 100 bitcoin and the price is rising rapidly. Sell 10% at each $100 rise. Keep track of price at each sale. Price begins to fall. Each time it is at least $50.00 less than your purchase on the way up, sell that 10%. Kind of a First In, Last Out (FILO) approach.

[Mister1k]

New here, Selling strategy to make the profit all the time. I do selling the bitcoin when I need the money for personal expense or if I have commitment to buy the cards to rig. Other than that I do not sell the bitcoins at all.
I see someone asked to watch the price and sell it whenever you needed.
But all the time you are looking the same like that you will loose the bitcoins with you in the end of the time when you see the bitcoins in the 50k USD or something more than that.

[amrulshare]

I do not have a specific strategy in trading. I just hope my investment grows naturally, too hard to follow the price so fluctuating in crypto. for now, i just do some investment in icos project potential short-term 

[hdclover]

I suggest everybody to take profits every month like a salary. Keep certain percentage of your gain for this. It is better to cashout every month instead of lumpsum because you might end up in some legal troubles. Anyway profit taking to fiat is a must for everyone because you don't want to lose your hard work when market falls.

[buwaytress]

Here's a very easy strategy for newbies to cash out or exit from a coin. I don't know who to credit for it, but I first heard it being called the "free bags strategy" (erroneous but you'll understand why later) by someone who probably wouldn't appreciate being named.

1. You buy yourself an amount of Bitcoin/altcoin/token/digital asset, let's say "A", with fiat/Bitcoin (the most common pair), let's say "B".

2. When A reaches a price that makes you 100% profit (doubles in price), then you sell exactly half of A.

Result: You recoup 1B, and still have 0.5A.

In other words, you've exited and still have your initial outlay, but you have a "free" bag of A which you can either hodl or liquidate later to re-enter other coins. Obviously, you can always sell at different % to keep smaller/bigger bags.

[harri74]

Thanks for all your responses - that's very helpful.
Has anyone given up work to trade full time? Do you think that's possible? I think I could get by on $2000 a month.

[Darmanin]

I do not have a specific strategy in trading. I just hope my investment grows naturally, too hard to follow the price so fluctuating in crypto. for now, i just do some investment in icos project potential short-term 

exactly the same for me haha

[IfixTchenTchen]

I kind of have had your same experience lately - very tempted to get out to FIAT in the right moment as prices were crazily high. Didn't manage to convince myself to do it. Now trying to learn the lesson for the next time - after big gains always good to cash out at least a little part.

[cydrix]

Hi folks,

What do you use as your cash out / take profit strategy? Do you even have a strategy for taking profits?

I have been trading for the last 6 months and more than once I have been in a position, which in hindsight, where I should have 'cashed out' a significant portion of my portfolio, but I haven't.

The obvious strategy is to take out your original stake and just 'play' with house money after that. I also read that if you double your investment in a coin then sell half which seems quite obvious. However, I have a long term vision in place (mortgage/house purchase) which makes me more inclined to leave the majority of my portfolio exposed to the market. I use Blockfolio app which makes it easier to track my investments and until recently I was just skimming the profit off successful coins and reinvesting in sleeping giants. This strategy was working well until the price of BTC nosedived by around 50% 3 weeks ago which makes me think a regular profit taking Into FIAT strategy would be far more effective.

I plan to ride the alt train for as long as possible. I follow the market daily which makes me confident to hold fast through the hard times but I feel having some kind of profit road map is a good thing.

Thanks for your input.

Take note don't cssh out a lot of money you might be in jail fot that reason if you don't have the right documents or credentails. Make sure that if you cashout make it atleast weekly or monthly maximum amount of maybe $1000-$4000 a month well if you have the funds. Use coinbase fro general uses they have so many different variations taking id verification? Of course it is.

[bitsticker]

i set 25% target return. start selling early. 70% before the target i am 50-70% off my depo. if target is passed buy again.

[hitrawal91]

Yes you pointed out the main important thing in trading and that is Exit from the trades because it all depends on the exit whether we would end in profit or loss. Even the famous trader Dr K Van Tharp says that " entry can be done even by a 5year child by giving him some technical reason behind that entry but it is the exit which is more important than anyone.For exit strategy, i mainly follow RSI range shift strategy where I don't exit until there is a change in the trend. Anyways if want to know more about the exit strategies pm me.

[DanielRR1997]

Why exit? Cash out what you need, whenever you need it. Just like any other investment or a bank account. The notion that you need to "exit" implies an active trading strategy and that you think there is somewhere better to store your wealth. The real question you should ask is "what store of wealth/value do you think is better than BTC and when should I move wealth from BTC to that other notional store of value?"

[MiiDoViic]

This is all depends on your end goal and weither you are a day trader who want to make small profits or a long term investor.
If you are in profits while holding ,i don't think you should take out any of it if you don't really need it. or take 10% just to pay yourself.
If you are a day trader and you are good at predicting the where there will be resistance or support , then you should sell most of it then buy back when it dips. Those are the two strategies i use when it comes to exiting coins.

[Kavallo]

If you don't need FIAT you can play with cryptos endlessly, but if you are a normal human being who needs FIAT to pay for life and expenses, it is wise to cash out a portion of your gains, regularly, without indulging in greed.

[olushakes]

Hi folks,

What do you use as your cash out / take profit strategy? Do you even have a strategy for taking profits?

I have been trading for the last 6 months and more than once I have been in a position, which in hindsight, where I should have 'cashed out' a significant portion of my portfolio, but I haven't.

The obvious strategy is to take out your original stake and just 'play' with house money after that. I also read that if you double your investment in a coin then sell half which seems quite obvious. However, I have a long term vision in place (mortgage/house purchase) which makes me more inclined to leave the majority of my portfolio exposed to the market. I use Blockfolio app which makes it easier to track my investments and until recently I was just skimming the profit off successful coins and reinvesting in sleeping giants. This strategy was working well until the price of BTC nosedived by around 50% 3 weeks ago which makes me think a regular profit taking Into FIAT strategy would be far more effective.

I plan to ride the alt train for as long as possible. I follow the market daily which makes me confident to hold fast through the hard times but I feel having some kind of profit road map is a good thing.

Thanks for your input.

If you really don't want to blame yourself then you should have  a strategy in place on cashing out. You can set it to be every 3 months or 6 months or maybe the time when the market is at the peak because the marker is so volatile and the fact that there is never a perfect time to cash out several things can happen that we don't even plan for and those that are fond of keeping are mostly hit.