When to take profit from your current bitcoin holding.

[Wenbing]

The price of bitcoin started rising from 15k to 20k,from 20k to 25k, I thought it has reached the last increase this season.

The following day I saw a bullish movement again, I saw movement from 25k too 30k. I thought it will be too risky to buy when it was at 30k, but it kept rising until it was 32k. I bought some Satoshi at that price level.

Few days later it rose to 33k and started a bearish movement to 31k, I was already loosing my hard earned cash. I hastily converted it to etherum because it was performing better.

I later discovered that I made a very big mistake by cashing out at a loss, I would have waited a little. A week later, Bitcoin rose to 40k plus.

I want you to comment on this scenario, when should one cash out, as the volitality of the market is very scary.

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

[acroman08]

as a guy who had a fair share of holding selling, I'd say hold it as long as you are comfortable and sell when you are not. bitcoin's price is so unpredictable that I don't really think someone can really say what precise time you should sell or sell buy. you don't have to feel bad or a feeling of regret if the price keeps going when you decided you sell. what's important is you got a profit instead of a loss if you decided to hold then the price started going down.

[n0ne]

It is all about the need, and not about the market rise. Myself too cashed out my campaign payment when the price was close around $36000. In a days time it has crossed $40000. What to do, I've met the need and if I had patience I would've got some extra pennies. No one is sure of the volatility limit as well as the peak value of bitcoin.

[Wenbing]

as a guy who had a fair share of holding selling, I'd say hold it as long as you are comfortable and sell when you are not. bitcoin's price is so unpredictable that I don't really think someone can really say what precise time you should sell or sell. you don't have to feel bad or a feeling of regret if the price keeps going when you decided you sell. what's important is you got a profit instead of a loss if you decided to hold then the price started going down.

To add to it,

It would also be good to optimize the loss as well. I mean if one will hold until he make a loss of 50%, it'll be good and strategic to minimize the loss to say 10%.

If profit can be optimized the loss could be minimized.

[Tessnik]

It is all about the need, and not about the market rise. Myself too cashed out my campaign payment when the price was close around $36000. In a days time it has crossed $40000. What to do, I've met the need and if I had patience I would've got some extra pennies. No one is sure of the volatility limit as well as the peak value of bitcoin.

To some extent I don't agree with this view, it not all about the need, but it all about the market, take for example buying at a very high price simply because you need to buy that will be a bad investment decision take 2017 for example when bitcoin dit it all time high of $20k and people bought at that price and in 2018 the market went down and lots of investors lose they found except for those that hold till this moment.

So to me taking the market conditions into considerations before buying or selling is very important, you may need to seel or buy but if the market is not in your favour then it better you continue to hodle.

[plvbob0070]

Cashing out depends on our perspective. Personally, since I have trust in bitcoin, I am not afraid to hold it for a longer time even if the price started to go down, and I only try cash out some when I need it. Investing now is indeed risky because we are not sure until when it will continue to rise but I guess you become warier about getting losses since it went down a little bit that leads you to a loss increase of profit. I can only say that if you are afraid that you might lose your investment, it's better to invest during a bear market.

[Fesatmas]

Cashing out depends on our perspective. Personally, since I have trust in bitcoin, I am not afraid to hold it for a longer time even if the price started to go down, and I only try cash out some when I need it. Investing now is indeed risky because we are not sure until when it will continue to rise but I guess you become warier about getting losses since it went down a little bit that leads you to a loss increase of profit. I can only say that if you are afraid that you might lose your investment, it's better to invest during a bear market.

You are right, owning bitcoin can be difficult to use if it goes against necessity. especially when it's urgent, so selling early is a very difficult decision.
On the other hand, facing the reality of prices and the current market situation, it cannot be maintained calmly. all want to make more than 100% or even wait $ 50,000.

[sheenshane]

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

I have some advice.  Yes, investing in Bitcoin is might risk but it will also profitable if you know how to manage Bitcoin very well.

Bitcoin isn't good for seeking a short term profit, that is very risky.  Try to hold Bitcoin for at least a year(s) or don't sell it until your profit wasn't there.  Every one of us doesn't know how to have an accurate prediction in Bitcoin price, it will fluctuate in the unknown direction which may lead to us a huge loss if ever we made mistake.

Research on your own and see around how far Bitcoin had these achievements, we're now on mainstream, and people around are almost all aware of Bitcoin through the help of those institutions that adopted Bitcoin.  I think the price will keep rising throughout this year.  There might a short correction but it will always end up rising the price.

[masterzino]

The price of bitcoin started rising from 15k to 20k,from 20k to 25k, I thought it has reached the last increase this season.

The following day I saw a bullish movement again, I saw movement from 25k too 30k. I thought it will be too risky to buy when it was at 30k, but it kept rising until it was 32k. I bought some Satoshi at that price level.

Few days later it rose to 33k and started a bearish movement to 31k, I was already loosing my hard earned cash. I hastily converted it to etherum because it was performing better.

I later discovered that I made a very big mistake by cashing out at a loss, I would have waited a little. A week later, Bitcoin rose to 40k plus.

I want you to comment on this scenario, when should one cash out, as the volitality of the market is very scary.

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

This is strictly individual. My advice is to sell when you start feeling overwhelmed by the Bitcoin price and start comparing the dollar value daily, or if you think you will regret it if a big correction happens.

[Lordhermes]

I want you to comment on this scenario, when should one cash out, as the volitality of the market is very scary.

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

Selling your Bitcoin wouldn't be appropriate, keeping on holding while you at loss wouldn't also be appropriate, so what should someone do, trailing your profit. You should be happy you were lucky enough to meet Bitcoin at price of 15k to 20k and you got some Satoshi of it, cash out your profit as long the the price keeps rising.
In other word, setting sell limit would be a good option, so immediately Bitcoin price shows some subsequent downfall below your limit, you should be out, at least the sell limit should be -10% loss, or as it suits you.

[Amon1231]

Take your profit when you need it, the market is unpredictable it changes every minute maybe the next hour your investment loses its profit. so take your profit when you needed it the most.

[tbct_mt2]

I bought my bitcoin after the crash in March. I did not buy at the bottom of the crash and only bought one day later at $5300. I sold my bitcoin when it rose to $9100. Bought it back at $10200, and took profit again at $12000. Bought back at $10400 and took profit one more round at $12200 again.

When bitcoin broke the cap, I bought it back at $12500 and took profit at $19000. Bought back again at $16500 and sold all $23800. Bought back with risky taste at $24000 and took profit at $33000. Bought it back for the last round at $28500 and took profit last time at $33000.

A recap, I took profit with all my bitcoin I had. I am waiting and don't have plan to buy it back.

[dupee419]

The price of bitcoin started rising from 15k to 20k,from 20k to 25k, I thought it has reached the last increase this season.

The following day I saw a bullish movement again, I saw movement from 25k too 30k. I thought it will be too risky to buy when it was at 30k, but it kept rising until it was 32k. I bought some Satoshi at that price level.

Few days later it rose to 33k and started a bearish movement to 31k, I was already loosing my hard earned cash. I hastily converted it to etherum because it was performing better.

I later discovered that I made a very big mistake by cashing out at a loss, I would have waited a little. A week later, Bitcoin rose to 40k plus.

I want you to comment on this scenario, when should one cash out, as the volitality of the market is very scary.

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

On those certain scenarios, if you see an opportunity to cash out some of your holdings, go for it, go for a 50/50 decision, wherein you'd actually gain profit and at the same time holding some of your bitcoins and then later on going for the 2nd cash out just when the value of BTC rose up to 40k, this may not be the best strat but I think is one of the safest.

[bitadelco]

I have a pretty simple point of view that boils down to 3 main questions:

1. Do you actually need the cash? (i.e. urgent need without significant fiat savings to cover)

2. Are your current holdings a potential life altering amount? (subjective to the individual)

3. Are you prepared to pay the associated tax liability?

'What to do' of course is unique to the individual based on their objectives and personal situation. I think it's helpful to have a plan at the onset to avoid emotions taking over. If you're a swing trader, then set your targets and act on them. If you're a long-term HODLer, HODL. If you want to do a bit of both, keep your long-term holdings tucked away in cold storage to avoid the temptation to trade.

[kentrolla]

Person who ever sells BTC is just for the need and that's depends on the situation and yes there are people who sold their asset for hospital expenses also there was a thread in this forum, if people have loads of money then why they will sell it?

Holdings absolutely works only for those who don't even care if the price come to the bottom only patience works here, also don't be too greedy if you are desperately looking for money like borrowing money from those or applying for loans by trusting BTC. Remember if it goes down you will be strucked everywhere.

[Wexnident]

I want you to comment on this scenario, when should one cash out, as the volitality of the market is very scary.

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

That's basically what the market is, scary. No one can really tell you when to hodl or when to sell, It's all honestly up to your personal decision, the same as to how most traders trade their coins. Plus, your choice of "hodling" can't even really be called hodl since a bit of a dip and you're ready to bail. Hodl in a sense is basically a long term investment, what you're doing is short-term ones, and ones that are basically fueled by FOMO. My tip? Don't get scared by losses, especially if it's only been a few weeks or so. Wait out a month, and if you see a profit, pull out, if you don't, then decide, do you continue hodling or do you take the loss. This is probably why most people say only to invest what you can lose.

[amishmanish]

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

There already is some very good advice in the thread.

My advice to any newbies coming into Bitcoin and the crypto market in general is this: Learn to treat your BTC as money and do not see it in terms of its USDT value.

Most newbies come in with the hope of increasing their Fiat net-worth by day-trading the BTC swings or by catching one of those insane Alt-coin rallies. The right approach is to actually recognize your place in the world first. If an investment of a few 100 dollars could move fortunes then everybody would already have done that. That never happens.

You build your BTC holdings with slow accumulation. You can also build by finding projects that have a well known, open dev team and then get associated with the intention of understanding and actually contributing. See crypto as a great opportunity to learn and earn together. Don't see it as a means to accumulate fiat and retire. When you actually become involved, better opportunities will start coming your way.

Simply relying on trading will lead you to the situations of FOMO and anxiety like the one you described. We have all been there.

[meetthechallenge]

My advice is to continue to learn about bitcoin(other cryptos apply too) until you begin to grow in belief and knowledge. Increasing these two allows you to create a better picture of what you think bitcoin is worth, and allows yourself to withstand price variations.

What's your advice? Is it keep holding? What if keep holding means holding at a loss?

Simply relying on trading will lead you to the situations of FOMO and anxiety like the one you described. We have all been there.

There is no shame in experiencing these lessons. Continue to get better in your approach and the profits will naturally swell to you.

[maydna]

My advice is selling when you think you want to take your profit, but don't sell all of your bitcoin because you will not have more bitcoin to sell when the price starts to rally to the next highest price. But if you still want to hold your bitcoin until the price rise more than today, that will be no problem because you want to make a bigger profit. If you have urgent money needs, you can sell your bitcoin without waiting for a long time because you need to fills your needs. We have our reason to sell or hold bitcoin, and only you will know the reason. We can only suggest doing something, but the final result will be up to you.

[Lorence.xD]

The time that you will take profit from your current bitcoin holding is the time that you feel like converting it to your fiat counterpart. I think that is the only thing that helps. If the current prices is higher than your initial investment then it is already a profit.