Who else wakes up every day asking if this is the day I'm taking some profits

[batang_bitcoin]

We have different satisfaction level and it's okay for me to take some profits too while having still a bigger portion of my bitcoin being held. If you have other important things to spend your profit and you're happily taking it, you deserve it if you've been holding it for so long. While for others, they don't want to sell it and keeps on hold because they've got their own goals too. The important matter is focus on your goal, sell today or until the end of the bull run, it's your decision that must be followed and with what you're focusing with.

[adaseb]

You should always take some profits. Even if it ends up going to like $400000 or so. The reason why you resist taking profits is due to greed and the issue here is that this greed will turn into fear if and when a bear market starts.

Back in 2017, nobody wanted to take profit at $20K, people wanted $50K or $100K or even $1,000,000 according to McAfee. Then when $6K broke their greed all turned into fear and they ended up selling at a huge loss between $3-4K back in Nov-Dec 2018.

Hence you don't be too greedy and should take profits from time to time.

[bakasabo]

You should always take some profits.

Agree. That is what I've started to practice in last 1-1.5 years and now I look on Bitcoin or any other altcoin price volatility with a smile. I have understood that I cant earn all the money and be smarter than tomorrows trader. When I really feel like I'm going to break off, I exchange crypto to fiat for a couple of hundreds and buy something for myself or family. Seeing that today I have given something extra makes me feel comfortable with early selling.

[carlfebz2]

When it comes to taking profits then this will vary on each person and also we do have set our own goals or price when it comes on taking profits and not all is been holding for that long

some do trade up or bought it a bit cheaper and when the movement goes up then thats already some gains and we are really expecting on that specially
if we do deal with short term basis

For those who had been hodling then seeing on taking profits on day to day basis seems not really that much of a concern.

[magneto]

If you were going to take profits, make sure it's towards a good cause.

Don't just let your funds sit idle in a bank account earning <1% interest. Either make it go toward some entrepreneurial activity that you pursue, or toward some emergency that you can't fund from other sources.

The reason is simple - with the extent of BTC price fluctuations, you never know when or if you would be able to get back into the market if you are a long term holder. Don't just cash out your position because you feel like BTC is topping out - timing the market is almost always impossible.

[philipma1957]

Sometimes is a defensive thought, sometimes its an offensive one.  I'd never sell it all, but converting some to another tangible asset has its merits.

My self Not every day.  But I mine so in times like this a small sale here and there happens.


But I suppose if all you ever did is buy the dips and hodl hodl hodl hodl and have never sold a single satoshi you should be thinking if you need to sell a bit.

[hopenotlate]

I'll take my profits in Bitcoin thank you.

When I do spend some, it's not based on the price of Bitcoin but on the availability of what I want to buy or the necessity to purchase.

Take this private lake for example. When it became available I considered it a once-in-a-lifetime opportunity. A private lake is something I always dreamed of owning.

I started using some of my bitcoins to buy dollars back in February in order to buy this lake, despite the fact that Bitcoin was in the early stages of the inevitable rally into 6 digits. As it turns out, my remaining bitcoins are now worth almost as much as my original hoard, despite spending almost $2m.



Selling Bitcoin for fiat currency hoping to buy back at a lower price later is a sucker's game.

Hats off, great move. This place looks like a paradise.

I really don't understand the ones dreaming about luxury cars , watches, jewels and futile stuff like that.

If/when I have to take profit I will go for a lifechanging choice and not for some stuff to show off to other people.

Great job Jimbo

[Baofeng]

Sometimes is a defensive thought, sometimes its an offensive one.  I'd never sell it all, but converting some to another tangible asset has its merits.

My self Not every day.  But I mine so in times like this a small sale here and there happens.

Same, I look at the price but I would say not today. The funny part is that when I sell a few for personal reasons, the price always goes up.

But I suppose if all you ever did is buy the dips and hodl hodl hodl hodl and have never sold a single satoshi you should be thinking if you need to sell a bit.

Specially when we buy during the last lowest low last year because of Covid-19. In just one year, we made big profits already. But I'm still thinking that the price can still reach six digits, so I can continue to have that hodl mentality and then see how the price will go at the end of the year.

[thecodebear]

Nope don't ever do that. Around December I made the decision to essentially never sell my bitcoin. I did trade a few BTC for DOT in february to ensure that i don't have to sell BTC for profits, as I can just live off my DOT staking rewards and never sell the rest of my crypto. Though I do have three things i want to eventually use a tiny bit of my bitcoin for: buy some land and build a home, book a commercial orbital space flight, and go to Mars on a spacex ship one day. Bitcoin will be many times higher than it is now when I do any of that.

[bitmover]

I think it is very interesting to sell about 1-10% when you reach 1000-10000% profits.

This amount of gain does not happen that often and it only does on very low cap altcoins which is very difficult to know what could increase that much in the future. If I would experience that kind of gain I would probably sell all that coin at 1000% gain.

You say that because you are not a holder

I have more than 1000% on bitcoin (considering my local fiat currency). But since 2017 , when it was less than 5K, bitcoin has done more than 1000%. ANd 4 years is not a very long investment...

 And yes, I am doing this strategy, selling from 1-10% of my stash  (depending on how long will this bull run go, I am selling a few every month since a few months already.)

[JimboToronto]

Then when $6K broke their greed all turned into fear and they ended up selling at a huge loss between $3-4K back in Nov-Dec 2018.

Only undisciplined weaklings sold at less than $6k.

Anyone who'd done their homework and knew their history should have known that with the next halving, Bitcoin would again rise to new ATHs at levels previously considered unattainable.

When bitcoin crashed from about a dime to about a penny in 2010, a dollar was a dream and $30 was pie in the sky.

When it crashed from $30 to under $5 in 2011, $1100 was considered delusional wishful thinking.

When it crashed from $1100 in 2013 to less than $200 in 2015, $20k was considered unreasonable.

Now after crashing from almost $20k in 2017 to under $4k in 2020 and back to over $60k at present, some people still laugh at the idea if Bitcoin being worth over a quarter of a million later this year. They consider anything over a million to be ridiculous.

Watch them foolishly sell when the price dips from a quarter million all the way down to $80k.

[LUCKMCFLY]

Sometimes is a defensive thought, sometimes its an offensive one.  I'd never sell it all, but converting some to another tangible asset has its merits.

Diversification in any market or real estate is not bad, money has to be moved, if you see potential in another business and you have any intuition about it, you should carry it out, those things sometimes work, I learned it in one of the tips from Jesse Livermore, intuition often works best.

But now if you have your investment in Bitcoin, I advise you to wait and have some patience, there may be a big bullish movement.

At the time of writing, the BTC/USD pair is targeting $61,000 again, less than $1,000 from all-time highs. Among analysts, expectations of Bitcoin reentering uncharted territory are predictably high. In this opinion of an article they talk about a possible leak, which means that at any moment we will most likely see a new bitcoin ATH:

“Another breakout attempt,” on-chain analytics service Skew summarized.

Source: https://cointelegraph.com/news/record-btc-weekly-close-ethereum-all-time-high-5-things-to-watch-in-bitcoin-this-week

I think that the best investment of all is with Bitcoin, as time goes by, bitcoin will always gain more value.

[Kittygalore]

I don't know any person so they might be a rare kind, and I don't think that speaking your thoughts won't help a lot when you are trading and it won't work if you are also really bad at trading.

[UnDerDoG81]

Every day in the last 8 years. And never taken profit so far lol.

[Reatim]

Sometimes is a defensive thought, sometimes its an offensive one.  I'd never sell it all, but converting some to another tangible asset has its merits.

Never that i come to that Idea mate since last quarter of 2020 , Because if i Did then surely i will regret this all my life.

https://coinmarketcap.com/

Check the coinmarket now and you will see how this can be more profitable than thinking of selling.

Bitcoin making another ATH same as Ethreum .

Binance is dropping a Bit yet just have its new ATH.

XRP on the other hand is also bringing good movement to all supporters.

[thecodebear]

I'll take my profits in Bitcoin thank you.

When I do spend some, it's not based on the price of Bitcoin but on the availability of what I want to buy or the necessity to purchase.

Take this private lake for example. When it became available I considered it a once-in-a-lifetime opportunity. A private lake is something I always dreamed of owning.

I started using some of my bitcoins to buy dollars back in February in order to buy this lake, despite the fact that Bitcoin was in the early stages of the inevitable rally into 6 digits. As it turns out, my remaining bitcoins are now worth almost as much as my original hoard, despite spending almost $2m.



Selling Bitcoin for fiat currency hoping to buy back at a lower price later is a sucker's game.

Awesome. Yea the main purchase I'm interested in eventually using a small amount of my bitcoin for is to buy land. Your lake looks great! Can you rename it to Lake Bitcoin??

[JimboToronto]

Awesome. Yea the main purchase I'm interested in eventually using a small amount of my bitcoin for is to buy land. Your lake looks great! Can you rename it to Lake Bitcoin??

Buying land is almost always a good investment. As Mark Twain said, "they don't make it anymore". Hopefully it's for the purpose of enjoying its use and not just as an investment. Bitcoin is still an even better investment.

My biggest previous Bitcoin purchase (during the "dead cat" bounce in January 2018) was my first property in Mexico. I didn't buy it as an investment. I bought it as a place to spend my winters. Having a place to winter rent-free and tax-free has saved me lots of money and it has already probably doubled in value. Still, if I'd saved the Bitcoin I spent on it, I'd have made much more profit.

Likewise, I'm not buying my lake as an investment. Sure, I could spend some more coin improving the road in, connecting to the electrical grid and applying to subdivide the property into cottage lots but that's not why I'm buying it. I want it as a super-private nature retreat, barely a half hour by air from downtown Toronto for me and my wife and our families and close friends. The taxes are ridiculously low. No sense giving them an excuse to raise them.

Yes, I could almost surely make more by leaving my money in Bitcoin but money is just money. Enjoying life is much more important.
_____

Lake Bitcoin? I've thought about it.

The lake isn't named on any map I've seen so far. It has a name that has long been used by the local people and local government. I suppose I could just start calling it Lake Bitcoin and see if it catches on. Rural people have an innate distrust of city folk though and there's no sense aggravating the situation by renaming the local geography.

Obviously I don't want to advertise my Bitcoin involvement. My days of wearing BTC ballcaps and t-shirts in public are long gone. You can still buy a wrench for $5.

I guess I could call it Lake Bitcoin among my Bitcoin friends and still refer to it by its original name in public.

[siggy_77]

I never wake up asking myself if I should or will take profits today.

I almost always wake up thinking "DID I take profits while I slept"...

Back when bitcoin was doing nothing, I sat down and made a spreadsheet detailing exactly at what price and how much I'd sell for, and at what price points I should follow up and buy the dips.  Doing this back then allowed me to take my time on making the decisions, and do so without having emotions drive the decisions.   

Now, I just follow the plan.. Its much less stressful, and so far, previous me seems to have made the correct decisions.. 

So.. my advice is:

make a plan
follow the plan
and most importantly, keep emotions out of it...

Sigg

[thecodebear]

Awesome. Yea the main purchase I'm interested in eventually using a small amount of my bitcoin for is to buy land. Your lake looks great! Can you rename it to Lake Bitcoin??

Buying land is almost always a good investment. As Mark Twain said, "they don't make it anymore". Hopefully it's for the purpose of enjoying its use and not just as an investment. Bitcoin is still an even better investment.

My biggest previous Bitcoin purchase (during the "dead cat" bounce in January 2018) was my first property in Mexico. I didn't buy it as an investment. I bought it as a place to spend my winters. Having a place to winter rent-free and tax-free has saved me lots of money and it has already probably doubled in value. Still, if I'd saved the Bitcoin I spent on it, I'd have made much more profit.

Likewise, I'm not buying my lake as an investment. Sure, I could spend some more coin improving the road in, connecting to the electrical grid and applying to subdivide the property into cottage lots but that's not why I'm buying it. I want it as a super-private nature retreat, barely a half hour by air from downtown Toronto for me and my wife and our families and close friends. The taxes are ridiculously low. No sense giving them an excuse to raise them.

Yes, I could almost surely make more by leaving my money in Bitcoin but money is just money. Enjoying life is much more important.

Yeah totally. I want to buy some land eventually to build a home on. I may get some rental properties too but I'd rather just use money made off staking rewards to do that rather than selling Bitcoin. Eventually I might decide to get some rental property vacation homes for new income streams that I can of course vacation at myself.

[JimboToronto]

I want to buy some land eventually to build a home on. I may get some rental properties too but I'd rather just use money made off staking rewards to do that rather than selling Bitcoin. Eventually I might decide to get some rental property vacation homes for new income streams that I can of course vacation at myself.

Just remember not to have any mortgages, unless they're vendor-take-back mortgages you hold on properties you sell.

Mortgages are a scam.