Always have an exit strategy

[STT]

Veterans exit strat is never to put it briefly.   The obvious point being if you sell too much you wont be a veteran or long term holder, BTC generally puts in a low when people least expect it.    Trying to trade the highs and lows sounds perfect in theory but actually doing so without being caught out is pretty much a job requiring daily attention.
  Otherwise attempting to adjust allocation is fairer but I think quite a few never alter to not hold anything at all, I'd say personally I just hold the majority and only trade the edges as that seems best considering all the long term gains despite very rough seas BTC keeps proceeding forward anyway.

[btc_angela]

I think, if someone is thinking long term then the exit strategy in the midst of the current bitcoin price correction situation is not a wise choice. I still believe that Bitcoin price movements are still bullish this year along with the increase in investor interest. Therefore, I predict bitcoin is consolidating for a more bullish move forward.

Of course, it is not wise to exit during a bear market, just think about it, you have your chance at $69k and you didn't do it, so why sell it as $40k'ish? it doesn't make sense.

The best strategy is to just hold for long term again, let this bear cycle settled down, it might take 2-3 years though, but if you are really for the long haul here then 2-3 years waiting is nothing. And for sure it will really be rewarding in the future.

[aioc]

Trying to trade the highs and lows sounds perfect in theory but actually doing so without being caught out is pretty much a job requiring daily attention.
 

Nobody can perfected that, the way the market move, we always caught on our decision during the bear market, we always waiting for the right time to buy which is the floor but we have no way of knowing when really is the floor price and during the bull trend we are caught on what is the right time to sell, it's good to have an exit strategy but finding the right price to exit or even enter is big a puzzle.

[noormcs5]

I think it is even worse than what you describe, if someone bought a coin and was expecting a miracle at least they will know their expectations are out of place and that such results would be odd for someone with their level of skill and knowledge, however that is not what we see, most of the time those that come to the market with no strategy invest in a coin and expect great profits as if it is just a given that they will get those results and then claim the whole market is a scam when this does not happen, not understanding there was never a good chance to achieve their objectives.

People who expect something unusual to happen are usually the people who end up not really doing the "I sold because I got scared" thing neither. I mean they were expecting the unexpected so it is normal for them to feel a bit more calm whenever things do not go their way. That was their plan all along, they imagined that it would be a bad investment most probably, but there was a small chance that they could make a really big amount if they are super lucky.

Almost everyone know that they have to exit one day but only few have the valid exit strategy. The exit strategy targets should not be so much stretched that they are difficult to achieve . You should set a realistic profit goal and adhere to it. Also you need to have a backup plan in case there is an unexpected dump due to any news etc. Stop Losses should be carefully used as market tends to hunt for stoplosses before going up.

[Sled]

Trying to trade the highs and lows sounds perfect in theory but actually doing so without being caught out is pretty much a job requiring daily attention.
 

Nobody can perfected that, the way the market move, we always caught on our decision during the bear market, we always waiting for the right time to buy which is the floor but we have no way of knowing when really is the floor price and during the bull trend we are caught on what is the right time to sell, it's good to have an exit strategy but finding the right price to exit or even enter is big a puzzle.

Perhaps, it was a part of the game plan and we have to use that if necessary.
That is how important to know what we are doing. It is not just because we have the knowledge in trading we are already confident that everything went so well, it is sometimes we got caught in our wrong decisions which result in losses. We never know when is the perfect time to buy and sell but somehow we tried our best to speculate the market and sometimes ask for luck.

[Falconer]

Almost everyone know that they have to exit one day but only few have the valid exit strategy. The exit strategy targets should not be so much stretched that they are difficult to achieve . You should set a realistic profit goal and adhere to it. Also you need to have a backup plan in case there is an unexpected dump due to any news etc. Stop Losses should be carefully used as market tends to hunt for stoplosses before going up.

In this case we know that setting an initial target and sticking to what we want to achieve will make us completely psychologically safe when market fluctuations occur. Stop loss may be good but sometimes it is a bad start when demand increases after a quick correction.

Each of us has our own strategies and targets that we want to achieve in trading, so maybe whatever we say will not be useful to others because psychologically and mentally we will never be the same.

[barbara44]

In this case we know that setting an initial target and sticking to what we want to achieve will make us completely psychologically safe when market fluctuations occur. Stop loss may be good but sometimes it is a bad start when demand increases after a quick correction.

Each of us has our own strategies and targets that we want to achieve in trading, so maybe whatever we say will not be useful to others because psychologically and mentally we will never be the same.

This is basically how I deal with my future. I mean if I have a strategy and know what I want out of bitcoin then I am going to just keep on doing what I am doing and will be fine. However if I end up going out of my way then I am going to just lose too much money as well.

My idea is that if you have a goal and you do not get out of your path then you should be making a lot of money from it, but if others convince you to sway you out of your path then you will always end up failing because you are on a road you do not know. Think of it as a road, if you used that road before many times then you should be fine, but if you see that road have a lot of traffic, then you may want to try another road and that is how you get lost. Do not get lost, just go with the road you know very well and that is how you should be making a lot of profit in the long run.

[Silberman]

I think it is even worse than what you describe, if someone bought a coin and was expecting a miracle at least they will know their expectations are out of place and that such results would be odd for someone with their level of skill and knowledge, however that is not what we see, most of the time those that come to the market with no strategy invest in a coin and expect great profits as if it is just a given that they will get those results and then claim the whole market is a scam when this does not happen, not understanding there was never a good chance to achieve their objectives.

People who expect something unusual to happen are usually the people who end up not really doing the "I sold because I got scared" thing neither. I mean they were expecting the unexpected so it is normal for them to feel a bit more calm whenever things do not go their way. That was their plan all along, they imagined that it would be a bad investment most probably, but there was a small chance that they could make a really big amount if they are super lucky.

I still think we are overestimating those people, in my opinion newbies with that kind of attitude do not even think about the possibility of losing, they are so convinced that they will make money that they disregard any other scenario, then when the market finally begins to go down they are completely unprepared for it and that is when they panic, after all it is not as if they are electing to invest in a solid coin like bitcoin, those people select new coins that can disappear overnight and they know it, which leads them to sell their coins in panic.

[Fredomago]

I still think we are overestimating those people, in my opinion newbies with that kind of attitude do not even think about the possibility of losing, they are so convinced that they will make money that they disregard any other scenario, then when the market finally begins to go down they are completely unprepared for it and that is when they panic, after all it is not as if they are electing to invest in a solid coin like bitcoin, those people select new coins that can disappear overnight and they know it, which leads them to sell their coins in panic.

Can't say nothing but to agree, there are more people who invested with new coins that promise a lot, they've been allure or being invited by other people to join, without proper understanding they are not prepared to what possible things that may happen along the way,  and when the value of their assets fall so hard, the only thing in their mind is to sell and avoid losing everything, that kind of fears always lead every investors not only newbies but other people around who are not prepared with these types of environment.

[the ghabbar]

Exit strategy is needed it is the same as setting a limitations if you don't understand the loss or if you loss so much then it is not wrong to do exit strategy,we also need it to avoid bigger loss it is better to exit than to loss everything so I think exit strategy is needed specially to those who already loss 50%from their capital. However it is still depend on the project you invested just do you're own research and make a good decisions.

The most important thing is that we must be able to invest with a knowledge base, first we know the coin we want to invest, then make a suitable investment pattern for the coin, the investment pattern is divided into two, long term and short term, so if we are familiar with the coin, then easier to implement long term or short term, research is a must in carrying out investments, without this we will find it difficult to achieve maximum profits.

And that is why most people fail in this market, they do not really have a defined strategy about what they want to do and how to do it, many people just buy a coin and then hope that things will go their way, when a complete investment strategy will tell you which coins to buy, when to do so, when to get out when in profit, when to cut your losses and finally it will tell you how to enter again a market you exited too early, if your strategy cannot do all of that then it is incomplete and it is necessary to review it.

The market reaction makes people confused in investing, actually strategy is the first step in opening up space to invest, if buying coins and then hoping for a miracle is a wrong pattern and we need to fix, how many people fail to invest because of the absence of a good strategy, almost in general people do things not based on the right considerations, that's why I say investment should be done with considerations, strategies and patterns that bind.

I think it is even worse than what you describe, if someone bought a coin and was expecting a miracle at least they will know their expectations are out of place and that such results would be odd for someone with their level of skill and knowledge, however that is not what we see, most of the time those that come to the market with no strategy invest in a coin and expect great profits as if it is just a given that they will get those results and then claim the whole market is a scam when this does not happen, not understanding there was never a good chance to achieve their objectives.

that's why basic knowledge of crypto, trading and market is very necessary, People can't invest immediately if there is no understanding, because there will be many problems that will arise in the future, then trying to blame all markets is a fraud because of the losses they get, things like this should be a concern especially for beginners before starting to invest.

[Silberman]

I still think we are overestimating those people, in my opinion newbies with that kind of attitude do not even think about the possibility of losing, they are so convinced that they will make money that they disregard any other scenario, then when the market finally begins to go down they are completely unprepared for it and that is when they panic, after all it is not as if they are electing to invest in a solid coin like bitcoin, those people select new coins that can disappear overnight and they know it, which leads them to sell their coins in panic.

Can't say nothing but to agree, there are more people who invested with new coins that promise a lot, they've been allure or being invited by other people to join, without proper understanding they are not prepared to what possible things that may happen along the way,  and when the value of their assets fall so hard, the only thing in their mind is to sell and avoid losing everything, that kind of fears always lead every investors not only newbies but other people around who are not prepared with these types of environment.

Which is why it is important to do our homework before we begin to trade, trading for real is not a game it is a serious activity that requires to prepare ourselves, if this is true for doctors, lawyers and engineers why people think this is not necessary to become a trader? In my opinion at least six months are needed to be proficient enough as a trader to not lose everything when you trade the market, and yet most people just read a few articles on the Internet and decide to trade, which explains why they panic sell at the first opportunity they get.

[usekevin]

I still think we are overestimating those people, in my opinion newbies with that kind of attitude do not even think about the possibility of losing, they are so convinced that they will make money that they disregard any other scenario, then when the market finally begins to go down they are completely unprepared for it and that is when they panic, after all it is not as if they are electing to invest in a solid coin like bitcoin, those people select new coins that can disappear overnight and they know it, which leads them to sell their coins in panic.

Can't say nothing but to agree, there are more people who invested with new coins that promise a lot, they've been allure or being invited by other people to join, without proper understanding they are not prepared to what possible things that may happen along the way,  and when the value of their assets fall so hard, the only thing in their mind is to sell and avoid losing everything, that kind of fears always lead every investors not only newbies but other people around who are not prepared with these types of environment.

Which is why it is important to do our homework before we begin to trade, trading for real is not a game it is a serious activity that requires to prepare ourselves, if this is true for doctors, lawyers and engineers why people think this is not necessary to become a trader? In my opinion at least six months are needed to be proficient enough as a trader to not lose everything when you trade the market, and yet most people just read a few articles on the Internet and decide to trade, which explains why they panic sell at the first opportunity they get.

Some people do trade like a game. It should be avoided, proper game should be played with an analysis.Some people invest like a gambling and loss their money. Mainly to the new coin without any analysis is not a good one. Investigation is the important one and it should done on all the investment. Even if you are going to inverse for the 10$, it's essential one. No one give you 10$ as a free gift right. And you are earning it and not begging it.

[milewilda]

I still think we are overestimating those people, in my opinion newbies with that kind of attitude do not even think about the possibility of losing, they are so convinced that they will make money that they disregard any other scenario, then when the market finally begins to go down they are completely unprepared for it and that is when they panic, after all it is not as if they are electing to invest in a solid coin like bitcoin, those people select new coins that can disappear overnight and they know it, which leads them to sell their coins in panic.

Can't say nothing but to agree, there are more people who invested with new coins that promise a lot, they've been allure or being invited by other people to join, without proper understanding they are not prepared to what possible things that may happen along the way,  and when the value of their assets fall so hard, the only thing in their mind is to sell and avoid losing everything, that kind of fears always lead every investors not only newbies but other people around who are not prepared with these types of environment.

Which is why it is important to do our homework before we begin to trade, trading for real is not a game it is a serious activity that requires to prepare ourselves, if this is true for doctors, lawyers and engineers why people think this is not necessary to become a trader? In my opinion at least six months are needed to be proficient enough as a trader to not lose everything when you trade the market, and yet most people just read a few articles on the Internet and decide to trade, which explains why they panic sell at the first opportunity they get.

Dealing with it on first tries then its inevitable that you wouldnt really commit out mistakes on which you do really need to learn from those if you are really serious on dealing with trading.Yes this isnt a game on which you could confidently make out actions without even thinking because on the time where reality faces you on then you would realize that it isnt really that simple or easy on dealing with it.Exit while you can or does have the opportunity to do so but if you do see that it does have potential then its your choice to make whether you do hold or secure profits.

[Fredomago]

Dealing with it on first tries then its inevitable that you wouldnt really commit out mistakes on which you do really need to learn from those if you are really serious on dealing with trading.Yes this isnt a game on which you could confidently make out actions without even thinking because on the time where reality faces you on then you would realize that it isnt really that simple or easy on dealing with it.Exit while you can or does have the opportunity to do so but if you do see that it does have potential then its your choice to make whether you do hold or secure profits.

It's a choice to which it's only you who can decide, a lot of traders who mistakenly commit failures from time to time due to lack of early plans, it's not on your grasp as always but with good set up plans before you join and start investing will allow you not to worry if something strange happened as long as you still holding or you have your set target before doing or engaging to any decision making that you will do.

Keep tracking the market and make sure that you are fully guided by any patterns that you are following.

This will allow you to buy some time before you make your next step..

[btc78]

I still think we are overestimating those people, in my opinion newbies with that kind of attitude do not even think about the possibility of losing, they are so convinced that they will make money that they disregard any other scenario, then when the market finally begins to go down they are completely unprepared for it and that is when they panic, after all it is not as if they are electing to invest in a solid coin like bitcoin, those people select new coins that can disappear overnight and they know it, which leads them to sell their coins in panic.

Can't say nothing but to agree, there are more people who invested with new coins that promise a lot, they've been allure or being invited by other people to join, without proper understanding they are not prepared to what possible things that may happen along the way,  and when the value of their assets fall so hard, the only thing in their mind is to sell and avoid losing everything, that kind of fears always lead every investors not only newbies but other people around who are not prepared with these types of environment.

Which is why it is important to do our homework before we begin to trade, trading for real is not a game it is a serious activity that requires to prepare ourselves, if this is true for doctors, lawyers and engineers why people think this is not necessary to become a trader? In my opinion at least six months are needed to be proficient enough as a trader to not lose everything when you trade the market, and yet most people just read a few articles on the Internet and decide to trade, which explains why they panic sell at the first opportunity they get.

Some people do trade like a game. It should be avoided, proper game should be played with an analysis.Some people invest like a gambling and loss their money. Mainly to the new coin without any analysis is not a good one. Investigation is the important one and it should done on all the investment. Even if you are going to inverse for the 10$, it's essential one. No one give you 10$ as a free gift right. And you are earning it and not begging it.

They are investing like gambling because trading is indeed gambling , you are risking your funds in speculative style in which gambling is also at same point.
do you know what numbers will hit the jackpot in roulette? same us in trading if you know what coins will pump and who will dump.
but keep in mind that the more you risk is the more opportunity to gain.

[rodskee]

A lot of veterans I talked to back in January/ February had exit plans that were going into action late summer and early to mid fall at the latest. That was a majority of veterans.  I think bitcoins dropping to its new bottom slowly but surely. But it won’t go past ath for a while. It has been nearly a year and 6 months. Historically it probably means the btc 2021 bull run is over.

in every investment platform you must have an exit strategy because the world has 2 sides , the growth and the fall so yes best to put your strategy in right places as this will save your asses when the situation turns blue,
specially if you are not willing to keep Holding till market recovered .
I learn my lesson from the past so i have my own exit point .

[jamkesmas]

I have an exit strategy always .

My exit strategy?? Investing into top coins like Bitcoin and Ethereum. I'm just continue accumulating and accumulating top coins for a long time and then I will sell it at the right time or when I already needed money .

I'm not the exit strategi
in investing we really have to do that when the price goes up we sell it and that's where we get the profit.

[Silberman]

Which is why it is important to do our homework before we begin to trade, trading for real is not a game it is a serious activity that requires to prepare ourselves, if this is true for doctors, lawyers and engineers why people think this is not necessary to become a trader? In my opinion at least six months are needed to be proficient enough as a trader to not lose everything when you trade the market, and yet most people just read a few articles on the Internet and decide to trade, which explains why they panic sell at the first opportunity they get.

Dealing with it on first tries then its inevitable that you wouldnt really commit out mistakes on which you do really need to learn from those if you are really serious on dealing with trading.Yes this isnt a game on which you could confidently make out actions without even thinking because on the time where reality faces you on then you would realize that it isnt really that simple or easy on dealing with it.Exit while you can or does have the opportunity to do so but if you do see that it does have potential then its your choice to make whether you do hold or secure profits.

I think we all understand that mistakes are inevitable as I have made my fair share of mistakes as well, however it seems that newbies do not understand the concept of learning from the mistakes of others, if you can do so and minimize your own mistakes this way then not only you will learn faster but the price you will have to pay to learn those lessons will be lower as well, and as we know this is really important, as the more money you lose the more difficult it is to recover it, and yet something as simple as this is not appreciated at all by the newbies that want to trade the market of cryptocurrencies.

[savetheFORUM]

I have an exit strategy always .

My exit strategy?? Investing into top coins like Bitcoin and Ethereum. I'm just continue accumulating and accumulating top coins for a long time and then I will sell it at the right time or when I already needed money .

I'm not the exit strategi
in investing we really have to do that when the price goes up we sell it and that's where we get the profit.

of course that is the target here. We invest because we want a profit so we must sell after having the opportunity. We can call that as an exit strategy, it is important to have this kind of strategy especially if your investing on meme coins or those coins that are full of hype because their gains are only temporary and once you missed it, there will be no more for you.

We must follow what @LogitechMouse is doing. He only invest on top coins, coin like eth and btc and exit strategy for these coins is not really necessary because even if you missed their pump, you still have the chance to catch it next time. You only need to wait.

[aruldaroy]

I think, if someone is thinking long term then the exit strategy in the midst of the current bitcoin price correction situation is not a wise choice. I still believe that Bitcoin price movements are still bullish this year along with the increase in investor interest. Therefore, I predict bitcoin is consolidating for a more bullish move forward.

Of course, it is not wise to exit during a bear market, just think about it, you have your chance at $69k and you didn't do it, so why sell it as $40k'ish? it doesn't make sense.

The best strategy is to just hold for long term again, let this bear cycle settled down, it might take 2-3 years though, but if you are really for the long haul here then 2-3 years waiting is nothing. And for sure it will really be rewarding in the future.

That's right as you said when the bear market comes, it's best if we hold back don't let go.
I myself am still holding back that I haven't sold it yet because I was too late to make a decision.
I think last month's decline was a temporary decline as usual so I didn't sell and hold it.
Because I'm also sure that the price will also go up again even though I have to be patient for the next 1 or 2 years.