Remember your exiting strategy this Bull market beginners.

[Franctoshi]

Now that we have officially confirmed the bull market by breaking above previously ATH again.

But this, to me, is just the beginning of the party. However, one issue is that some of you may end up giving back the market all your profits by being too carried away or too excited about the ride.


Rules to try to stay safe

1. Remember to take partial profits when you can.

2. Don't trade against the trend if you are a trader, I prefer hodLling

3. Don't FOMO in while the price is pumping, wait for retracement, so you don't become the exiting liquidity.
Take advantage of the price pullback because they will definitely come if you haven't bought any crypto yet.

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.


5. Don't be in a haste to deposit and withdraw trying to catch the pumps, always remember to verify each depositing and withdrawing addresses before any transaction.

And while depositing on a newly created wallet addresses anywhere that you have never sent funds into before, please you can consider sending small amount first into the wallet and confirm if you can be able to deposit and withdraw in that particular wallet if you're doing a bigger transaction, else you may learn the hard way.


Lastly, Remember rule  No. 4

[Hatchy]

For holders, you don't have to worry much about the market retracement.. you can also choose to take profits but I'll suggest we hold on a bit longer as the bull has just begun.. selling now might make you miss out on the train.. this month has been all blues for BTC investors weather traders or holders. But we have to make sure that we also enjoy from the bull.. remember the market will not remain bullish for ever.. just take little if you want as your profit and leave some so you can continue riding the waves.. cheers to the bull season..

[dzungmobile]

Make your plans to exit with Bitcoin first, then altcoins. If you don't plan to hold your bitcoin through some market cycles, you must to have a plan for exiting the market in this cycle. If you can have a good plan for exit with Bitcoin, you will easily exit your altcoins if you have them, shortly after exit your Bitcoin trading or investment position.

Are you ready for the Bitcoin bull market? What's your plan? Some ideas for you

[Solosanz]

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.

I don't really agree with this one, I mean the trader part, not the investor.

In trading, it's all about the profit you make which many thing can affect it e.g. trading fee, withdrawal fee, and momentum. If a trader need to move their funds from CEX to wallet over and over, they need to pay withdrawal fee + miner fee for every transaction and you can miss golden momentum where you can sell at the peak or buy at the bottom.

[FatFork]

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.

I don't really agree with this one, I mean the trader part, not the investor.

In trading, it's all about the profit you make which many thing can affect it e.g. trading fee, withdrawal fee, and momentum. If a trader need to move their funds from CEX to wallet over and over, they need to pay withdrawal fee + miner fee for every transaction and you can miss golden momentum where you can sell at the peak or buy at the bottom.

Exactly. You don't have much of a choice. As a trader, you need your funds readily available on the platform you use to place buy/sell orders or take advantage of market opportunities. There's no way around it. Anyone who suggests withdrawing funds after every trade clearly doesn't understand the dynamics of day trading. It's impractical and inefficient.

[Oshosondy]

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.

I don't really agree with this one, I mean the trader part, not the investor.

In trading, it's all about the profit you make which many thing can affect it e.g. trading fee, withdrawal fee, and momentum. If a trader need to move their funds from CEX to wallet over and over, they need to pay withdrawal fee + miner fee for every transaction and you can miss golden momentum where you can sell at the peak or buy at the bottom.

Exactly. You don't have much of a choice. As a trader, you need your funds readily available on the platform you use to place buy/sell orders or take advantage of market opportunities. There's no way around it. Anyone who suggests withdrawing funds after every trade clearly doesn't understand the dynamics of day trading. It's impractical and inefficient.

If I stop trading, I prefer to move the coins from exchange to wallet. Just like today, I have withdrawn all my money from the exchange to my wallet because I am not trading until tomorrow. I have the money either in USDT or USDC. The exchanges make it easy that I can withdraw USDT and USDC with $0 fee. But $0.1 fee is not bad either.

But it is not easy sometimes. There were positions that I left for days. So you have a point also.

This is a better approach. Assuming I want to use $500 to trade. I deposit $100 and use 5x leverage. The transaction time is fast if I have to send more money. I prefer 1x leverage and not more than 3x leverage for bitcoin. Which means if it is bitcoin, I can use 15x for $100 instead of 3x for $500. I will have the remaining $400 left on my noncustodial wallet.

[hugeblack]

The advice is good and straightforward but the implementation is the problem. For example, the difficulty in the rule two hodLling may lead to the opposite result of the first rule and most likely those who want to hodLling for Bitcoin will wait for 8 years or more. The rest of the advice is related to transaction security more than it is trading advice.

[Mia Chloe]

This post is a nice advice for newbie traders especially those that trade BTC/ USD pair. Anyways just like Hatchy mentioned, HODLers really don't have to worry much about how the retracement can be avoided for hitting your stop losses besides if you are Hodling there is literally nothing like a stop loss to adjust. We are already at the $80k mark currently and as for the HODLers there are pretty much 2 things you could do.

One is stit back and watch the whole market play out or rather sell off somoe if your coins. Persons who will sell at this $80k range is actually those that have had 80k as a price mark in their minds for a long time even before this bull.

[FatFork]

But it is not easy sometimes. There were positions that I left for days. So you have a point also.

Not to mention that some traders have positions open for months or even years, waiting for big price swings. It's the only way to catch those big spikes, either up or down.

[Davidvictorson]

Rules to try to stay safe

1. Remember to take partial profits when you can.

I like this one. Have a price target to take profit and do it quick. Anyone who advices you otherwise should be ignored. But that Rolex, the supercar, go on that vacation. Just indulge yourself in some guilty pleasure. Just do something as a reward for your efforts. You deserve it.

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.

This one has been out mantra for so long. Anyone who ignores this, does it at their own risk. Learn from the experience of others which is less painful lesson than learning from your own mistakes.

[pawanjain]

Now that we have officially confirmed the bull market by breaking above previously ATH again.

But this, to me, is just the beginning of the party. However, one issue is that some of you may end up giving back the market all your profits by being too carried away or too excited about the ride.


Rules to try to stay safe

1. Remember to take partial profits when you can.

2. Don't trade against the trend if you are a trader, I prefer hodLling

3. Don't FOMO in while the price is pumping, wait for retracement, so you don't become the exiting liquidity.
Take advantage of the price pullback because they will definitely come if you haven't bought any crypto yet.

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.


5. Don't be in a haste to deposit and withdraw trying to catch the pumps, always remember to verify each depositing and withdrawing addresses before any transaction.

And while depositing on a newly created wallet addresses anywhere that you have never sent funds into before, please you can consider sending small amount first into the wallet and confirm if you can be able to deposit and withdraw in that particular wallet if you're doing a bigger transaction, else you may learn the hard way.


Lastly, Remember rule  No. 4

Those are some good points you have listed and these should be noted if one wants to take profits while the BTC price is pumping.
We have heard questions like how to exit when you are in profits and the above list can help one in doing so.
Even I have missed taking profits the last time and have been holding since then.
Now that bitcoin has created a new ATH, we should be ready to see how high we can go this time.
At the same time, we should be ready to take profits so that we can it back cheaper.

[albon]

1. Remember to take partial profits when you can.

This is good advice, of course, depending on each investor's strategy. Greed should not overcome any investor. If he does not have enough liquidity to enter at the time of corrections, then he should consider withdrawing a portion of his profits to enhance his purchases.

2. Don't trade against the trend if you are a trader, I prefer hodLling

Trading requires experience and a strategy to follow, and of course trading must be with the current trend in the market. If he does not have sufficient understanding of technical and fundamental analysis and risk management, then any decisions he makes will have dire consequences. I also prefer long-term retention.

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.

Of course, this is advice that no one involved in the cryptocurrency market should ignore, because of course, whoever holds his capital from the central authorities, they are the ones who control his assets and his money operates under their decisions and rulings. If the authorities confiscate or freeze the funds for any reason, or if the exchange is hacked or compromised, the investor will find themselves in a difficult situation.

[Saint-loup]

4. Don't keep funds on a centralized exchange after trading if you're a trader and, for investors, don't store your cryptos on exchanges, learn from the FTX and Luna collapse.


5. Don't be in a haste to deposit and withdraw trying to catch the pumps, always remember to verify each depositing and withdrawing addresses before any transaction.

And while depositing on a newly created wallet addresses anywhere that you have never sent funds into before, please you can consider sending small amount first into the wallet and confirm if you can be able to deposit and withdraw in that particular wallet if you're doing a bigger transaction, else you may learn the hard way.


Lastly, Remember rule  No. 4

How could you do that, if you are not trading with a very large bankroll, because when there are bull runs transaction fees usually skyrocket and you can wait several hours or even days to get your transaction confirmed and your balance or your personal address credited despite having spent a large transaction fee. So you can't use Lighting Network or if you don't want to use it IMO it's chimerical to hope trading Bitcoin during a bull run without leaving any fund on any exchange sadly. You will spend too much time and fees otherwise.

[nakamura12]

For holders, you don't have to worry much about the market retracement.. you can also choose to take profits but I'll suggest we hold on a bit longer as the bull has just begun.. selling now might make you miss out on the train.. this month has been all blues for BTC investors weather traders or holders. But we have to make sure that we also enjoy from the bull.. remember the market will not remain bullish for ever.. just take little if you want as your profit and leave some so you can continue riding the waves.. cheers to the bull season..

For holders, waiting for a little bit longer is indeed the best choice since holders won't lose their accumulated bitcoin and only the value will change when the price changes. I would do the same like what you have said like leaving a portion of your funds to stay in the flow and in my opinion, those who hold and do this could still earn profit even if they take some of their holdings and wait for bull season for more profits.

[Crypto Library]

2. Don't trade against the trend if you are a trader, I prefer hodLling

When it's about the professional traders who have know about the technical analysis and also the fundamental analysis and also who can guess the market sentiment by using his psychological skill for those I think it depends on their analysis may some time they need to go with the trend and also some time against the trade make them profited.

And as an holder I think every time we should investment against the trend like now bitcoin did huge pump and the trading volume is also increasing a lot now it is also a trend that people's are investing on bitcoin and also those who don't know the bitcoin after seeing this pump they intend to invest on it. And here most of the people goes with the trend without thinking about any analysis. Here I think the experience people all will wait and wait and continue to their DCA strategy and will invest on the next bear season and will start accumulating their fund for that investment.

[Obim34]

This topic thread is mainly for those who trade their Bitcoin than those who are holding, this is just the beginning of the anticipated price increase and advise on withdrawing at this point is not a good one, most especially for those who would prefer the long term approach, i think the idea to withdraw partial profits may become ideal and deceptive to their own belief of holding longer.

Traders are the ones to benefit from this little price pump, as the price continually increases so they make decent profits and are free to place withdrawal any time they feel convenient. Whether FOMO or not, since we are not in the height of the pump each trader should expect to miss out on some more profits because they earlier took out their profits.

[terrific]

Remember your exiting strategy this Bull market beginners.

Soon, they will become old timers and they will realize that there is no exit on this market. 

[Perfectbaby]

Any one who is holding doesn't have to panic over the time being because your holdings doesn't affect your activities, all it takes is just to store them in a safe custodial wallet where you need to have a total control of your wallet.

NB: We shouldn't store our keys or seedphrase in an online note, such as mail or whatever that serves as draft for you. Do not always allow unknown person (s) to easily have access to your phone especially those that are also Into crypto of a thing with you, totally avoid them otherwise your asset can be easily stolen from you.

[CryptopreneurBrainboss]

But this, to me, is just the beginning of the party. However, one issue is that some of you may end up giving back the market all your profits by being too carried away or too excited about the ride.

Traders should be the one getting this advice and not hodlers, hodlers don't give back to the market. Hodling for only few years already has put you in a position that whenever you want to sell you won't be giving back to the market because you're always in profits.

Exiting strategy are for traders or short term Investors because assuming the goal is to continue to accumulate Bitcoin, you have to use every opportunity that you'll get and continue to accumulate.

As an investors, this bull run mightn't be your target sellout point because you're thinking in years ahead and not instant benefits. But for those that use a large sum with short term investing in mind, selling when your target has been reached and converting your profit to your local currency is a better strategy than trying to time the top of the market.

[Zaguru12]

How could you do that, if you are not trading with a very large bankroll, because when there are bull runs transaction fees usually skyrocket and you can wait several hours or even days to get your transaction confirmed and your balance or your personal address credited despite having spent a large transaction fee. So you can't use Lighting Network or if you don't want to use it IMO it's chimerical to hope trading Bitcoin during a bull run without leaving any fund on any exchange sadly. You will spend too much time and fees otherwise.

The reality is for traders it is not possible to even be transferring your funds everyday from and to your wallet, the transaction fee as stated is one reason while the other reason is that it will require you to close all positions everyday and it is not possible because even day traders have some trade positions still open for more than a day except it is simply sniping. The best form is to leave of little amount enough to hold your trade positions there and maybe weekly or monthly withdrawals should be done instead.

What I usually do is not to have too much funds or amount that I can’t afford to lose on one exchange and Instead spread my trading funds into different exchanges as I have this conviction that not all exchanges can get compromised, bankrupt or collapse at the same time. So different trades can be open on each exchange just to avoid holding onto much on a single exchange