HOW SHOULD YOU SELL YOUR CRYPTO?

HOW SHOULD YOU SELL YOUR CRYPTO?

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The crypto arket has pushed up massively over the past few months, how should you sell? How should you take profits? What should you do so you can exit the crypto market?

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#StockSmarts #Crypto #Bitcoin
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The remarkable rise in the value of Bitcoin in 2017 – from 900 USD at the start of the year to nearly 19,000 USD on December 17 – demonstrated the incredible income potential of Bitcoin and other cryptocurrencies.

If you sold at the top you could have made great profits, but if you held for another few days, you would have lost more than 7000 USD as the price dropped 30% in value to just over 11,000 USD.

Crypto is volatile. As a trader, you need to learn when to sell a cryptocurrency and how to set targets.

The dotcom boom
The decision about when to sell an investment is not unique to cryptocurrency. It’s a challenge that anyone who invests must face.

A good parallel to inform your decision-making in regards to cryptocurrency is to think about stocks during the dotcom boom. Many people bought stocks in Internet companies in the 1990s. As the value of dotcom company stocks climbed, individuals who owned these stocks had to decide whether to hold or sell.

Of course, the bubble went bust. People who had held onto their dotcom stocks and didn’t sell anything lost out big time.

But those who sold saw healthy profits. They cashed out. They might have sold before their respective investments reached their peak price, but they still earned a large profit.

Both examples illustrate the need to understand your own personal expectations. Investors always want the highest gains possible, so a more instructive guide is to ask yourself: What am I willing to lose?

By creating a framework around your investments that is guided by your ability to absorb loses, you are able to set expectations about how much risk you can handle in the volatile cryptocurrency markets.

Deciding when to sell
What would you like to earn by investing in the crypto market? Is 5% in gains over the course of 30 days enough? Are you looking to double your investment?

Questions like this could help you understand your expectations and goals as well as define the amount of time you would like to spend on any given day watching the markets.

Given the volatility that is currently inherent in cryptocurrencies, day traders spend their waking hours watching the computer and jumping on gains as they come in, while also trying to mitigate the losses.

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