Taking Profits - buy more BTC or put in bank

BEGINNERS & HELP
#21

Practice is very good and welcome to your Crypto community with the master of disaster Ivan(Sarcasm). We are a very helpful community and we want all to succeed.
My response to your question is its all about your personal strategy. Always take profit but usually you base that off how many (X) you do that in. I bought AAVE lets say at a dollar and it goes up 5,6,7 X take profit, invest a higher percentage in BiTCOIN and then a % in Ethereuem and the rest listen closely to Ivan’s forecast and find a low cap new coin so you can repeat the cycle over and over.

Good Luck my fellow new millionaire!!

Pete The Greek!!

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#23

Thanks Pete appreciate your response - I am concerned about putting money into ETH now with the high gas fees people are talking about. I am thinking will put it all into BTC. Being a newbie who got too excited i put money into too many coins.

#24

The new paradigm is to avoid banks, centralized finance or fiat currencies, so when it is time to “cash out”, don’t go to cash, keep it crypto. There are many new decentralized stable coins evolving through innovation (RAI, aUSD, UST are a few examples). You can even go into a gold stable coin such a PMGT (not decentralized but not bank or fiat either) which is direct gold ownership on the blockchain guaranteed by Perth Mint and the government of Western Australia. When the cycle tops, get into something stable to ride out the storm until the next cycle. Or, for long term horizon, just hodl BTC and ETH and don’t worry about trading or tax consequences.

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#25

Hi @PrendK,

Taking Profits generally means, getting out of the volatile crypto you are holding, by selling your crypto for a stable crypto (like BTC sold for USDT/BUSD/etc.) or it can also be for real money/cash/bank (but not advised because you get visible to the Gov/Taxes, depending the country, etc.)

The idea is to get out of the volatile zone and put the value of your crypto (gains or not) into something that you consider “stable” (dollar/gold/euro/realEstate/whatever…) so if tomorrow everything goes red (compared to stable dollar) you don’t loose.

#26

I was watching at 5 AM (MST) when BTC was 39,000. It shot to about 42,000. I was like “Wow!” At the same time TSLA went down premarket. That was when Elon bought 1.5 billion. It has screwed up my trading on BTC ever since. The lowest its been since that day is touching 43k range. currently at 57.6k at this writing.