Exit strategy

>>2423119
If you sell it all at once you may miss out on gains. If you sell it incrementally you may not sell early enough and the falling knife will hit your foot

And two more options

-Selling right now
-Selling at some point in the future

If you're selling right now, great, go do it. If you're selling at some point in the future, then you are the person who this thread is specifically targetted at. You have to decide WHEN. Now, when you're not emotionally staring at that 100x profit and thinking "FUCK will it go to 200x?"

You have to decide now. Or you will fuck up. Real traders, real stock traders working at firms, don't go with the flow and figure it out as things happen. They have a plan that they follow, period, even if their gut tells them otherwise. You have to do this too

Are you selling at 2x profit? Make sure to do it. Are you selling when the coin is $x? Make sure to do it. Don't get greedy. Well, get greedy, but don't let it control your logical, well thought out plan that you made far ahead of time.

Have a fucking exit strategy or you may be boarding the Challenger

Furthermore, some of you are engaged in selfish and greedy delusions - thinking this will go on forever. Haha, it won't.

I've heard of people spending their student loans on crypto. If you can't afford to lose it all, don't invest it. This can pop at any time. If you bought in super early you're probably safe, but you may also be disappointed making 2x gains instead of the 10x you're currently observing. And that bad feeling when you only make $5k instead of that $20k profit you saw in your blockfolio can be just as bad as losing money.

tl;dr
You haven't made anything until you sell, period. You're not 10k up, you're not 20k up, you haven't doubled your money. Until you sell.

>>2423121
How to formulate this plan? I mean are there any resources I can read/watch about how greedy is too greedy, because I think that's what I'm being atm.

>>2423119
What I've been doing is just setting a stop loss order 25% below market value. If it does dip, I'm still getting amazing gains, but so far, the dips haven'ttriggered a sell

When the coins I've been accumulating are starting to see mainstream use I will assess. If all die before mainstream use I have lost my bet. I can't predict these prices now, so 100x 200x is useless to me.

>>2423171
In a big panic your stop losses can get blown through, they are not like save points

>>2423152
Look at the niche the coin is attempting to penetrate and the valuation of said niche. From there, take a conservative estimate of the amount of that niche that coin can take. From there you can work backward to find a sell price. E.g.: take siacoin's attempt to penetrate the storage market. I conservatively estimate in the long term it might capture 10% of that niche. By 2021 the cloud storage market is estimated to be worth $75B. Given that there are ~27B coins circulating, that sets a sell price of roughly ~29c per SIA (in 2021).

In any case, I got out of my initial investment early. This is just my attempt to put the brakes on my unlimited greed so I don't lose it all.

>>2423177
Same here.

I still appreciate OP's thoughtful breakdown of the options-- here is my long response.

Crypto has not only confirmed that I can't predict the future, but it's taught me I am living in a time where everything changes far faster than I expect (See: ETH price). Right now I have only a relatively small percentage of the minimum I'd require to begin cashing out. I don't know whether it will take 3 years, 5 years or ??? to reach the cash-out point-- or if I will never reach it and (as anon above said) lose my bet.

When and if I do reach that point, I am sure laws will have changed. I can't even imagine what else will have changed. An unfamiliar future will be upon us. It's impossible to plan for.

I suspect I may want to cash out entirely, all at once, so I can use my gains to insulate myself from that future as much as possible. By then I will probably also be VERY BORED AND TIRED of worrying about crypto.

It's fun to daydream of being rich, but honestly who knows what shit will be like in a few years. I'll figure it out when (if) I get there. Making plans for a future that I can't imagine doesn't sound like a good use of time.

>>2423334
Yeah OP does make good points, I'd just prefer to lose everything than miss the real rocket, lose everything is something I could get over in time.

File: LEVELS.png (22KB, 992x527px) Image search: [Google]

22KB, 992x527px

PPL UPPER YOU PLAY NOT FAIR

>>2423334
I think the most rational thing to do is, once you have lots of gains, cash out your initial investment. Then you can't "lose" any money you already had. You can sleep well at night. You can wake up excited or disappointed. I'm going to do this, I think

Furthermore, everything comes down to what you want to do with your life. That's what this is all about. It's not necessarily even about profit. It's about the fun you had. Or what the fuck is the point of money. You can play it safe right now, cash out, and invest in index funds and coast for life. Or you can take the risks and rush of investing as a form of recreation. I think I want to take this viewpoint. This is so fucking fun. Honestly, waking up to $2k for doing nothing, that burst I get in the morning, it's fun as fuck, even if it slowly crashes during the day - that just gives me something to look forward to when it goes back up again!

But you have to keep it in check to avoid it turning into a gambling addiction. We aren't here to gamble. You can double your money in 10 seconds in Las Vegas, or you can lose it all. If that's what you want, go do it. That's not what this is about. We should only be investing if we plan to make money and are very confident that we actually have the house advantage here, not that we're going to get lucky because we're special

The market gives and the market takes away, make sure you don't let it have too hard a grip on your wallet or it will take it all away. It's easy to forget how much you've invested initially when you're making those 10% gains. A 50% loss can make you so scared that you'll panic and give up on your initial plan

Need to stop rambling

i will be cashing out on alphabay, so whatever my amount in $ is that i'll be taking, will automatically double from profits from whatever i buy on alphabay that i can sell in bulk for a good price.

>>2423467
>Can't lose money

Anon you can. Don't be the guy who thinks casino chips arn't money and blows it all because 'it wasn't real money anyway'. Your profits are real money, every second you leave them in is risking losing real money, you have to know that first to be able to be OK with that. Don't want you to KYS because you woke up one day and lambo money was gone.

>>2423577
lol his post was about removing initial investment, that way everything else, no matter if it was profit or loss is just extra.

The party will be over soon.

I have about 10 friends who are in on crypto at the moment, and 2 of them are working manual labour jobs. Those guys will blab to the other guys about how much they've made. A few more months IMO

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136KB, 1272x935px

>>2423577
>mfw trying to explain this concept to people
I understand their reasoning but why can't they see mine? Do they hate lambos?

>>2423577
I guess you're right anon - if you look at profits as play money to lose on risky deals, your inflexible losses will overcome your investment strategy and you'll have <1.0 expected value