What's Your Bitcoin & Crypto Cash Out Plan?

What's Your Bitcoin & Crypto Cash Out Plan?

By johnwege | johnwege | 27 May 2020


I think cashing out is definitely something that everyone who has invested in Bitcoin has had in their mind at some point.  Using that money to pay off all of your bills, buy a new house or car, or maybe even retire and live the dream.  Whatever it was, it was probably life changing. Just reading that last sentence, I’m sure that you were already imagining your own goal in your head. 

In fact, I would make the drastic guess that a very high percentage of people think about this every day.

But I would then also make the claim that a large amount of people don’t actually make a plan for what is their actual goal price to reach, when they will sell and how many of their coins they will sell.  And then there is the whole idea of actually sticking to your convention and going through with it, which can be the most difficult part of this.

After all, if you don’t plan it out, you may miss your chance.  A fair number of you may actually be newcomers to the crypto scene, joining after the all-time highs were reached.   But I’ve been around even longer than that.  I’ve watched many people who had big hopes and dreams, that had a pretty good bag of coin.  During this time they saw the prices go up wildly, their bags value rose up tremendously.

And then they sold it all making a huge profit and living happily ever after!

Unfortunately, that isn’t what happened. They thought the price was going to keep going up forever during that time period.  Or when they price kept dumping they panicked and eventually sold losing out on a great chance at profit. 

They didn’t have a plan, and so when it reached all-time highs, they hesitated and forgot to take a profit.

Always remember, it is important to know why you are in the crypto space, and exactly what you want to get out of this.  For some people they are all about the technology.  Others like me, we see it as an investment that will deliver great profits.

  Some people may plan on never selling, but for others that are in it to make money it is important to write down what is your selling point and try to stick to it.  This way you won’t have regrets the next time the price goes down after the next all-time highs are reached.

I know personally I won't be selling any of my "long-term" coins until we at least reach new all-time highs.  At that time I will sell off about 10% of my holdings and continue holding.  As the price continues to rise, I will continue to sell a portion of my portfolio, but never selling everything.

 

What is your plan and goal?

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johnwege
johnwege

Hello I'm John Follow me on Twitter! https://twitter.com/johnwege


johnwege
johnwege

Living day by day, stacking sats and trying to retire early. Check out my substack blog https://johnwege.substack.com/ Follow me on Twitter twitter.com/johnwege

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