Consider risk reward. If it continues up, how much? Likely <<10%. Downside may be 50% or more. So either sell or set stops if you are not able to quickly respond to price movement.
But that still involves thinking of price movement. My biggest mistakes have been selling cryptos! I need to be happy it’s the right time. The only reason to sell is to buy back at cheaper prices!
I started with cryptos in April. More than tripled my total investment before the summer correction. Started moving back to cash progressively before the correction started 25-50%). I STILL lost about 40% of my total portfolio value. My lesson is, protect your profits. Get them off the table early rather than late. There will always be another opportunity, and the one that comes when BTC is under $3k will be monumental.
Neither. Just watching carefully.
So what do you do overnight? Wait and sell in the morning (if you are going to sell) or do you have sells set?
I cast my ladder overnight for buys or sells and often get a few rungs filled! The same for day. I cast it and walk away.
Consider risk reward. If it continues up, how much? Likely <<10%. Downside may be 50% or more. So either sell or set stops if you are not able to quickly respond to price movement.
But that still involves thinking of price movement. My biggest mistakes have been selling cryptos! I need to be happy it’s the right time. The only reason to sell is to buy back at cheaper prices!
If you made a profit, it was a good trade, even if you left some money on the table.
Also, I would suggest that another reason to sell is when the likelihood of higher prices is low.
So, out of Bitcoin. But are you also out of altcoins too?
I started with cryptos in April. More than tripled my total investment before the summer correction. Started moving back to cash progressively before the correction started 25-50%). I STILL lost about 40% of my total portfolio value. My lesson is, protect your profits. Get them off the table early rather than late. There will always be another opportunity, and the one that comes when BTC is under $3k will be monumental.
It's hard to imagine, altcoins hold their positions while btc is crashing - even though that's something i would be hoping for....