If you make lifechanging money, SELL!
Profit is profit. No regrets. Here's how you do it.
You get euphoric, emotions take over and you don’t sell. Why would you sell when prices pump higher? Right?
WRONG.
This is an easy trap to fall into, particularly in a bull market. The profits you take will be the only thing you are left with after a bull market ends. That’s it. Those altcoins still in your bag will become near worthless in the next bear market.
Here’s how you do it right to secure your profits and shop in the next bear market. TLDR and tips to remember at the end.
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There are several key moments when you should sell and secure profits. Let’s go one by one.
If any coin or token does a 10x, you take profit!
At least sell to take out your principal (that means your initial investment). Then sell the rest on the way up or on the way down. This guarantees you close in profit no matter what.
And please do not use those profits to FOMO into the next altcoin that is there to take your money away. No. Consider yourself lucky you even booked a 10x profit.
You SECURE those profits! That means you do not buy another risky asset unless you want to lose your money. More on that later.
If any coin or token does a 100x, you sell it all!
You made 100x? Sell. End of story. Do not fall for the narrative that says “hold, this is the next Bitcoin, Elon Musk or Steve Jobs”. It’s likely not and this 100x is a one off.
Don’t marry your bags. Secure that profit!
If you make lifechanging money, you sell and forget!
If selling can have a positive lifechanging effect on your life, then don’t hesitate. Click that sell button and enjoy your life. Take a break from crypto, live! It will be one of the greatest feelings you can have. With only one exception.
Make sure you don’t sell all your Bitcoin. It is different and you should always maintain some exposure. You can liquidate any altcoin without looking back once. However, if that coin is Bitcoin, make sure you keep a bag forever. It’s your call. No regrets whatever you decide.
If you have many poor performance alts, liquidate them all!
If you have a huge bag of altcoins that didn’t do that well, then use the peak of this bull market to sell them all at breakeven or when in profit. Just liquidate them and use that money to position yourself better in the next bear market.
A good example of what I mean is Litecoin. At best, it does a 5x from it’s bottom in a bull market. If you were unlucky to buy it at three digits, then consider yourself fortunate if you can sell it and double your money.
Crypto usually favors new narratives and most coins from previous cycles suffer a slow death. Bitcoin, Ethereum and a few others are exceptions to this rule as they made consistent new all-time highs every cycle.
How do you secure profits?
The way I do it is simple and has only three answers.
Bitcoin, Gold, and USD. Nothing else.
Bitcoin is first if the price is under its current all-time high. Anything over that and Gold becomes more attractive as a store of value until the next bear market. This is because if you secure profits in Bitcoin once it passes 69k, the risk/reward is not great since BTC can also crash 75% from its all-time high in a bear market.
You can also take profit in USD and farm yield on it to keep up with inflation until the next bear market. You prioritize USD based on your liquidity needs and you should always keep some fiat on stand by just in case you need it.
You do not take profit by buying other altcoins, that is not it. Silver is a big no because it’s easily diluted. Other fiat currency apart from USD are also a big no because they all inflate faster than USD. Some exceptions like the Swiss Franc could work too.
When do you buy after a bull market ends?
You only buy in the next bear market.
A bear market is when Bitcoin’s price falls by over 70% and altcoins by over 90%. If you buy sooner, you’re paying a premium. Be patient.
Generally, avoid any new buys 1 to 2 years after a bull market top. Enjoy life instead, improve your crypto skills and smile when Gold goes up in price. If you’re lucky, you may be able to sell Gold at a significant profit in the next crypto bear market that should offer a nice discount on Bitcoin and alts.
An exception to this rule is only if a promising new altcoin appears that is at a significant discount during its initial days. Be very selective on this and don’t trust narratives, do your own research first. 95% of new altcoins are just copy cats and are there to steal your money. New narratives that innovate and have an actual use case are rare.
You allocate the bulk of your money when Bitcoin gives signals that the bottom is in like it was when it was under 20k during this last bear market. After you finish buying, you wait for BTC to do a new all-time high. That’s your signal to plan your exit and take profit again on the way up.
TLDR & Tips to Remember
You made a 10x? Take profit. You made 100x? Sell. You made lifechanging money? Sell and forget. You carry a disappointing bag? Liquidate it all!
Don’t try to guess the top. Take profit on the way up.
Secure profits with BTC, Gold and USD, not altcoins!
Wait 1-2 years after a top and buy during the next bear market.
Quality of life comes first, not speculation. Use bear market to build skills.
Keep some Bitcoin forever and you’re set for life.
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Great tips Duo. Real nuggets of gold and pearls of wisdom!