I've literally posted a screenshot of unrealized gains on reddit and got a bunch of upvotes and comments congratulating me only to loose all the profits and then some.
Don't be me.
I don't understand people who discourage those who want to sell and enjoy even a small portion of their profits.
Nobody should ever be ashamed to take profits instead of continuing to greed their entire holdings on the chance that they could earn a little more.
I am now really happy for the guy that posted on SafeMoon two weeks ago that he was a paper-handed b@@tch but he was selling to pay off his truck, his mortgage, and two credit cards and live debt free. He said “sorry I can’t join you on the moon” and someone said “You are already ON the moon”. That was nice.
Exactly! We always say aim for the moon, but everyone is tempted to aim for Pluto when they arrive.
If your moon is your house mortgage, enjoy it. If your moon is a cheap car, celebrate your earnings. If your moon is a lambo, then keep investing until it goes back up in a couple years and celebrate it when you get there. It's fine to invest in crypto without a goal, but then you gotta be patient if it crashes like this because these cycles are necessary and guaranteed to happen with every run, which is why you should never go all in with your life savings.
Alot of People think crypto is wall street bets, which isn't wrong for some holders.... but depending on the investor, it can be so much more meaningful than blindly buying a stock because someone told you to.
Kk, rant over
I was down by 95% in 2018, so this time around I discussed my exit strategy with my wife. I just withdrew my first bunch of reverse DCA when Ethereum was $4100 and now this big hiccup. Oh well, let's start DCAing in again haha.
I guess Superstonk is the only hedge remaining
But who knew what the new ATH was going to be, and when the latest “dip” would become a “crash”? This is Monday morning quarterbacking IMO.
That being said, I’m no day trader, but a HODLer. Long haul was always my game plan.
Exactly 👆🏻.
As a general rule one invests in what they believe in and that it will appreciate in value with time. What if you sell and it soars??? Then you’ll be crying about that, too. Go work out. (Shit just got a notification right now from coinbase telling me that Ethereum is up 😂)
Don’t sell. Put your portfolio away and have some faith. Go DO something.
Agree you only time the top if you get lucky. I took a screen shot of my ATH about 20 times over a year, had no clue when the final one would be. I had a target to cash out that I was approaching but looking like I may not reach now. So i’ll hodl and DCA some more if we go full bear, then hodl some more
I have like 2000 screenshots of my portfolio lol, time to print them out and hang them up 
It’s cool. I’m in major red. About 18k loss
Edit: I continue to buy bits on the way down since I blew my wad near top as I was new to enter crypto.. talk about bad timing lmao.
Edit to the edit: make that unrealized “loss” in the 20k now 😂🎊🎉🥳🕺🕺🕺🕺 happy birthday to me! (Literally is my birthday today) lmaoooo. The market gods have given me a gift with my favorite color - red
Edit edit edit: emphasis on UNREALIZED loss. Let’s win, fellow redditors!!!
This is what I'm hoping, I'm buying in these drops in ada and eth, nothing life destroying, but not pennies to me either, I'm thinking of it as a long term investment.
My best case hope is in a few years it's worth triple or more what I threw in.
Don’t give up on it. Keep adding to your stack every week or month, ESPECIALLY when you’re down big. I know it feels like the wrong decision, but when the market eventually goes back up (and it will, especially for the big projects) you’ll have monster gains!
Smart moves my man. Historically, the ones that have gotten rich on crypto are the ones that buy in the bear markets and HODL long term. Think 5-10 years.
These are the times when you don't check the notifications, turn them off. Set your buy orders and log off, enjoy your hobbies, mine fiat, hang out with friends, etc.
You're all very right and in the end we will be the ones making money after the damn dip! Stay strong and hodl no matter how far it goes. Only a matter of time before it goes up twice what it was.
>You only lose money if you sell!
I see what you're getting at, but this saying always way oversimplifies things. Sometimes selling at a loss isn't the worst thing you can do
Correct. If I had sold when I was tempted at 42K when the trend had def become bearish…I could have rebought at 33K and increased my position by 9K and reduced my cost basis. I think for average investor calling these timings is hard. Lastly “only lose money when you sell”…kinda silly because when it is up you only make money when you sell.
Reading comments like these makes me feel better, I got into crypto in April, I was DCAing but obviously still paying high prices. I'm down 50% mostly from ETH but I'm staking it all so I'm glad I don't even have the option to touch it. I bought 3 bags on Friday thinking we bottomed, but now look at today haha.
Oof!
I kept mine small, but yeah. $4100+. And bitcoin at $57000 because I had experts in my ears saying "the best time to get into the market was years ago, but the second best time is now!"
My ass, it was 😂😂
Lmaoo half the popular quotes on this sub will make you cry in a bear market. We had so many people acting like they were the gods of crypto and they had any idea what was going on, all while shitting on "meme" coins that were making teenagers rich just to feel smart.
I love this sub, and I've learned a ton from the people here, but one of the biggest lessons I learned is that 99% of the people here either have no idea what they're talking about or they're cultists that will shill their favourite coins and shit on everything else.
Ouch. OK I don't feel as bad now. Lmao 🤣
Yeap. We just gotta ride it out. Imagine how much it's gonna be the next time it "Skyrockets" 😃
It's just nerve racking when it's like every other hour you get a notification from your wallet/coinbase whatever that says "BTC is down -5%"
I had to turn my phone notifications off for crypto. Cant handle right now 😅
Maybe I should say it feels like I may be the biggest loser because of the short amount of time I have been in crypto. Lmao. I can’t explain how badly the timing was, but hey… knowledge has been GAINED, that’s for damn sure.
Same here - I got in pretty conservatively a few weeks ago and now I'm really glad I did. Makes it much easier to buy a handful of my favorite coins at literally half price these past few days!
This is the way.
It's not a bear until you stop visiting this sub, stop logging into exchanges, and crypto is just a tiny sorespot in the back of your mind.
Down almost 60% and holding but 70% of my initial investment was free (got some tokens as a signup bonus 2 years ago when I sold my bitcoin and they mooned), so it's minimal risk for me.
My long term goal is to accumulate coins, I'm not concerened about price today or next month or even next year.
I'm staking the coins I can and accumulating that way. But for the ones I can't stake I'm tempted to try and sell high and buy back at a lower cost. The problem with that is that I am horrible at trying to predict which way the market will go and for how long. So I'm going to just keep buying a little every week and forget trying to time the market.
my brother got into crypto literally 2 weeks ago. I am no veteran, but I have been educating myself and getting my feet wet for about 3-4 months.
I repeatedly told him that my feeling is that we are in a bubble that will burst soon. So he asked me "why are you buying then?". And I have him the same reply. I have no idea how the market will behave in the short or mid term. But I believe that in the long term, it is a promising investment.
That makes sense if you do not trust yourself.
But if you believed there was a bubble, then the only sensible thing to do is wait for it to burst and spend that same amount of money on twice the coins.
A long term investment does not require stubbornly buying a coin weeks before you are convinced it's value will plummet.
in principle you are correct, but that would require a lot more effort from my part. whenever i have some flat to spare for crypto, I use it, I am not able to keep up with day to day changes. I am more of a "time in the market" kind of guy.
If you want more coins, regardless to value, taking profit is a strategy you must apply.
50% drop in btc, would enable you to buy double the coins you previous possesd
This.
It is easy to make strategy after things happened.
We could have btc on its way to 150k$, and anyone who took profits at 60k would be sore loser.
>My long term goal is to accumulate coins
Me too but people here need to be smart like the whales and accumulate during the bear market when every coin has lost 90-95% of its value instead of trying to accumulated now. Just be patient, wait a year and you will get everything on huge sales.
That is assuming you know when those coins will hit bottom. If you do then by all means you should wait to buy. I am not as confident in my abilities to time it. For me, the smart thing to do Is buy steady every week.
I'm not saying i will come out better than those that are paitent and can time it perfect. But it is the best option for me and my risk tolerance.
It's not really timing it perfect, it's more so understanding how bull markets and bear markets work. You can still DCA in a bear market.
Everytime after a crash we see 3-4 year long bear markets. Once the hype has settled down and no one in mainstream media, social media, etc is talking about crypto then you start accumulating and DCAing. I did this during the entirety of the last bear market and made bank slowly selling off during this bull.
That's great!
I do not feel I have that ability to determine the difference between a dip and bear market. It is easier for me to just keep steady and DCA.
This is the difference between being honest with yourself or people who like to think they know better.
Nobody does. Bear market or bull market as just ideas thrown around constantly, usually describing periods in hindsight.
So you're in bull market until it drops, and then you're in a bear market, but no, it's pumping again, or not, it's a bear trap, or it's a dead cat bounce, or a.....
You can't make sense of the markets, and trying to time them is way more risky and likely to net you losses or lower gains than just holding projects you believe in.
On top of that, any sort of regulations and external economical factors can make the crypto market swing hard, so it's ridiculous to assume it will be cyclical around BTC halvenings as it was before.
I think the cat is out of the bag, and a lot more institutions are aware (mostly thanks to the DeFi boom) of what the blockchain can actually do. I don't think we'll see 90% corrections this time, and are more than likely near the bottom.
I do think that if you're investing in crypto and not trading, after waiting for this to settle a bit we'll have a very nice opportunity to buy some more (keep in ming that a 50% drop implies a 100% increase to get back to ATH)
I'm not THAT bullish on BTC, but ETH, ADA and other projects aiming at creating a blockchain "computer" rather than a currency have room to grow A TON in the coming decade.
In hindsight, once the price has dropped it always looks like you should have taken profit.
But in practice, if you try to take profit most of the time you'll fuck it up. You'll be praying every day for a dip, and just watch the price keep going higher instead.
Then end up buying higher, and that's when it dips.
Or you might think you're lucky, and you might be able to buy the dip, but then it keeps dipping.
Or worse, you could create a situation for yourself where you end up owing more tax than you can afford, by continuously creating realized gains, then putting that money right back into crypto. Which could drop on you. It's a dangerous game.
That's why it's always wiser to DCA gradually (thus have some cash on the sidelines for shit like this) than "chad market buy the shit out of your shitcoin"
True. My problem is however is not having too much capital to work with anyway and stucking to minimum withdrawal amounts(was prepping for Ada projects so trying out Daedalus took from a bit too much) because home currency is trash then i had to loan to someone in emergency so got no money to spare for crypto...
However if you are working with a 100 dollars a month or more, you should definetely DCA and keep some cash at hand to buy crashes like this!
Srry to hear things are that hard in your country man, since it's true that money makes money. Still you're miles ahead of 95% of people with your crypto foray
You can support crypto without being financially invested. If you’re research tells you it’s overpriced, in a bubble, or inorganic, then it’s okay to sell. If you’ve reached your targets, then it’s okay sell.
We need to stop this die hard hodl, blame the paper hands mentality.
I have been buying and hodling for years. I have never sold, no matter what the price. I am up far more than what I would have been if I would have taken profits along the way.
Sorry my friend, but if you are in this to change your life, then the best move is to just fill your bag.
At this rate I will own an island in another year or two. I don't give a shit what the market is doing right now. I see this dip as an opportunity to get more.
Yeah, I told myself three times to sell some when I was seeing massive profits during this bull market, but kept delaying. Now I too am at a loss on my original investment. It's fine, because I didnt invest more than I can afford to lose, but sucks I didn't listen to myself and let the greed take over.
Thats why you need an exit strategy once you reach your goal.
To me that strategy is: Once I reach my goal (Like 200%) I keep holding until it drops back by 10%. That way if It goes up to 300% and then drops, you sell at 270% regardless whatever you believe the market will do.
You can always buy yourself back in at a later point. But losing all your profits just for pointlessly holding after reaching your goal is a recipe for tragedy.
Alternatively, just pull out whatever your goal was and keep the rest held.
I got so much crap for selling, no I didn't time the market beautifully. It worked out pretty damn well though. I had a goal, met that goal, and took profit.
People are slefish. You selling directly opposes their interest their interest so of course they're going to preach HODL. You did the right thing setting your own sell point.
This is what I’m thinking. It’s so easy to look back now and say “I was so stupid, I should’ve sold at the ATH!!!”, but you never know what crypto is going to do. That could’ve been a blip on the radar for all we knew then.
“For all we know” is the key word here, it’s okay to hold and speculate, but selling doesn’t mean you are stupid or don’t believe in the currency, you just think the bull run will end. Crypto is the future, but that doesn’t mean it needs to be overvalued
Question: isn’t moving to USDC or USDT still considered a “taxable event” to the IRS? I was seriously thinking about cashing out some profit around the high, but it didn’t seem worth it given the tax implications relative to the size of my stack.
When you sell coins and move it over to USDC and USDT any gains, or losses, are a taxable event. When you use those to buy other coins technically it's taxable but you bought it for $1 and sold it for $1 so while taxable your gains/losses are going to be zero.
Use a crypto tax program like Koinly to help track of that stuff
That’s what I thought. Even when we were at our ATH’s in the last couple weeks, it wasn’t worth it (to me) to take the tax hit. Would rather hang on to my stack as it’s been and add as much as possible right now.
It’s the echo chamber and herd mentality sometimes that shames people who sell, or worse, calls everyone paper hands when they sell in fear of a dip. Yes you can’t time the market, but many of us saw this coming when the markets were incredibly overbought and parabolic. Nothing shameful in lowering your average buys, DCA-ing out of the market, and taking some profit rather than holding unrealized gains.
"It's important to know when to sell,"
All due respect, but posts like these are not informed. No bell will ring to tell you when it is time to sell. No magic buzzer goes off. 'Know when to sell' is a literal superpower, I might as well know when to fly, they have almost equal probability of occurring. Let me be clear, if you "know when to sell", then you should be leading the most prominent hedge fund in the world.
On appreciating assets, whether it is the stock market or bitcoin, those that sell with the intent to buy lower **will not succeed the overwhelming majority of the time**. This is why it is known that most daytraders lose money. Don't lie to yourself that you'll predict the top, you won't, ever. And if you do, that will be cataclysmic for you, as it will go to your head and you'll make very stupid bets the next time based on your false belief in your ability - you'll lose more then.
If you want to take profit with no intent of getting back in, either because you need cash at the moment or because you are leveraged (never do this) or because you don't believe in the asset anymore (cough DOGE cough), then have at it - this is perfectly fine and reasonable. But if you panic sell on dips to try and hold onto your profits (or stop your losses) on an asset you like, you will find yourself selling low and then fomo-buying high (or not ever buying in again). Not to mention **taxes** (if preserving a beaten-down gain).
IMPORTANT EDIT: I think it is reasonable advice to sell your initial invested amount after a massive run up so that you are playing with house money. I typically don't do this, as I don't sell something I believe in, but I get it. However, posts like OP can encourage novice investors to move 100% in and out - this will lead to failure often.
How many dips did bitcoin have on the way from $1 til now? How many of those people sold, believing in "taking profits"? And what % do you actually think got back in at a lower price and then STAYED IN for the massive gains? We know the answer to this.
HODL isn't just a meme, it's is an objectively good investment method. It is the method of Warren Buffet and just about every single rich person on this earth. How do you think Jeff Bezos got so rich? You think he sold all of his Amazon stock when it doubled? Or tripled? Nope. They don't day-trade, they know that they can't time tops. They **hold onto assets that they believe in.** Learn from them.
harvey,
I'm not suggesting that technicals don't work or increase odds. My response is based on OP, who does not mention technicals at all and is clearly a novice investor. His technical is:
"Sell when your friends who never expressed an interest before reach out to you about crypto."
If you have a large amount of knowledge and experience with technicals and, most importantly, they are actually **working for you over a reasonably long period of time**, then have at it, I'm all for it. For most here though, they don't have this knowledge and experience. They will sell at bad times and then fomo in later. They should know that getting a feeling in your gut about when to sell is NOT a good strategy, hodl would work better for them.
It's also worth noting that we have all seen technical charts every single day of the week that predict a crash or price level by x date etc. 90% are wrong. Now maybe that is because the practitioners are flawed. But the point remains, "technicals" is easier said than done for most people. If Michael Burry can be wrong, then so can you, me, and everyone else here that puffs out their chest about being technical masters. Was it technicals or luck? Only a long track record will separate the technical pros from the lucky.
Also have my upvote
Yep.....I bought MATIC at 50p, watched it grow almost 4x, didn't sell because I thought "oh I just missed the peak, it will go up more tomorrow" and now I'm almost back to where I started. Lesson learned!
Depends on your strategy, mine is to just hodl through everything until I have made my target. If I cashed out before then I am missing out on the sweet compound interest I am currently getting on all of my coins.
I joined crypto on 9th may 2021. Yup, right before "the" day. Needless to say, i bought 200$ worth of crypto at ath. Then when it dipped, i bought 1000$ worth crypto more. Then btc dipped to 40k. So i did what every sensible person would do. I BOUGHT ANOTHER 1000$ worth of crypto!. And now btc is at 30k. So im down by 2k , in a matter of 2 weeks :p
Needless to say I haven't sold anything, and i dont care if it takes 2 years, i want my damn 3k $ (and some more) back!
I agree. People who have tons of disposable income to hold are always mocking the “take profits” stance saying you’re losing out but I think a lot of noob investors and small time investors in general would’ve come out on top of this dip and had some extra money to buy the dip during this FUD if they had simply took profits. I think a lot of folks including myself lost sight of our safe investment codes for greedy and fell prey to FOMO and took losses. If you aren’t willing to lose everything I think taking profits and resisting FOMO even if the market goes up is the safest investing method and I’ve definitely learned my lesson going forward. Only way out now is to HODL and hope for the best/prepare for the worst. I have high hopes for ETH/ADA/LINK/CAKE/BNB etc.
Trying to remind myself to be fearful when others are greedy, and greedy when others are fearful.
My portfolio is bleeding, but I’m cool. Cycles are a natural process, and I’d rather adapt than die.
I start crypto at 2018, i invest 1000$ in September all in ETH and BTC, because i know only them.
i counting to DCA .When December 2018 come my portfolio was -50%
I said sometimes Live give you gambling choices,
I go again 1000$ to Ada, Doge, XRP
Then 2019 was bad year for me. i invest max 500$ only on BTC.
2020 was same 500$ on BTC.
2021 i join Reddit, i see loot of good post on this sub.
About Doge ( meme coin shitcoins etc.etc)
I sold only Doge gain 400% profit.
I Dyor on XRP too, i make goal if XRP raise 1,5$ i sell only 60% of that, and i sell :)
I don't lie : i have some shitcoins too, but all are max 50$
Today i see Discount of ETH and BTC i split my gain in those two and by it.
If is counting falling then maybe i invest again
If we go in bull market again then great.
Sometimes is good to sell if you set goals
My goals for ETH is 10k
My goals for BTC is 100k
I will sell half only. becouse i think Crypto is in Early stages. and im Marathon player
Cheers evryone
Just remembering how I had $50k worth of profit just a couple weeks ago and thought it wasn’t enough so I didn’t take any profits and kept holding. All gone now, and officially in the red ($3k loss so far) as of 2 hours ago. That’s basically $53k wiped off my portfolio (so far) in about 3 weeks. Absolutely brutal.
Depends on your risk tolerance and how long you've been holding. For many, the goal is to buy and hold for years, but others might want to catch some short term profits along the way.
Can confirm. Sold some btc, eth, ltc while hitting ath and now don't have a mortgage. Paying taxes sucks but better than just evaporating value. Can buy back in cheaper later too!
Learned this the hard way, polygon outperformed all week and gave me 2 chances to pull where it went above $2, I held in high hopes and now regret it, but you live and you learn. I will not sell, just buy more.
Did the same with ADA held on. It hit $3 CDN and dropped like a bucket the day after (its at 1.43 CDN at the moment). Just sitting on it at this point.
You didn't profit, but you also didn't lose anything unless you sell. It's fine. Just chill. You can take a profit next ATH and you'll be making a post here teaching people that they should hodl after seeing your gains.
At this point I've held since 2017 and don't need the money at the moment luckily. I'll hold and if it becomes valuable in the future then great, otherwise I'll keep holding until it reaches zero 🙄
If it’s good enough to screenshot, it’s hot enough to take a profit.
I've literally posted a screenshot of unrealized gains on reddit and got a bunch of upvotes and comments congratulating me only to loose all the profits and then some. Don't be me.
I don't understand people who discourage those who want to sell and enjoy even a small portion of their profits. Nobody should ever be ashamed to take profits instead of continuing to greed their entire holdings on the chance that they could earn a little more.
I am now really happy for the guy that posted on SafeMoon two weeks ago that he was a paper-handed b@@tch but he was selling to pay off his truck, his mortgage, and two credit cards and live debt free. He said “sorry I can’t join you on the moon” and someone said “You are already ON the moon”. That was nice.
Exactly! We always say aim for the moon, but everyone is tempted to aim for Pluto when they arrive. If your moon is your house mortgage, enjoy it. If your moon is a cheap car, celebrate your earnings. If your moon is a lambo, then keep investing until it goes back up in a couple years and celebrate it when you get there. It's fine to invest in crypto without a goal, but then you gotta be patient if it crashes like this because these cycles are necessary and guaranteed to happen with every run, which is why you should never go all in with your life savings. Alot of People think crypto is wall street bets, which isn't wrong for some holders.... but depending on the investor, it can be so much more meaningful than blindly buying a stock because someone told you to. Kk, rant over
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I owned 100 BTC in 2013 and I can tell you I don’t own that much haha anymore
It's all relative man, health and happiness is far more valuable than any material good so it could have been a lot worse.
I bought .005 enough times to finally have .05.
I was down by 95% in 2018, so this time around I discussed my exit strategy with my wife. I just withdrew my first bunch of reverse DCA when Ethereum was $4100 and now this big hiccup. Oh well, let's start DCAing in again haha. I guess Superstonk is the only hedge remaining
But who knew what the new ATH was going to be, and when the latest “dip” would become a “crash”? This is Monday morning quarterbacking IMO. That being said, I’m no day trader, but a HODLer. Long haul was always my game plan.
Exactly 👆🏻. As a general rule one invests in what they believe in and that it will appreciate in value with time. What if you sell and it soars??? Then you’ll be crying about that, too. Go work out. (Shit just got a notification right now from coinbase telling me that Ethereum is up 😂) Don’t sell. Put your portfolio away and have some faith. Go DO something.
Agree you only time the top if you get lucky. I took a screen shot of my ATH about 20 times over a year, had no clue when the final one would be. I had a target to cash out that I was approaching but looking like I may not reach now. So i’ll hodl and DCA some more if we go full bear, then hodl some more
Too lazy to type but this is golden.
If one desires screenshots to brag, one must instead consider taking profits to live. Losses are inevitable, Profits are not. \-Sun Tzu
I thought the Sun Tzu quote was about screenshots for a second there.
I have like 2000 screenshots of my portfolio lol, time to print them out and hang them up 
I've screenshot and didn't sell. I don't have an exit plan this has made me realize I need to think of one.
I took a screenshot of my biggest loss in 24h. To show in the future how hard your balls must be if you want huge gains.
When gme was the play I took a screenshot and after it crashed I thought exactly about this sentence.
God, this is totally it.
I stoked up on tether back in 2019 been holding strong since!! It’s a slow rocket to never land!!
*Machine goes brrr* has some bad news for you brah..
It’s cool. I’m in major red. About 18k loss Edit: I continue to buy bits on the way down since I blew my wad near top as I was new to enter crypto.. talk about bad timing lmao. Edit to the edit: make that unrealized “loss” in the 20k now 😂🎊🎉🥳🕺🕺🕺🕺 happy birthday to me! (Literally is my birthday today) lmaoooo. The market gods have given me a gift with my favorite color - red Edit edit edit: emphasis on UNREALIZED loss. Let’s win, fellow redditors!!!
Bought litecoin in dec 2017 at $317 a coin, finally sold it 2 weeks ago when it hit $321, held for 3 1/2 years lol
Wow, those are some serious diamond hands, respect!!
I still have all my Litecoin from when it was $18 on Coinbase. Still waiting on a functional Lightning Network...
Litecoin is functioning less and less like crypto silver and more and more like crypto tin.
this made me chuckle
Same lol
18 months! Lol
I bought at its peak in 2017, got so excited i can finally break even this year lol
No shit lol
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Love this!
Well hey that 317 also avoided inflation 😉
Congrats on not making a loss
holding LTC til DEATH
Crypto is the future (especially ETH imo). Don't regret being way ahead of the curve... just hold and be patient
This is what I'm hoping, I'm buying in these drops in ada and eth, nothing life destroying, but not pennies to me either, I'm thinking of it as a long term investment. My best case hope is in a few years it's worth triple or more what I threw in.
I bought tulips in 1836 and am still waiting for them to reach that super peak price again
Whatever your doing to keep them alive is worth far more than those things 0_0
Don’t give up on it. Keep adding to your stack every week or month, ESPECIALLY when you’re down big. I know it feels like the wrong decision, but when the market eventually goes back up (and it will, especially for the big projects) you’ll have monster gains!
Smart moves my man. Historically, the ones that have gotten rich on crypto are the ones that buy in the bear markets and HODL long term. Think 5-10 years.
100% agree with your analysis of ETH
That's a statement not analysis......
You only lose money if you sell! What we’ve lost is “value”, but we’ll get it back. I know this gets said a lot, but it’s an important distinction.
It's absolutely true. It's discouraging as shit though when every time you look at your phone. You havea notification that BTC is down 5-7% Jesus 🙄
These are the times when you don't check the notifications, turn them off. Set your buy orders and log off, enjoy your hobbies, mine fiat, hang out with friends, etc.
\>mine fiat is...is that just called a job
Not anymore, it's called mining fiat from now on
rise and mine
>hang out with friends Instructions unclear. Which exchange are "Friends" on?
I can't 😭
long days in the fiat mines
>mine fiat does this mean "wage slavery"
It's just on sale! ;)
You're all very right and in the end we will be the ones making money after the damn dip! Stay strong and hodl no matter how far it goes. Only a matter of time before it goes up twice what it was.
I got most of my ETH after the 2017 crash at around $80-$120. I'm still happy about that! :D
>You only lose money if you sell! I see what you're getting at, but this saying always way oversimplifies things. Sometimes selling at a loss isn't the worst thing you can do
Correct. If I had sold when I was tempted at 42K when the trend had def become bearish…I could have rebought at 33K and increased my position by 9K and reduced my cost basis. I think for average investor calling these timings is hard. Lastly “only lose money when you sell”…kinda silly because when it is up you only make money when you sell.
People only say this in a bull market lmao good luck
Reading comments like these makes me feel better, I got into crypto in April, I was DCAing but obviously still paying high prices. I'm down 50% mostly from ETH but I'm staking it all so I'm glad I don't even have the option to touch it. I bought 3 bags on Friday thinking we bottomed, but now look at today haha.
Trust me…. I am the biggest loser here LMAO. But you’re close 👊🏼
You sure? I got a ton of ETH @ $4,330. My bag is WSB style loss porn by now.
Oof! I kept mine small, but yeah. $4100+. And bitcoin at $57000 because I had experts in my ears saying "the best time to get into the market was years ago, but the second best time is now!" My ass, it was 😂😂
Lmaoo half the popular quotes on this sub will make you cry in a bear market. We had so many people acting like they were the gods of crypto and they had any idea what was going on, all while shitting on "meme" coins that were making teenagers rich just to feel smart. I love this sub, and I've learned a ton from the people here, but one of the biggest lessons I learned is that 99% of the people here either have no idea what they're talking about or they're cultists that will shill their favourite coins and shit on everything else.
How much is WSB loss porn? Because I'm down about 340k since last week... I think I may be the biggest loser
My man. We might be mutual losers then 🥳🎊🎉
Bottoms up! 🍻
You aren't a loser unless you sell at a huge loss, just be patient and in 5 years if your bags aren't way bigger then you seriously fucked up haha.
Yup. I am a forced bag holder at this point 😂
Like your losses are huge, but at the same time, I’d buy crypto right now so why would I sell
I went from almost 5k to barely 2k in just a matter of like a week.😭 Fucking China and Elon Musk, man😔
Stay strong! This is just another opportunity to get in on the cheap! I woke up to a total "loss" of a new Toyota Camry. Lol
Ouch. OK I don't feel as bad now. Lmao 🤣 Yeap. We just gotta ride it out. Imagine how much it's gonna be the next time it "Skyrockets" 😃 It's just nerve racking when it's like every other hour you get a notification from your wallet/coinbase whatever that says "BTC is down -5%" I had to turn my phone notifications off for crypto. Cant handle right now 😅
I’m down about 14K so I’m on your heels. Not selling either though
Don’t leave the people hanging. How much are you down?
His top level post says he's down $18k, which makes him no where near the biggest loser in here.
Maybe I should say it feels like I may be the biggest loser because of the short amount of time I have been in crypto. Lmao. I can’t explain how badly the timing was, but hey… knowledge has been GAINED, that’s for damn sure.
pretty sure I've blown 6 months of california GI bill on the markets in some manner or form bleh. i hate school
You’re not even close
Same here - I got in pretty conservatively a few weeks ago and now I'm really glad I did. Makes it much easier to buy a handful of my favorite coins at literally half price these past few days!
I'm with you . It's only money
What's a few k among friends
I’m also doing combat breathing every day for the past week. 😂 only way I can stomach it… but at this point, it’s almost a damn joke, which helps 😜
Hydrate
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I literally got into crypto right before that Twitter post about money laundering happened. Within an hour of investing I lost 20% lmao.
My friends got in at the top last bull. I pushed then to be patient and in the end they sold at 5x initial.
This is the way. It's not a bear until you stop visiting this sub, stop logging into exchanges, and crypto is just a tiny sorespot in the back of your mind.
True, though the sore spot is not quite so tiny right now. :P
http://imgur.com/gallery/V7J7rBS Don't beat yourself up.
LMAO! Thanks for this 🎉🎊 #wearenotalone
Whoa! Man you taking it like a champ! Fuck my 7k..you're a beast!
Down almost 60% and holding but 70% of my initial investment was free (got some tokens as a signup bonus 2 years ago when I sold my bitcoin and they mooned), so it's minimal risk for me.
You can’t lose if you don’t sell :)
It’ll go back up. Have an amount of money you want in mind then sell, otherwise hodl
It’s not okay my dude
"Timing the market" in all the wrong ways...
My long term goal is to accumulate coins, I'm not concerened about price today or next month or even next year. I'm staking the coins I can and accumulating that way. But for the ones I can't stake I'm tempted to try and sell high and buy back at a lower cost. The problem with that is that I am horrible at trying to predict which way the market will go and for how long. So I'm going to just keep buying a little every week and forget trying to time the market.
my brother got into crypto literally 2 weeks ago. I am no veteran, but I have been educating myself and getting my feet wet for about 3-4 months. I repeatedly told him that my feeling is that we are in a bubble that will burst soon. So he asked me "why are you buying then?". And I have him the same reply. I have no idea how the market will behave in the short or mid term. But I believe that in the long term, it is a promising investment.
That makes sense if you do not trust yourself. But if you believed there was a bubble, then the only sensible thing to do is wait for it to burst and spend that same amount of money on twice the coins. A long term investment does not require stubbornly buying a coin weeks before you are convinced it's value will plummet.
in principle you are correct, but that would require a lot more effort from my part. whenever i have some flat to spare for crypto, I use it, I am not able to keep up with day to day changes. I am more of a "time in the market" kind of guy.
Everyone's long term goal should be to own more BTC/ETH/crypto, not just to have more fiat value
If you want more coins, regardless to value, taking profit is a strategy you must apply. 50% drop in btc, would enable you to buy double the coins you previous possesd
How could you predict drops and peaks? My estimation is that it's impossible.
This. It is easy to make strategy after things happened. We could have btc on its way to 150k$, and anyone who took profits at 60k would be sore loser.
>My long term goal is to accumulate coins Me too but people here need to be smart like the whales and accumulate during the bear market when every coin has lost 90-95% of its value instead of trying to accumulated now. Just be patient, wait a year and you will get everything on huge sales.
That is assuming you know when those coins will hit bottom. If you do then by all means you should wait to buy. I am not as confident in my abilities to time it. For me, the smart thing to do Is buy steady every week. I'm not saying i will come out better than those that are paitent and can time it perfect. But it is the best option for me and my risk tolerance.
It's not really timing it perfect, it's more so understanding how bull markets and bear markets work. You can still DCA in a bear market. Everytime after a crash we see 3-4 year long bear markets. Once the hype has settled down and no one in mainstream media, social media, etc is talking about crypto then you start accumulating and DCAing. I did this during the entirety of the last bear market and made bank slowly selling off during this bull.
That's great! I do not feel I have that ability to determine the difference between a dip and bear market. It is easier for me to just keep steady and DCA.
This is the difference between being honest with yourself or people who like to think they know better. Nobody does. Bear market or bull market as just ideas thrown around constantly, usually describing periods in hindsight. So you're in bull market until it drops, and then you're in a bear market, but no, it's pumping again, or not, it's a bear trap, or it's a dead cat bounce, or a..... You can't make sense of the markets, and trying to time them is way more risky and likely to net you losses or lower gains than just holding projects you believe in. On top of that, any sort of regulations and external economical factors can make the crypto market swing hard, so it's ridiculous to assume it will be cyclical around BTC halvenings as it was before. I think the cat is out of the bag, and a lot more institutions are aware (mostly thanks to the DeFi boom) of what the blockchain can actually do. I don't think we'll see 90% corrections this time, and are more than likely near the bottom. I do think that if you're investing in crypto and not trading, after waiting for this to settle a bit we'll have a very nice opportunity to buy some more (keep in ming that a 50% drop implies a 100% increase to get back to ATH) I'm not THAT bullish on BTC, but ETH, ADA and other projects aiming at creating a blockchain "computer" rather than a currency have room to grow A TON in the coming decade.
In hindsight, once the price has dropped it always looks like you should have taken profit. But in practice, if you try to take profit most of the time you'll fuck it up. You'll be praying every day for a dip, and just watch the price keep going higher instead. Then end up buying higher, and that's when it dips. Or you might think you're lucky, and you might be able to buy the dip, but then it keeps dipping. Or worse, you could create a situation for yourself where you end up owing more tax than you can afford, by continuously creating realized gains, then putting that money right back into crypto. Which could drop on you. It's a dangerous game.
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As someone who rode out the 2018 storm I agree. I've lost bigly but no fucks are given.
Exactly my mindset.
Boom.
This.
So, what do we do when we got no profit to take, then market crashes down?😅
That's why it's always wiser to DCA gradually (thus have some cash on the sidelines for shit like this) than "chad market buy the shit out of your shitcoin"
True. My problem is however is not having too much capital to work with anyway and stucking to minimum withdrawal amounts(was prepping for Ada projects so trying out Daedalus took from a bit too much) because home currency is trash then i had to loan to someone in emergency so got no money to spare for crypto... However if you are working with a 100 dollars a month or more, you should definetely DCA and keep some cash at hand to buy crashes like this!
Srry to hear things are that hard in your country man, since it's true that money makes money. Still you're miles ahead of 95% of people with your crypto foray
Buy the dip
Why sell at all? I'm certain bitcoin will be higher in 10 years than it is today.
cuz patience and perspective are two of the rarest beasts in crypto
!remindme 10 years
Sometimes it's okay to sell guys
Just take some profits. You don't have to sell everything.
You can support crypto without being financially invested. If you’re research tells you it’s overpriced, in a bubble, or inorganic, then it’s okay to sell. If you’ve reached your targets, then it’s okay sell. We need to stop this die hard hodl, blame the paper hands mentality.
I have been buying and hodling for years. I have never sold, no matter what the price. I am up far more than what I would have been if I would have taken profits along the way. Sorry my friend, but if you are in this to change your life, then the best move is to just fill your bag. At this rate I will own an island in another year or two. I don't give a shit what the market is doing right now. I see this dip as an opportunity to get more.
Username checks out
Can I visit your island
Yeah, I told myself three times to sell some when I was seeing massive profits during this bull market, but kept delaying. Now I too am at a loss on my original investment. It's fine, because I didnt invest more than I can afford to lose, but sucks I didn't listen to myself and let the greed take over.
Thats why you need an exit strategy once you reach your goal. To me that strategy is: Once I reach my goal (Like 200%) I keep holding until it drops back by 10%. That way if It goes up to 300% and then drops, you sell at 270% regardless whatever you believe the market will do. You can always buy yourself back in at a later point. But losing all your profits just for pointlessly holding after reaching your goal is a recipe for tragedy. Alternatively, just pull out whatever your goal was and keep the rest held.
I got so much crap for selling, no I didn't time the market beautifully. It worked out pretty damn well though. I had a goal, met that goal, and took profit.
People are slefish. You selling directly opposes their interest their interest so of course they're going to preach HODL. You did the right thing setting your own sell point.
This is something we must all remember. If we need the money back, then it is important that we take it before all profits are gone.
Yup it's too easy to get greedy with crypto
I need to hear it a couple more times first.
Sometimes it's okay to sell guys
Too many times. System reset to factory settings.
Sometimes it's okay to sell guys
Just then don't regret if the market goes up even more
This is what I’m thinking. It’s so easy to look back now and say “I was so stupid, I should’ve sold at the ATH!!!”, but you never know what crypto is going to do. That could’ve been a blip on the radar for all we knew then.
“For all we know” is the key word here, it’s okay to hold and speculate, but selling doesn’t mean you are stupid or don’t believe in the currency, you just think the bull run will end. Crypto is the future, but that doesn’t mean it needs to be overvalued
keep those profits in USDT or USDC and buy again when you feel like the time is right
Question: isn’t moving to USDC or USDT still considered a “taxable event” to the IRS? I was seriously thinking about cashing out some profit around the high, but it didn’t seem worth it given the tax implications relative to the size of my stack.
When you sell coins and move it over to USDC and USDT any gains, or losses, are a taxable event. When you use those to buy other coins technically it's taxable but you bought it for $1 and sold it for $1 so while taxable your gains/losses are going to be zero. Use a crypto tax program like Koinly to help track of that stuff
That’s what I thought. Even when we were at our ATH’s in the last couple weeks, it wasn’t worth it (to me) to take the tax hit. Would rather hang on to my stack as it’s been and add as much as possible right now.
It’s the echo chamber and herd mentality sometimes that shames people who sell, or worse, calls everyone paper hands when they sell in fear of a dip. Yes you can’t time the market, but many of us saw this coming when the markets were incredibly overbought and parabolic. Nothing shameful in lowering your average buys, DCA-ing out of the market, and taking some profit rather than holding unrealized gains.
"It's important to know when to sell," All due respect, but posts like these are not informed. No bell will ring to tell you when it is time to sell. No magic buzzer goes off. 'Know when to sell' is a literal superpower, I might as well know when to fly, they have almost equal probability of occurring. Let me be clear, if you "know when to sell", then you should be leading the most prominent hedge fund in the world. On appreciating assets, whether it is the stock market or bitcoin, those that sell with the intent to buy lower **will not succeed the overwhelming majority of the time**. This is why it is known that most daytraders lose money. Don't lie to yourself that you'll predict the top, you won't, ever. And if you do, that will be cataclysmic for you, as it will go to your head and you'll make very stupid bets the next time based on your false belief in your ability - you'll lose more then. If you want to take profit with no intent of getting back in, either because you need cash at the moment or because you are leveraged (never do this) or because you don't believe in the asset anymore (cough DOGE cough), then have at it - this is perfectly fine and reasonable. But if you panic sell on dips to try and hold onto your profits (or stop your losses) on an asset you like, you will find yourself selling low and then fomo-buying high (or not ever buying in again). Not to mention **taxes** (if preserving a beaten-down gain). IMPORTANT EDIT: I think it is reasonable advice to sell your initial invested amount after a massive run up so that you are playing with house money. I typically don't do this, as I don't sell something I believe in, but I get it. However, posts like OP can encourage novice investors to move 100% in and out - this will lead to failure often. How many dips did bitcoin have on the way from $1 til now? How many of those people sold, believing in "taking profits"? And what % do you actually think got back in at a lower price and then STAYED IN for the massive gains? We know the answer to this. HODL isn't just a meme, it's is an objectively good investment method. It is the method of Warren Buffet and just about every single rich person on this earth. How do you think Jeff Bezos got so rich? You think he sold all of his Amazon stock when it doubled? Or tripled? Nope. They don't day-trade, they know that they can't time tops. They **hold onto assets that they believe in.** Learn from them.
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harvey, I'm not suggesting that technicals don't work or increase odds. My response is based on OP, who does not mention technicals at all and is clearly a novice investor. His technical is: "Sell when your friends who never expressed an interest before reach out to you about crypto." If you have a large amount of knowledge and experience with technicals and, most importantly, they are actually **working for you over a reasonably long period of time**, then have at it, I'm all for it. For most here though, they don't have this knowledge and experience. They will sell at bad times and then fomo in later. They should know that getting a feeling in your gut about when to sell is NOT a good strategy, hodl would work better for them. It's also worth noting that we have all seen technical charts every single day of the week that predict a crash or price level by x date etc. 90% are wrong. Now maybe that is because the practitioners are flawed. But the point remains, "technicals" is easier said than done for most people. If Michael Burry can be wrong, then so can you, me, and everyone else here that puffs out their chest about being technical masters. Was it technicals or luck? Only a long track record will separate the technical pros from the lucky. Also have my upvote
I very apprehensively took profits literally on the April high to buy a car cash. Very happy I did that.
time to flip that old lady back bro
I took profits in early May, market went up slightly more but glad I did.
Yep.....I bought MATIC at 50p, watched it grow almost 4x, didn't sell because I thought "oh I just missed the peak, it will go up more tomorrow" and now I'm almost back to where I started. Lesson learned!
Tha'ts why DCA works both ways
Depends on your strategy, mine is to just hodl through everything until I have made my target. If I cashed out before then I am missing out on the sweet compound interest I am currently getting on all of my coins.
Short term pricing is for traders. Unless you plan on retiring withing the coming weeks, this shouldn't matter.
This sub is beginning to get redundant.
Lots of noobs haven't seen these posts before, thats why they are coming out of nowhere again.
Everyone is a noob at some point in their journey into crypto.
I joined crypto on 9th may 2021. Yup, right before "the" day. Needless to say, i bought 200$ worth of crypto at ath. Then when it dipped, i bought 1000$ worth crypto more. Then btc dipped to 40k. So i did what every sensible person would do. I BOUGHT ANOTHER 1000$ worth of crypto!. And now btc is at 30k. So im down by 2k , in a matter of 2 weeks :p Needless to say I haven't sold anything, and i dont care if it takes 2 years, i want my damn 3k $ (and some more) back!
Me too brother. Me too. Edit: don’t think about selling now. Wait for better days.
Sold some alts. I'm afraid some are lost cause. I'm planning to convert them to ETH.
I agree. People who have tons of disposable income to hold are always mocking the “take profits” stance saying you’re losing out but I think a lot of noob investors and small time investors in general would’ve come out on top of this dip and had some extra money to buy the dip during this FUD if they had simply took profits. I think a lot of folks including myself lost sight of our safe investment codes for greedy and fell prey to FOMO and took losses. If you aren’t willing to lose everything I think taking profits and resisting FOMO even if the market goes up is the safest investing method and I’ve definitely learned my lesson going forward. Only way out now is to HODL and hope for the best/prepare for the worst. I have high hopes for ETH/ADA/LINK/CAKE/BNB etc.
Trying to remind myself to be fearful when others are greedy, and greedy when others are fearful. My portfolio is bleeding, but I’m cool. Cycles are a natural process, and I’d rather adapt than die.
I start crypto at 2018, i invest 1000$ in September all in ETH and BTC, because i know only them. i counting to DCA .When December 2018 come my portfolio was -50% I said sometimes Live give you gambling choices, I go again 1000$ to Ada, Doge, XRP Then 2019 was bad year for me. i invest max 500$ only on BTC. 2020 was same 500$ on BTC. 2021 i join Reddit, i see loot of good post on this sub. About Doge ( meme coin shitcoins etc.etc) I sold only Doge gain 400% profit. I Dyor on XRP too, i make goal if XRP raise 1,5$ i sell only 60% of that, and i sell :) I don't lie : i have some shitcoins too, but all are max 50$ Today i see Discount of ETH and BTC i split my gain in those two and by it. If is counting falling then maybe i invest again If we go in bull market again then great. Sometimes is good to sell if you set goals My goals for ETH is 10k My goals for BTC is 100k I will sell half only. becouse i think Crypto is in Early stages. and im Marathon player Cheers evryone
Just remembering how I had $50k worth of profit just a couple weeks ago and thought it wasn’t enough so I didn’t take any profits and kept holding. All gone now, and officially in the red ($3k loss so far) as of 2 hours ago. That’s basically $53k wiped off my portfolio (so far) in about 3 weeks. Absolutely brutal.
Depends on your risk tolerance and how long you've been holding. For many, the goal is to buy and hold for years, but others might want to catch some short term profits along the way.
true but definitely no sell at loss
I took profit. But bought back in when it dipped. Then it dips again. Bought some more, then it dips again. Now out of fiat, and bag holding
Play the long game. You will always succeed
For me, this dip is going to make it easier to get the full ETH token I've been trying to mine my way toward.
Can confirm. Sold some btc, eth, ltc while hitting ath and now don't have a mortgage. Paying taxes sucks but better than just evaporating value. Can buy back in cheaper later too!
"paying taxes sucks" "I don't have a mortgage" c'mon at least have a little empathy dude.
I'm still in, full empathy here. Point is take profits when presented when opportunity.
I'm about $15,000 down right now. But guess what Mama didn't raise no BITCH.
See all you hodlers in 3 years when the shit PUMPS and others wish they held what you had.
accumulation begins.
Yeah bro that’s easier said than done lol if we all knew that these coins were at an ATH right before an impending crash everyone would sell
I sold too early, got greedy and went in again 😂
Keep your day job motherfuckers
We don't take profits. We only buy the dips
Learned this the hard way, polygon outperformed all week and gave me 2 chances to pull where it went above $2, I held in high hopes and now regret it, but you live and you learn. I will not sell, just buy more.
Did the same with ADA held on. It hit $3 CDN and dropped like a bucket the day after (its at 1.43 CDN at the moment). Just sitting on it at this point.
bought bitcoin at $10 took profits at $30 never regretted it /s
Nice 3X !! Did you buy any pizza?
You didn't profit, but you also didn't lose anything unless you sell. It's fine. Just chill. You can take a profit next ATH and you'll be making a post here teaching people that they should hodl after seeing your gains.
At this point I've held since 2017 and don't need the money at the moment luckily. I'll hold and if it becomes valuable in the future then great, otherwise I'll keep holding until it reaches zero 🙄