I try not to look at crypto prices too much anymore but on days like yesterday, I can’t help myself. I must have checked Poloniex like 30 times. Wow! Everything is rising across the board. This morning I decided to take some profit.
I have been long enough in crypto that I consider it a personal bad practice for me to try to sell at the top. I can’t do it well and when the dip comes (and it has always come every time) my mind refuses to sell because I could have sold it for more.
Satisfying my mind
So, I apply the same rules to declining prices as to increasing prices but in reverse. I sell a little bit at the time instead of buying. This tactic has not failed me so far in trading. It will only fail me if this time the rocket to the moon is launched and the prices will never come down. And even then. I still made a profit.
Could this rise be that time? Maybe, but I’m not waiting to find out with all my crypto in my pocket. This is too risky for me. So, I am using my own trading rules so I won’t get distracted.
I am selling on the rise.
Today I sold some Bitcoin and Ethereum. The Ethereum I bought cheap after the whales hack (see: https://steemit.com/life/@exyle/guess-the-bottom-has-started-again-my-thoughts-on-steemprice). And it feels good to take some profit on that (around 40%).
The bitcoin I had for ages but I consider 1100 euro for Bitcoin a lot of money, so to sell some at these prices is great trading.
What is good trading?
For me, any trade that generates a profit is good trading. Being able to just sit on your butt or while sleeping earning some extra income is fantastic. It’s a lot easier to earn money that way than for instance go to work. (and I love my work!)
The way I trade is a bit on the safe side. With selling and buying gradually you will never earn great profits but you are also protected from big losses. That gives peace of mind. For me, that’s worth something.
I’m glad I don’t have to buy Bitcoin at these prices to get in on the action. It’s way too high for my comfort. I’m selling everything on the way to the top and then it’s over for me. If it comes back down I'll buy back.
STEEM
The only crypto I would consider buying now is STEEM. It’s easy to get in without too many risks (zero risks actually if you just start creating your own content) and the chance of profits are way higher.
I just see STEEM doubling a lot more easily than Bitcoin. Bitcoin needs another 19 billion dollars to double. STEEM only 40 million. And STEEM is way more than just a store of value. It's an amazing platform with a huge potential for growth.
Anyway. This was just a small inside in how I trade.
Good Luck and Happy trading!
Follow Me @exyle
crypto to fiat is like flushing money down the toilet, get a bitcoin debit card
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Man! I did a small research into bitcoin debit cards. You just made me put some fiat back into BTC to pay for a Wirex card. I think it's also possible to top it up with any other popular crypto. That's cool. Thanks for the tip. Should arrive in 1-3 weeks.
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if you use coinbase, shift card works with coinbase, that's the best card to use
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turns out your timing was perfect :)
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It was! and all that fiat is back into crypto now :)
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Good call on the profit. I regret not doing that..
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Thanks! It did turn out well! But remember. No regrets! Life is too short.
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Nothing wrong with being relatively conservative. :) In many ways it is smart trading. I have a Bitcoin Debit Card via CoinJar here in Australia. Still so much to learn and I agree that Steem is an exciting prospect.
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I agree it's smart trading. I'm excited about my new card. Should arrive in 3 weeks. Steem is fantastic it has so much potential!
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I agree. I think if you are in Steem now, the early stages and in for the long haul, the benefits will be huge. We will find out in 5 years time. If you love to write, share and contribute even better.
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Nice post! Few hours ago I stumbled into an article about bitcoin and had the idea to buy or to mine any cryptocurrency :)
But seems to buy/trade much easier than mining.
Thanks for describing your experience!
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Mining is not recommended. If you want to mine take a cloud contract at Genesis mining. I have some contracts but it's more for fun than investment really. Buying is by far the easiest way to acquire some crypto currency.
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Yep, thanks for the answer. I found several tools, calculate expense and revenue and concluded that it is pretty expensive to get mining machine (I mean own machine) and payback period will be too long with rapidly changing situation in this field. So I decide to get more information about trading, rules and features in crypto market, and then will try something to do :)
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Timed that trade to the millisecond! I'm still bag holding
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I know! But this doesn't happen every day! I hope your bag is not too heavy.
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Wow, a seriously uplifting post, @exyle!
You're tactic of selling BTC at these levels in a very wise one I think. It's had a massive run up and is due a correction soon. Your strategy of averaging on the way up is even better. Hope you make a killing on it when prices do come down (and they will correct, I'm sure of it).
You're also spot on about steem. The fact that for good content we get monetary remuneration is simply fantastic. So that makes it unlike any other crypto out there. And it's still going strong. So I agree, investment wise, steem still looks a much better choice (especially now after BTC's crazy rise).
Awesome, awesome post, my bro! Thank you and look forward to more soon! :)
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Thanks, man, great comment as usual! It's working fine so far. I got very lucky today. I did sell at the top. I just bought back on the massive dip that just occurred and sold that again when it spiked. Enough profit to take Bianca out for dinner tonight :). We have 2 years of relationship! Steem will do great in the future I have no doubts about that.
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It's good to get steem now for more than one reason. Have you heard of busy.org? It's a social media platform like facebook and it's basically going to launch as a sister site to steemit, and part of the steem blockchain. My husband, like you is into crypto, has bitcoin from before the rise etc., and he has a great head for that kind of thing, he's done well. He's going to start trading for and buying steem soon (good news for me since I will benefit ;)
Good luck and happy trading to you as well!
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Yeah! I'm excited about busy.org as well. I'm hoping to be able to check it out once they start the beta. I even donated some money to get a badge next to my username for when they start. Your husband sounds like the type of guy I can talk to for hours :). I love talking crypto but not many of my close friends or family believe in it. Thank you for your nice comment!
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Likewise! I started 2 days ago! Not a professional trader but still know a thing or two :)
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Congrats on your good trades. Did you but it back in crypto or waiting?
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I sold 25ETH yesterday at 11USDT and 0.5 BTC at 1100USDT. I am kind of busy with a project so not able to analyse and trade as much! Yeah! I am holding some amount of cryptos in USDT
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I share your trading philosophy @exyle. Peace of mind and consistent profits are better than trying to time the markets and risking huge losses. I've done okay over the past few weeks and have taken advantage of Bitcoin's rise as a chance to multiply my Steem but that's not my usual trading strategy. I'm here for the long run and think there are going to be waves of Steemit millionaires.
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Yes! peace of mind tops all! The constant worry about the price will just kill anybody's spirits. I did some day trading today (hadn't done that in months) because I was home today and because prices started to become volatile. It's now 4 o'clock and things seem to have stabilized somewhat but I am completely drained of energy. It's just not healthy.
I much rather stick to my trading plan OR write for Steemit. Earn Steem and Buy Steem. Become Steemit millionaire with you sounds like a good future to me!
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I think selling 10% or so is smart when prices are going up and it feels right or you need the money because they could come crashing down at any time, too. No matter what you do, you could end up chastising yourself. No one has a crystal ball and can say 100% what is going to happen next.
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I think it's always smart to take profit once in a while. For me today felt right and I got lucky. I keep saying that guessing the bottom or the top is impossible.
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