Bitcoin/alts - do not leave on exchange.

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  • pertgave
    pertgave Posts: 52 Forumite
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    Type_45 wrote: »
    I'm sure they'll be another bull run. When it happens make sure you take your profits

    Finding the right moment to sell your cryptocurrency is actually the most difficult part, because they pump and dump so fast.
  • Type_45
    Type_45 Posts: 1,723 Forumite
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    I think you have to take your profits bit by bit as you go.

    Eg, if you put in £1k, and it goes up to £1,100, then take out the £100. And keep doing that until you have taken out your original £1000.

    Trying to guess when the high water mark is and then selling your whole position clearly isn't going to work.
  • Malthusian
    Malthusian Posts: 10,944 Forumite
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    Type_45 wrote: »

    Eg, if you put in £1k, and it goes up to £1,100, then take out the £100. And keep doing that until you have taken out your original £1000.

    That sounds like the worst of both worlds. You still have a high chance of large permanent losses, e.g. you could sell £100 at £1,100, sell another £100 at £1,200, and then your remaining £800 gets dumped to half your purchase price and never recovers, leaving you with a 40% loss. Or 80% if it crashes completely.

    Meanwhile you stand virtually no chance of getting rich quick which is the point of holding cryptocurrency. If you are looking for sustainable boring levels of return you may as well stick with real assets.
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
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    Is this for real?
    https://sweet-books.com/?gclid=EAIaIQobChMIv_OI2IPh3gIVCh_TCh3XuAZJEAEYASAAEgKOXvD_BwE
  • Alexland
    Alexland Posts: 9,653 Forumite
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    No of course not it's the same scamy editorial style as the Dragons Den fake news advertorials.
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
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    short_butt_sweet wrote: »

    OTOH, a disadvantage of crypto is that if you are careful, but still get robbed, nobody will bail you out. whereas in the same situation with traditional banking, you almost certainly will get bailed out.

    Thats understandable. The state sees cryptocurrency as a threat to their own currency. So they can't be expected to help people who use a rival system to their own.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • Type_45
    Type_45 Posts: 1,723 Forumite
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    Malthusian wrote: »
    That sounds like the worst of both worlds. You still have a high chance of large permanent losses, e.g. you could sell £100 at £1,100, sell another £100 at £1,200, and then your remaining £800 gets dumped to half your purchase price and never recovers, leaving you with a 40% loss. Or 80% if it crashes completely.

    Meanwhile you stand virtually no chance of getting rich quick which is the point of holding cryptocurrency. If you are looking for sustainable boring levels of return you may as well stick with real assets.


    Crypto currency, like S&S, should be diversified. I have 15 types of coin. This lessens the risk of losing your money should a coin dump and never recover.


    I do not believe that crypto, in a diversified portfolio, will dump and never recover. If I believed that I would not be involved.




    Taking profits as you go, and withdrawing your original stake so that you are playing with free money, is the best way of doing it in my opinion.
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