Ok. So let's say you win a decent sized jackpot on a slot machine. Do you keep playing and put it all back or do you cash out and go to dinner, or go play a different machine or table? 5k!!! Woo hooo!! Now what?
Things to ponder:
- Are you 'ok' if we see a major retraction? Let's suppose--back to 4k/BTC (possible, not a doomsday scenario)
- Is your account set up in order to sell quickly? Can you sell the amount of coins that you deem necessary in one shot, or will it take multiple days?
- Are you going to transfer back to fiat? Precious metals? I took all of my profits for the week and bought silver. Yep, did it yesterday and today. Personally, I like seeing my money digitally, and not in physical form, but it's time I diversify a bit and precious metals are a good store of value.
- How much will you 'take off the table?' I sold 25% today. I will wait and see what happens and easily sell, or even buy more precious metals with BTC (which is essentially selling). If I see a drop of more than 250,..... so,.... around/past 4600, I will sell more. Most of us made money this week and last week. Don't get greedy. Be thankful.
- What coins will you keep a large %? Me--LTC, some BTC, and that's about it. I'm honestly not sure of what other coins will retain their value more during a pullback. I guess maybe Bitcoin Cash. Hmm, not sure.
Finally, for those who are committed and stay 100% in. I hope you're 100% correct. Seriously, because I will make $ regardless,...just not as much. I'm fine with that, but I'm pretty confident we're not going to just ZOOM to 10k BTC.
Good luck! Note: this isn't doomsday material. I just like covering issues that others don't discuss much. Not many people discuss when to sell.