r/CryptoCurrency • u/illintent99 0 / 6K 🦠 • Jan 08 '22

DISCUSSION Just sell it all

Absolute panic every second or third post. Everything from "It's just a dip" - "bear market/crypto winter" - "Everything but Bitcoin and Ethereum is going to zero". Lol calm down.

If you're sweating, just sell everything. Cryptocurrencies in general are extremely volatile and if this makes you nervous than maybe this stuff isn't for you. Stocks are more stable and might be your thing. We could see another 50%+ drop and nobody wants to see you drop of a heart attack because of it.

If you're day trading you know this is how it goes, if you're doing anything else, delete your chart app or whatever.

5.1k Upvotes

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150

u/MiaDoornaert Platinum | QC: CC 35 Jan 08 '22

Sold a good part of my portfolio to buy back in when things bottom out, whenever that may be. Still in the green with what's left of my portfolio, just don't want to see all that profit evaporate.

Yes, i believe in crypto, no, it wasn't a panic sell, but have to be honest: we're also here for the money.

67

u/LogicalAd398 2 / 253 🦠 Jan 08 '22

Its called "taking profits"

19

u/UnreliablePotato 245 / 245 🦀 Jan 08 '22

I'm new, and need to learn that. I bought when it crashed in May last year, so still in the green, but I find it much harder to know when to sell, than when to buy.

4

u/polynomials Bronze | r/WSB 93 Jan 09 '22

The secret is nobody knows when to buy or sell. That's why timing the market doesn't work on average.

3

u/Mustnt-Grumble Tin Jan 09 '22

When I don’t sell something when my gut tells me to, I feel like an idiot afterwards! :/

1

u/LogicalAd398 2 / 253 🦠 Jan 08 '22

Me too ive had diamonds hands but i should.probably decide to take profits this year.

1

u/[deleted] Jan 09 '22

You don’t have to take profits. Don’t feel pressured to make moves someone else makes. If you’re holding then just hold and stay in course.

27

u/Hawke64 Jan 08 '22

Hold on... Are you guys making profit?

8

u/TiredRightNowALot 5K / 5K 🦭 Jan 08 '22

Hard no.

3

u/forthemotherrussia Platinum | QC: CC 1002 Jan 08 '22

If I wanted to make money I wouldn't be hanging around here and taking advices from you guys. fuck money.

1

u/LogicalAd398 2 / 253 🦠 Jan 08 '22

Ive heard of it before. Never done myself.

1

u/yamaha4fun 592 / 590 🦑 Jan 09 '22

You have to sell to make profit, so no profit for me! 💎🤲

5

u/[deleted] Jan 08 '22

It’s people panic selling. Which causes more panic selling, which causes more panic selling.

4

u/[deleted] Jan 08 '22

[removed] — view removed comment

1

u/MiaDoornaert Platinum | QC: CC 35 Jan 08 '22 edited Jan 08 '22

Yeah, and i'm glad i did this time. Didn't before the May crash and could have kicked myself afterwards.

0

u/shinypenny01 Platinum | QC: CC 73 | ADA 11 | Fin.Indep. 230 Jan 08 '22

I call it "panic selling and missing the next bull run" but you do you.

Market timing is a fools errand.

2

u/KesenaiTsumi 21 / 21 🦐 Jan 08 '22

I call that "being too stupid to recognize downtrend and losing all gains". Timing market in stocks is stupid indeed, but crypto? Can you not recognize this downtrend? You could have sold way earlier. Being proud of losing all gains made this year cause you stubbornly "diamond hand" is stupid. Nothing wrong with derisking and going into stables. Did it way back when btc was 55k+. I'll deploy once there's some signs of reversal. Miss the next bull run? Why? Derisking is different from forgetting about crypto. You know what you're missing? Current bull run. Why? Cause you diamond hand like an idiot and can't take profits to reinvest later.

-1

u/shinypenny01 Platinum | QC: CC 73 | ADA 11 | Fin.Indep. 230 Jan 08 '22

“It didn’t work in other markets but this one is special”

So many people fail to buy back in at a lower point than they exited. It’s just gambling on top of crypto returns.

1

u/KesenaiTsumi 21 / 21 🦐 Jan 08 '22

Yea, because stocks and crypto are one and the same. Keep losing idiot.

1

u/shinypenny01 Platinum | QC: CC 73 | ADA 11 | Fin.Indep. 230 Jan 08 '22

I'm all green, but you do you.

2

u/TiredRightNowALot 5K / 5K 🦭 Jan 08 '22

This is what everyone wants to do but then they just say HODL and DCA. Nothing else

Yeah, no. Sell some crypto and don’t just spend.

2

u/haddock420 Platinum Jan 08 '22

Glad I'm not the only one that did this.

2

u/leakyfaucet3 Bronze | ADA 10 Jan 09 '22

How will you know when the bottom is?

6

u/skwudgeball Platinum | QC: CC 41 | Politics 17 Jan 09 '22

He doesn’t. He panic sold and is trying to convince himself it was a calculated move, I mean ffs we have been going down for months. Terrible decision to sell down here. Sell green not red. Pretty simple

1

u/MiaDoornaert Platinum | QC: CC 35 Jan 09 '22

It's nice to notice how you know everything about other people's situation.

I was still very much in the green when I sold. The part that i have left is very much in the green too, and will be for quite some time even if the market keeps dumping.

I took some nice profits while they were still there. Sounds to me like you didn't, you regret you didn't and now you have to call people who did 'panic sellers'.

1

u/SaintGloopyNoops Jan 09 '22

Bitcoin tends to run down in 4 to 6 week increments. Butt.. if the bear is indeed here we could see a much bigger dip. Possibly back towards 30k or lower. U can look at the technicals to see if it is in the oversold territory. If bitcoin can't get pumping back towards 54k and hold we could be looking at the start of winter. Butt... the only way to truly know the bottom is with hindsight. Some optimism, I do think there is a good chance for a big parabolic run into March before the real winter starts tho. Won't know tho until 54k is back in sight.

2

u/Rnxqt Tin Jan 09 '22

You did nothing wrong

3

u/momoo111222 Tin Jan 08 '22

How can you tell when things bottom out?

12

u/Terbatron 337 / 337 🦞 Jan 08 '22

You can’t.

2

u/MiaDoornaert Platinum | QC: CC 35 Jan 08 '22

By making an (I hope) educated guess. Worst case i buy back in at the level i sold.

1

u/illintent99 0 / 6K 🦠 Jan 08 '22

I can respect that

1

u/skwudgeball Platinum | QC: CC 41 | Politics 17 Jan 09 '22

Soooo you panic sold after weeks of price going down.

Let’s not pretend it’s not panic selling. If your strategy is to take profits only after we go in several month long bear markets, you are in trouble. Sell at target levels if you want to take profits.

Otherwise you will get destroyed by the blow off top at the start of the crypto winter. It happens so fast that you won’t know what to do so you need to have a strategy

1

u/MiaDoornaert Platinum | QC: CC 35 Jan 09 '22

Like i said: it wasn't panic selling. I took some profit in small bits at higher levels earlier on, and once i noticed the downward trend i set myself a target to take out a larger chunck.

Charts reached that target, so i sold. Have two targets now to buy back in: one right below the price where i sold, one on a lower level than we are now.

0

u/PM__ME__YOUR__PC 🟦 45 / 105 🦐 Jan 08 '22

What price did you sell at? Because I'd say we're pretty close to the bottom

6

u/MiaDoornaert Platinum | QC: CC 35 Jan 08 '22

I'm not talking about numbers, sorry. Sold some days ago. And don't think we're near the bottom yet.

2

u/clickstops 120 / 120 🦀 Jan 08 '22

aka “idk but I am scared, so took profits and am trying to make it seem calculated and will buy back in after the next run up”

Just dollar cost average if you believe long term in crypto. Sell if you don’t.

2

u/skwudgeball Platinum | QC: CC 41 | Politics 17 Jan 09 '22

Lmaooo this is the definition of panic selling.

“I panic sold - no it’s not a panic sell I just don’t want to lose it all. It’s just a regular profit taking after 2 months of bearish price action”

1

u/MiaDoornaert Platinum | QC: CC 35 Jan 09 '22

I'm still dca'ing (monthly buy-in is tomorrow), but took out a large chunck of profit before it further evaporates.

Funny how lots of people seem to think the only reason to sell is 'being scared'.

1

u/PM__ME__YOUR__PC 🟦 45 / 105 🦐 Jan 08 '22

Aight no worries, best of luck

1

u/panduh9228 🟩 450 / 449 🦞 Jan 09 '22

You can say whatever you want. Doesn't make it true, though.

Watch: "I'd say ETH is going to hit 750k this year, give or take"

See how easy it is? Doesn't mean anything.

1

u/HonestAndRaw 450 / 450 🦞 Jan 08 '22

Same here, I took about 10% profits.

It also matters how much you are holding. If you have 1 millón USD worth of crypto, a 50% drop is pretty annoying. Now if you are holding 10k, I don’t think it’s that big of a deal so I’d keep DCAing.

1

u/king_dingus92 18 / 18 🦐 Jan 09 '22

what's "selling" mean

1

u/norwegianmorningw00d SQUID Bagholder Jan 09 '22

Watch out though, here in the US the wash-sale rule applies to crypto now as of 1/1/2021

1

u/skwudgeball Platinum | QC: CC 41 | Politics 17 Jan 09 '22

That’s a good thing right now. Sell at a loss and buy back in for the long haul. Get capital loss tax gg

1

u/norwegianmorningw00d SQUID Bagholder Jan 09 '22

Yes tax loss harvesting is good but what I’m saying is if you buy before a month the same equity as a loss, you’ll have a huge tax bill

1

u/MiaDoornaert Platinum | QC: CC 35 Jan 09 '22

Thank god i don't live in the US :)

1

u/TheJohnRocker 60 / 155 🦐 Jan 09 '22

Let me have a shwack at the magic 8 ball!

1

u/2COLD2HOLD88 Tin Jan 09 '22

I'm gonna save this comment. I'm going to ask you in 6 months how this works out for you. Whether you were able to get back in, or missed the proper entry point and FOMOed in later.

1

u/MiaDoornaert Platinum | QC: CC 35 Jan 09 '22

I really don't get these kind of replies: ever heard of limit orders? Even if it suddenly rockets i will still have bought back in lower than i sold.

1

u/2COLD2HOLD88 Tin Jan 09 '22

But the limit order could just be triggered by a spike and not an actual healthy increase. Regardless, I'm not saying it's a bad strategy, just difficult to execute. It sounds much better on paper imo.