How To Know When It’s Time To Sell Your Crypto
Getting emotionally involved in Crypto or any market can cost you a lot of money.
Becoming emotionally attached to a token or stock can prevent you from selling due to the fear of missing out.
It’s happened to me
It happened to Millions of others
Take the emotion away and you can become very successful buying and selling in any market.
In 2017 I was invested in XRP (Ripple), I invested my hard earn cash and became attached to the token thinking it would turn me into a millionaire.
The funny thing is it actually lost me all that cash in a huge bear market.
Nevermind
Instead of learning from my mistakes, I decided to completely forget about it until mid-2020 when crypto was back on the rise again. By then all the huge returns had left the building in that particular run.
The fact is if I’d transferred my losses into another token like Solana, I’d of made huge returns.
Once again, Nevermind
It was late 2020 when I decided to move my XRP into ADA which was at $0.25 and then went and stormed past the $1 mark in 2021.
Finally a huge win for me for once.
Those returns made me my money back from the XRP disaster I had 4 years ago.
Around March 2021 meme coins were becoming popular which were bringing in huge returns for around a $100 investment. These meme tokens would have a $billion token supply and holders would receive tokens for holding.
My Fiancé stumbled across a meme token called Safemoon on TikTok, Safemoon was just like any of these other tokens with over a $billion token supply.
We decided to dump $200 in for a laugh and see what happens.
That gamble certainly paid off, Big time
Within 2 months that $200 investment became $23,000
Now for the life of me, I cannot understand why I didn’t sell, it was just me being greedy.
The greed came to bite me as the price dropped dramatically by around $10,000!
Even though the token dropped in price, I had ‘diamond hands’. Diamond hands for anyone who doesn’t understand is a phrase used in the crypto community to describe someone who doesn’t sell even in a huge market crash.
Those Diamond Hands saw the price bounce back up to $19,000
Once again, I should have sold
But I was greedy again
My luck was out and the price plummeted down to around $7000!
Now the answer to your question this time is yes
Yes I did sell
$7000 return from a $200 investment is an amazing return, but the returns could have been so much more.
Those returns would have been so much more if I hadn’t become emotional and greedy thinking I would have been able to quit my job and retire at 25.
Instead, I was taught the lesson of knowing how and when to sell.
Whenever you see immense greed in the market, it’s time to sell, regardless if you are attached to the token, those prices will always come back to you and you will then be catching it at the bottom.
Patience is the most important part of trading, being able to wait for the right time to buy after you’ve sold is what separates the top traders from the people who dive in because they see a huge pump at the top.
Remember there was someone who bought BTC at $60,000 and it crashed to $27,000 in 2021.
That’s because the fear of missing out in the market was too much, they were too emotional and too erratic.
Be patient
Buy the Red and sell the Green
Easier said than done…
Regards,
Owen
