You shouldn’t hold all your cryptocurrencies if you want to succeed in this bull market.
🤔 Why not?
If you make this mistake, you'll see your investments grow and you'll be rich "on paper" only. Then, you'll watch your portfolio fall, causing you a lot of pain and making you feel foolish for not having "sold in time." All the work, time, and money invested seems to go down the drain in those moments.
☝️ Not to mention that:
You'll encounter a new bear market
Opportunities become fewer
Your interest in crypto will decrease
You'll feel disappointed with the industry
In 2017, I didn’t sell my Cryptocurrencies.
I watched my portfolio fall by 90% and went through a harsh winter that almost made me leave the industry.
I always believed in the Bitcoiner philosophy of HODL in the long term, and thought it applied to all Cryptocurrencies. When Bitcoin hit $20,000 USD in 2017, I thought it would keep rising forever, just like the other Cryptocurrencies. That didn't happen, and I didn’t sell any of my Cryptos. I saw my portfolio fall by 90%, leaving me disillusioned on the verge of abandoning this industry.
That’s why I want to share this with you…
Don’t be afraid to sell your Cryptocurrencies in the bull market.
If I could go back in time, I would apply the following methodology during the bull market:
Divide my cryptos into 2 bags 💰:
Long-term hold (BTC, ETH) 🚀
Sell in bull market 💸
The idea is that one bag is for holding long-term and the other for getting rid of those cryptos in the bull market. This way, you'll continue investing in the long term, but now you'll have more capital to invest during the bear market again in both bags.
👀 This will allow you to:
Feel better about taking profits ✅
Have more money for whatever you need ✅
Keep investing in a better position during the bear market ✅
Not get into the "HODL forever" game and watch your portfolio fall ✅
I wanted to leave you with this lesson because there are many people who still haven't gone through a complete bull/bear cycle and there are many myths in crypto.
I want you to confront this wonderful moment in the best way, thinking long-term, but above all, thinking for yourself. Many times, having the "contrary opinion" to the masses is the decision that pays off the best.
Everything said in this blog post does not constitute financial advice.
See you next time! 👋🏻
🚀 Enjoy the 2024 bull market with PrimeXBT
This is the perfect way to tap into the market's upswing. With PrimeXBT, I streamline my strategy into two key actions:
Bitcoin Futures Trading: I start with minimal leverage and use isolated margin. I always set stop loss and take profit for all my trades to efficiently manage risk. This allows me to learn and safely experiment in the market.
CopyTrading: I select an expert trader and entrust them with a small amount of crypto to manage. This way, I benefit from their trading expertise without needing to be an expert myself.
👉🏻 Register to support our community while positioning yourself to make the most of the upcoming bull market with PrimeXBT!