Cryptocurrency Exit Strategy - (ICX & other coins) Do you have an exit strategy?

For me, short term capital gains play a big role in this.

I tend to break my purchases into three buckets

  1. Buying with the intention to not sell for at least a year (allowing me to lock in long term capital gains).
  2. A trading position with defined sell levels (i.e. a trade based on technicals/news/rumors/etc)
  3. A trading position in a coin I believe in long term where I take the original principal out and let the profits ride.
3 Likes

What I don’t quite understand is why you would sell anything at all after you reached your goal?

The way I see it, it would be better to set a stop loss at your goal once your coin reaches that goal, and just move the stop loss upward as the value increases? That way you won’t miss a huge run up, at the same time you would have locked in your profits.

3 Likes

500 x is also a goal :stuck_out_tongue_winking_eye: sadf as df

3 Likes

Great idea @Siggy. I’m with you in that i haven’t given this any thought… all i do is plow all my gains back in to more cryto. More recently i have taken a liking to investing into and flipping ICO’s…but at some point i guess i’m going to want some of the gains out.

Will be interesting to see everyone’s views on this.

2 Likes

This is my exit, regardless of the value ICX is at

  • 10 000 USD in Feb (shopping in London, pay back some small loans)
  • 1 600 USD in May (part of holiday expenses)
  • 6 400 USD in June (holiday expenses)
  • 87 000 USD in August (pay off loans)

Other than that no exit plans, other than in November take out more profits to pay for the profit tax :frowning: :slight_smile:

Also probably more profit taking in the summer to pay for holidays, a new house / apartment, shopping as well as some profit taking to invest in other non crypto assets.

3 Likes

Nice one seth, love it

2 Likes

haha no, there is a third one, first one reached 10 000 comments and auto closed, second one was closed by admin due to people freaking out at each other, just follow the new one :slight_smile:

1 Like

I always wanted to use profits I have to help buy my next house. Trouble is I’ve heard that many mortgage lenders in the UK don’t know what crypto is and won’t accept deposits from crypto gains (fear of money laundering). So the plan now is to move first (hoping to be able to borrow a good amount) and pay that mortgage off early with my profits. Doesn’t feel like a very robust plan though!

2 Likes

Nice! I seem to keep pouring cash in, I have no exit strategy really, apart from quite a high figure for a house and thats a very long way off. The problem is if I cash out I’m only gona need it again for dca etc… maybe summer will be a good time to take some profit regardless.

2 Likes

if you convert into fiat would they even know? Cant you say you trade?

1 Like

What were people “freaking out” over?

2 Likes

One person started some talking negative shit and that escalated to the point that the thread was only about talking shit to each other rather than about the coin.

3 Likes

Perhaps but I think they’ll ask for proof. I believe they look at your bank statements for 3-6 months and question any large transactions.

1 Like

@HarryvdV I see that you mentioned paying tax for profits. Are you dutch? I’m interested to know how taxes are calculated in the Netherlands. There are so many opinions about this that I don’t know which one is true…

1 Like

I am Dutch, but I live in Sweden so I don’t give a f00k about Dutch taxes :stuck_out_tongue_winking_eye:

3 Likes

Hey @Siggy firstly, thanks SO much for creating this thread. Out of all the threads, this one I’ve found the most enthralling, intimate and valuable. I don’t yet have an exit strategy for ICX and I need! This thread will help me and I’ve cut and paste lots of wisdom into crib sheet for me to help formulate.

My goal is to get a deposit for a house. ICX $100 will about do it. I live in Sydney and house prices are insane, and continually rising, so it’d be great to get into the market, then start afresh DCA with goal to pay it all off in 5 or 10 years of wise crypto play.

So, did where did you end up re you exit strat? Don’t mean to pry but really curious to see where you landed in the end.

Again, thanks for a brilliant and really valuable thread.

2 Likes

It’s insane to read all this. The hype back in the day with crypto was insane. Everybody was setting enormous goals. Talking about selling ICON around 100$.

But ICON is 0,136$ now. And where is everybody? BUT NOW its time to buy

Times are changing…

But this demonstrate again how important an exit strategy is. What will be mine…

I am buying ICON now. and trying to figure out an exit strategy.

1 Like

Not to undermine your point about exit strategy - but look what happened with a 20k BTC to ICX…

The same is beginning to happen again - but this time with real substantial development, confirmed use cases with big commercials companies and SK government.

Less circulating supply compared to last cycle now with staking. I think $100 is a serious possibility this time round.

where does $100 put it’s market cap?

$50B
If it does hit that there will be v low volume. Sounds a lot - contrasted with traditional FX markets which these will begin to rival, this market cap is immaterial


💰 YEN · YouTube ·️ YEN.CAMP 🧠