Most people are aware off dollar-cost averaging and other strategies of buying into Cryptocurrency. DCA means buying in over time, instead of at once, to reduce the impact of volatility.
I'm one of the people who had a lot of money in 2017, but lost it all by FOMO chasing into shit coins which went -95%
My advice is therefore to start thinking about your exit strategy and your expectations, even if you have no intend of (ever) selling.
My strategy is to DCA out of crypto. I have set target amounts for all my large holdings and will take out a % whenever these are reached. I've planned it out untill BTC is 2.5 million and Ether 100.000.
Today I sold my first 5% of Ethereum. The FOMO is big and I would never have sold it without the plan I made 2 years ago. However, it feels good to know I have taken some profit and still have 95% left to enjoy the ride.
If everything does go -95% again, at least I know I've taken profits at prices which 2 years ago seemed like unimaginable targets.
Curious to hear if others have thought about their exit strategies.
Submitted February 05, 2021 at 01:37PM by DDelphinus https://ift.tt/3aBcrg0 https://ift.tt/2Z7cX2s
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