Quote:
Originally Posted by eDave
Hey, let me ask you. What is the most efficient way to bank some profits?
I ask because I tried initially and didn't know what I was doing and probably excited and with the input and output costs I lost money. Like $4k. Coinbase.
I did learn the value of HODL though.
But now as I peek at my max sell, I see the fees are much lower. I don't know what the **** I'm doing man.
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What are the actual Coinbase fees for buying and selling a bitcoin now? On the first runup, not wanting to pay $200 every time I wanted to buy or sell kept me in longer than I should've been.
In terms of how to book profits, that's impossible for me to tell you without knowing your situation. If you put down $40k, it's probably pretty good though. You need an exit plan that you're comfortable with. Don't try to catch the top of the move, but realize that opportunities like this could turn out to be don't happen often. Pulling your initial seed money out is liberating, because it takes a lot of the emotion out of it. Trading is fighting human nature. Especially this kind of volatility.
It's nice to have a chart with a trend-line. On this chart I have a trend line drawn that starts at the bottom of the 4/1 candle to the bottom of the 4/25 candle. If it breaks that, I'm no longer bullish and I'm out. Currently sitting around 7700.
https://bitcoinwisdom.io/markets/bitfinex/btcusd