The long term goals are critical and I have them written out as well but I think another key part is the micro goals for each investment. Eg if this hits 3x I will take out my cost basis…stuff like that. The macro AND the micro are critical to long term success.
I’ll never have a complete exit out of crypto. But I do have an exit target for a large portion of my folio once I can pay off my mortgage.
I think how I dump my 400+ k of crypto is something I need to figure out. Most exchanges have a 24 hour min.
What’s everyone’s strat for this?
Also a long term hodler for ICX here. Not quitting till I don’t see 7 figures. offtopic: I saw that the two icon threads are closed. is it all over? :((
Well my Exit strategy requires ICX to reach 200
NEO well it hit 100 so I sold 300 of them to buy a new car for the wife still holding BAGS of NEO
My tokens I just flip when they double and move onto another potential coin.
Good job dennis!
Hope the mrs is loving the new car haha.
I think $200 is achievable long term, defo.
I’m chasing that $80 icon for my 1m+ status
We on this journey together mate. I like your strategy, I might use it for wanchain. Take out some icx to whack in wanchain whilst cheap on the exchange!
Apparently TON a good ico to get into soon.
I had a plan to sell a percentage of my ICO ICX at $10, but have re-adjusted my target after seeing how it has risen in such a short time. When I made my original target I was not expecting it to be where it’s at within a month.
On top of my ICO ICX I’ve bought even more ICX at 1165, 1610, 1700, 3640, 3968, 7800 and 7588 sats. So I’ve blown my original plan altogether. Reading this thread makes me feel I failed my goal and a little greedy. LOL, I blame all this hyping going on in The Bitcoin Pub. (Joking).
My revised exit goals are now 15% at $20, to cash out back to fiat to cover every penny I’ve put into crypto since July 2017. This money will be used for fun stuff for me and my family.
The rest of my cryptos I will HODL or reinvest until I need the money for something.
If ICX goes to $200, damn… The possibilities are mind boggling!!!
@Leo_Beal 80 bucks easy this year sometime. 200 bucks im probably wait a while. LOL.
Yeah im waiting for TON too.
I really hope do get there mate, but I can’t see why we won’t. Especially if ICX continues to build and spread into other potential areas of the market eventually.
I think I’ll have to reassess fairly soon, think we could be at $30+ by end of Feb. Right now it’s just FUD being splashed about, don’t know why korea would spend all this time putting regulations together and to back icon if they were just going to ban it. Doesn’t add up at all!
I really would like to think we could see $100 by the summer with a fair market. So fingers crossed on that $80!!!
I wouldn’t invest in a car with crypto gains…a car loses value so quickly and adds costs over time (maintenance, insurance…etc).
too much opportunity cost if you’d ask me.
invest in what saves you most money on the long term (buy off mortgage, loans).
Not over! There was someone spamming them All is good with the ICON train!
I feel that way with ICON and BTC honestly. Were talking years tho. But…look at how far it took for BTC to get where its at so 7 yrs from now where will ICON be at ?
Where will BTC?
that multiplied by the amount that you have and yeah…7 figures/retirement.
yeah…ive got to figure something out because thats going to be crazy massive and i want to be in the ICO. Being USA based means i probably wont be. Which sucks.
Said by me at work the other day.
“There will come a time in the near future, where my biggest decision will be what color my BMW will be. And as for an exit strategy, that will be when I decide which door I’ll be walking out of on my last day here.”
Don’t get me wrong, I absolutely love my job, but I love the idea of financial freedom more.
Thanks for the great insight @Matty. Your right, FOMO and greed will ultimately be my worst enemies against logic and being mortgage free. I guess I’m going to do some soul searching to find the right balance of risk vs. reward. My mortgage will be covered if ICX hits 50$, so I think the right balance for me is to pull 50% when it approaches $80-$100. For those math junkies out there, is there an equivalent time line to cash out that gives me roughly the same figures?
You should work out a plan to scale out? So take 25% at a certain price, then 25% at another price all the way until your fully out.
Then your taking risk off the table at each stage but still have life changing gains if you take out at prices which are reflective of your goals…
Don’t just take it all out, you could be missing out on still a lot of growth so scaling out is probably best. Especially if your in a solid project like icon!
Totally agreed with this, on the list of my goals was to buy a new car, but it really dropped down to the bottom of my list quickly as I look at the biggest debts like mortgages and student loan that needs to be removed first. Financial Freedom First, then you can go for whatever you dream off.
With the tax implications now, I am having a hard time deciding to take profits now or HODL long term. I first thought it was best to just buy and HODL for years… like 2-5 years. Now, because of dips like this, I am contemplating, should I be profit taking every quarter or so? But with tax implications, I am not sure what to do at this point. I invested 6k, saw it rise up to 22k and watched it wither down to 10k. I planned to HODL everything and just continue to invest next 2-5 yrs ;set goal for million. Am I crazy? or should I be pulling say that 10k off the table completely? @peter I really need some guidance. I feel like I should just always HODL regardless of gains & losses til goal is reached?
I have this bookmarked. Above is your answer
I entered into the crypto market with a relatively small investment. At first I set up an achievable and realistic goal to work towards. I cherry picked a few coins which I felt would at minimum retain my investment value just for piece of mind. As I grew more comfortable I decided I could take more risk and begin playing with the extra gains I had made to reach my first milestone. Fast forward a few months and my initial goal was met! The next step was to secure that foundation to build up from and recoup my startup expense. This was my simple technique. This has allowed my mind to be at ease for moments like this because I no longer feel the constraints of having to maintain any set base value. The fear that I can lose it all doesn’t resonate as strongly now. Just my dos satoshis
Look back in time, we all knew the market was frothy. It was like a premonition, we felt this retrace coming. Charlie Lee cashed out, we started talking exit strategy on this thread, boulsh*t coins started mooning into Top 10, which in itself is COMPLETELY absurd… all the signs were there. The “alt season” was asking no questions and only paying out gains.
Remember this time, it will play out and happen again.
Deja vu in crypto means you’ve learned.