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

exit
exitstrategy

#61

I’m loving this dip. Cant wait for Friday so I can put my weekly $ into ICX. My exit goal is $100 ICX. I can quit my job at 25 and pursue my interests if that happens. NEO I plan to hold indefinitely and just cash in on GAS as it gains more value.


#62

@peter , thank you for the advice. I think this solidifies my original goal of holding for years and just continuing to DCA. I really believe in my investments. I also want to avoid short term tax implications of trading out profits.


#63

Doesn’t it make more sense to HODL the GAS? Users pay in GAS to deploy and run smart contracts and since there is a limited supply of both NEO and GAS, doesn’t that make GAS just as important?


#64

? Neo generates Gas, not the other way around. Gas is a dividend. If I sold my Neo then I couldnt get FREE Gas. That wouldn’t make much sense now would it?


#65

My point would be to HODL both. I didn’t say anything about selling NEO. Since applications will be using GAS for transactions and there is a limited supply, wouldn’t you want to HODL GAS as well?

Simply a question… so don’t get your panties in a bunch.


#66

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.

#67

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.


#68

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


#69

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.


#70

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.


#71

Nice one seth, love it


#72

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:


#73

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!


#74

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.


#75

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


#76

What were people “freaking out” over?


#77

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.


#78

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.


#79

@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…


#80

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