What’s your strategy on selling? I’ve seen these runs before and it quickly going back down. I’ve seen times where it explodes upwards and then mysteriously drops below my average price and then explode the next day when I wake up. I can’t stomach the volatility nor am I watching all the time.
I own about $2k worth of ETH and have no clue what to do.
I have a couple of different strategies I use...one is during a bull run and the other is just normal day to day. The normal day to day is the one I obviously use most often. I have a coin, mine is XRP, that Ive essentially been following for years. So I have an somewhat of an idea of where its trading price fluctuates. So what I do is when it gets to around what has been its highest point, I sell. Then I just wait for it to inevitably drop to somewhere around what is typically its lowest price then I buy back repeat the process. For the most part, this strategy for me is a lot less tumultuous and therefore less stressful. In the event you lose, odds are, barring a general crypto crash altogether, you won't lose big because you're basing your buying and selling on the historical pricing of the coin. The problem with this strategy especially now is that my gains can be incredibly small, sometimes only 1 to 2%, because XRP is a pretty stable coin compared to many other coins. Therefore, there's not a whole lot of volatility as it relates to its daily gains and losses.
During runs such as this, I am constantly checking for which coins are tracking as top gainers. Once I identify a coin, I take a look at to see if its price is still close to its high or not. If a coin is still relatively at its highest I then check to see how long it's been on a run. If its only been a couple maybe three hour run I will buy into it. Most runs last for a few up to several hours, so coming in during the first couple of hours of a run isn't necessarily much of a risk. I then try to wait for the high price to dip a little and when that happens I buy in. The hard part is knowing from that point when to sell. I used to give myself a hard cap and as a rule I would sell after a 5% gain if a coin doesn't have a lot of trading activity and 10% for those coins that are trading really heavy. The ball buster is that u can have a coin that you've literally watched for anywhere from 10 mins to an hour slowly move up to your target price then all of a sudden the bottom falls out and the coin loses all those gains in a little over a minute. At that point is where the discipline starts. Most people panic sell at this point. But I have found that because of what time I actually entered the buying process of the coin, the odds are with me that I didn't buy in at the all time high. Generally, after the loss the market will reverse and the value will go back up allowing you to eventually realize a net gain.....
I hope this helps and for anyone else I'd be interested in knowing some of the strategies other brothas on the board use when buying and selling....
