This is actually my first topic on the bitcointalk forum, been in the crypto eco-sphere for some time now but didn't really feel the need to join this forum until lately. As a trader/ investor the market has taught me some pretty tough lessons and am currently in search of solutions. My question is when does one get out of a trade or sell off a crypto investment?. I used to be a sucker for the hold gang but recent experience has taught me that sometimes you just need to sell off some cryptocurrency even at loss and move on with your life. Examples of such include dragon chain. I bought at the top a year ago and because of the fact that i noticed they were constantly having meetups and news on their social media, i felt sooner or later the market will correct and it will escalate in price. Fast forward to today am rekt and my investment is almost 92 percent gone.
I think its important to throw this question open to the public because a lot of noobs are coming through and although this happens to be the best time to join the crypto space, people need to be educated that it won't be always rossy, you might need to get out of some trades before it gets you down the rabbit hole and into wretchedness.
So blockchain experts and crypto enthusiast when do you say is the best time to get out of a trade? or Dump a long term cryptocurrency you invested in? What level of loss can you take before you hit the panic button?.
Welcome to the forum dear friend, Cryptocurrency market is like bed of roses when we make the profit we feel the smooth petals on our body & when we make losses we get the feeling of thorns on our body. As you said you have been already involved in crypto world before joining forum & used to follow the news that is good practice but you need to look after the other things as well which can help you to make decision of exiting your current investment. The price of every altcoins depends on the price of the Bitcoin, this has been prooven many times and in recent small pump when Bitcoin crossed 5000$ after 5months. Whenever you invest in news based altcoins for example X Coin/ Token announcing huge partneship, Testnet/Mainnet launch, node integration etc invest early when you get the news and exit 1 week before the deadline of that event. Don't be gr greedy at that movement just take out whatever profit you make whether its 5% or 50%. Crypto market runs on the hype and news you just need to take advantage of this hype before its gets over.