This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Happy New Year!I hope that all of you had a great holiday and were able to spend some time, whether in person or virtually, with friends and family. I also hope that you were able to take a break from the charts, as challenging as that likely was with the insane price action across the board.I took some profit this weekend, much to the chagrin of the crypto twitter community. I tweeted the following:I am feeling euphoric, so I sold a little Bitcoin - about 2% of my holdings. Taking profit and ringing the cash register is an important part of the game, not matter how bullish you feel. Still have to pay the bills and it feels great to take some off the table.The irrational ideas of "I am never selling, this will only go up" and "I am going to be so rich if this continues like this" were creeping in. For me, that's a signal to sell something. Take profit. Make sure taxes are covered if price crashes.Other notable traders and investors tweeted similar sentiments. Tomorrow's podcast guest Mike Dudas tweeted that he sold 10% of his Bitcoin holdings as per his plan that he has had for years, citing the betterment of his family's life as the reason. Smart.I don't "want" to sell Bitcoin ever. That said, when you have an opportunity to take meaningful money off of the table that can change your life in practice and not in theory, you do it. I truly believe that Bitcoin will see much higher prices, that it could be a word changing technology and asset. I also love seeing money in my bank account and having the feeling that, no matter what happens, I have secured my family's future.Both Mike and I (and many others) were absolutely roasted for even mentioning that we would dare sell Bitcoin. That gives me pause, and really scares me - both for price because sentiment is euphoric and because it means that a lot of people have not learned the hard lessons of the past.I also tweeted this:The pain of not selling if things go badly is exponentially worse than the pain of selling too early.If you were here in 2017/2018 and watched your paper gains evaporate into thin air, never taking any profit, then you know what I am talking about.A measured approach is always the best. No reason to sell everything, no reason to be all in anything. Just sell some along the way, buy some if it dips and move slowly. That way your bases are covered, no matter what happens.I will continue to sell Bitcoin, altcoins, stocks and basically anything else that I am invested in that does well. I will also ALWAYS hold a significant stack of Bitcoin, no matter what happens. It's fine to do both.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsPoolz - Cross-Chain Token Pools & AuctionsPrivacy Coins To Be Delisted From BittrexCongress Members Are Coming Together To Fight Harmful Crypto RegulationBitcoin’s 12th BirthdayMy Recommended Platforms And Tools
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The Wolf Den #148 - Taking Profit
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This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!Happy New Year!I hope that all of you had a great holiday and were able to spend some time, whether in person or virtually, with friends and family. I also hope that you were able to take a break from the charts, as challenging as that likely was with the insane price action across the board.I took some profit this weekend, much to the chagrin of the crypto twitter community. I tweeted the following:I am feeling euphoric, so I sold a little Bitcoin - about 2% of my holdings. Taking profit and ringing the cash register is an important part of the game, not matter how bullish you feel. Still have to pay the bills and it feels great to take some off the table.The irrational ideas of "I am never selling, this will only go up" and "I am going to be so rich if this continues like this" were creeping in. For me, that's a signal to sell something. Take profit. Make sure taxes are covered if price crashes.Other notable traders and investors tweeted similar sentiments. Tomorrow's podcast guest Mike Dudas tweeted that he sold 10% of his Bitcoin holdings as per his plan that he has had for years, citing the betterment of his family's life as the reason. Smart.I don't "want" to sell Bitcoin ever. That said, when you have an opportunity to take meaningful money off of the table that can change your life in practice and not in theory, you do it. I truly believe that Bitcoin will see much higher prices, that it could be a word changing technology and asset. I also love seeing money in my bank account and having the feeling that, no matter what happens, I have secured my family's future.Both Mike and I (and many others) were absolutely roasted for even mentioning that we would dare sell Bitcoin. That gives me pause, and really scares me - both for price because sentiment is euphoric and because it means that a lot of people have not learned the hard lessons of the past.I also tweeted this:The pain of not selling if things go badly is exponentially worse than the pain of selling too early.If you were here in 2017/2018 and watched your paper gains evaporate into thin air, never taking any profit, then you know what I am talking about.A measured approach is always the best. No reason to sell everything, no reason to be all in anything. Just sell some along the way, buy some if it dips and move slowly. That way your bases are covered, no matter what happens.I will continue to sell Bitcoin, altcoins, stocks and basically anything else that I am invested in that does well. I will also ALWAYS hold a significant stack of Bitcoin, no matter what happens. It's fine to do both.In This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsPoolz - Cross-Chain Token Pools & AuctionsPrivacy Coins To Be Delisted From BittrexCongress Members Are Coming Together To Fight Harmful Crypto RegulationBitcoin’s 12th BirthdayMy Recommended Platforms And Tools