Do you cash out?

Dolby

Dolby

Honorary Master
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Just wondering if any of you cash out and actually realising your wealth?

Otherwise, you're pretty much looking at numbers on a screen ?
 
I don’t need the money now, I only plan on cashing out when my coins hit their target prices.
 
I'm cashing out at $ 1000,000 :twisted:

But seriously, I have cashed out about R40k in pure profit this year. Went to various items like unexpected hospital bills, beds for the kids, cellphone upgrade etc.

Don't want to cash out more this FY due to the whole CGT thing.
 
I don't plan on cashing out. I'll be paying for my Lambo with BTC and maybe just switch to investing in other crypto. You can already buy a Mustang GT 5.0 with BTC from Ford in SA.
 
Dolby said:
Just wondering if any of you cash out and actually realising your wealth?

Otherwise, you're pretty much looking at numbers on a screen ?
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If you can look at numbers on a screen for two weeks you can do it for 8 months.
I'm hoping that what I've invested in has the potential to be worth more further down the line, so while I could cash out now, I'd rather wait until these projects have matured and released actual products. If I was day-trading I'd probably take some profits, but as these are mostly long holds I'm happy to let them sit.
 
SaiyanZ said:
I will be putting more in and only cash out once the fat lady sings.
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And when will that be exactly and how sure are you to be on the right side of it?

Which I believe is what Dolby is really asking.

Many people think they are stinking rich now or will be in future but without selling at some point it could all turn into a big fat zero in the next 30 minutes.
 
Dolby said:
Just wondering if any of you cash out and actually realising your wealth?

Otherwise, you're pretty much looking at numbers on a screen ?
Click to expand...

Each person is different. What are your plans for crypto? Do you believe it to be the future, or are you just in it for the ride? If you get enough, settle debts like c/cards, cars, home loans etc, no point in continuing to hold if you have enough to remove all that debt and stress in your life. You can then use those monthly spare cash to get back in if you like.
 
SauRoNZA said:
And when will that be exactly and how sure are you to be on the right side of it?

Which I believe is what Dolby is really asking.

Many people think they are stinking rich now or will be in future but without selling at some point it could all turn into a big fat zero in the next 30 minutes.
Click to expand...

I trade and never hold BTC for long so I'm not really exposed to a big drop. I keep ZAR in my account and trade whenever the opportunity arises. I've only been doing this for a month now and the profits have far exceeded my expectations, being a first time trader. So will stop once trading is no longer viable. I don't really care what the current value of BTC is.

If I was long term BTC holder like most others are, I would move my BTC to an exchange with a stop loss facility. So I could then set an amount to sell at just in case things go downhill fast.
 
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kab123 said:
I'm cashing out at $ 1000,000 :twisted:

But seriously, I have cashed out about R40k in pure profit this year. Went to various items like unexpected hospital bills, beds for the kids, cellphone upgrade etc.

Don't want to cash out more this FY due to the whole CGT thing.
Click to expand...
You are hoping they see it as CGT and not income tax
 
SaiyanZ said:
I trade and never hold BTC for long so I'm not really exposed to a big drop. I keep ZAR in my account and trade whenever the opportunity arises. I've only been doing this for a month now and the profits have far exceeded my expectations, being a first time trader. So will stop once trading is no longer viable. I don't really care what the current value of BTC is.

If I was long term BTC holder like most others are, I would move my BTC to an exchange with a stop loss facility. So I could then set an amount to sell at just in case things go downhill fast.
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Well if you’ve only done it for a month you’ve had maybe two opportunities to really make money and they would’ve needed to have been impeccably timed.

Let’s see how you feel about that after a year and averaging out your profits especially after costs.

The beautiful thing about holding BTC and other cryptos is that it costs you nothing to do so as opposed to trading.

If you were holding since the beginning of this year you would be sitting at +2000% right now. Not sure many traders manage that, not even on other instruments.

Isn’t the industry average something like 20%?

Anyone on a long hold would have seen the greater benefit, but without taking profit or at the very least taken out what they put in originally they are sitting at a real world 0, whereas the traders may have made real world money and be out of the market.

The trick is always going to be when to bail and that is a gamble regardless.
 
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SauRoNZA said:
Well if you’ve only done it for a month you’ve had maybe two opportunities to really make money and they would’ve needed to have been impeccably timed.

Let’s see how you feel about that after a year and averaging out your profits especially after costs.

The beautiful thing about holding BTC and other cryptos is that it costs you nothing to do so as opposed to trading.

If you were holding since the beginning of this year you would be sitting at +2000% right now. Not sure many traders manage that, not even on other instruments.

Isn’t the industry average something like 20%?

Anyone on a long hold would have seen the greater benefit, but without taking profit or at the very least taken out what they put in originally they are sitting at a real world 0, whereas the traders may have made real world money and be out of the market.

The trick is always going to be when to bail and that is a gamble regardless.
Click to expand...

I've made about 80% from trading in a month whereas if I just bought and held a month ago I would have made almost twice that. My goal was 1% a day so I'm happy with 80% so far. The 80% was made without catching any waves as I never held when the price shot up fast. I did score quite a bit of it, maybe a third of the return, from the sudden dips and rebounds but otherwise it has just been supply/demand trading, making less than 1% per trade, whilst watching the USD charts.
 
SauRoNZA said:
Many people think they are stinking rich now or will be in future but without selling at some point it could all turn into a big fat zero in the next 30 minutes.
Click to expand...

+1

Exactly where I was going. I was wondering if anyone here had a strategy on drawing out? Maybe their capital contribution at the very least?
 
SaiyanZ said:
I've made about 80% from trading in a month whereas if I just bought and held a month ago I would have made almost twice that. My goal was 1% a day so I'm happy with 80% so far. The 80% was made without catching any waves as I never held when the price shot up fast. I did score quite a bit of it, maybe a third of the return, from the sudden dips and rebounds but otherwise it has just been supply/demand trading, making less than 1% per trade, whilst watching the USD charts.
Click to expand...

Yup precisely why I just stopped trading and have from about June if I remember correctly.

I do however try to time it monthly when entering the market and hitting as low as possible.

And at least for now you can’t Short it easily so you can’t make profit on the down trend. Or had that been implemented now? I can’t remember.
 
If you cash out you will have to declare that income on your tax return. How will SARS feel about it if you don't?
 
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