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What's your profit strategy?


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20 minutes ago, XRPto50dollars said:

i admit im an annoying realist when it comes to exit strategies and agree when XRP skyrockets, its going to be a free-for-all trying to get profits out. exchanges will crash, people will scramble to create accounts, others will make careless mistakes (probably me) and input the wrong address... its going to be a mess; exacerbated when the people having a hard time read posts from people who "had no problem at all and are bathing in hundred dollar bills". 

one reason many didnt sell was due to taxes during the last run. they didnt have an exit strategy in place for paying taxes next year on $600,000. theres a saying going around, "Itll be a nice worry to have someday (trying to figure out how to get millions out), but i dont agree. its not going to be nice. if people are freaking out at a $3 down to .25 cent drop, will they have the mental stability and emotional drive necessary to deal with the stress of trying to gain access to $1 million? its very 'comfortable' when the price drops because theres nothing really to do. its when the price runs is when it gets tough.

one possible safe(r) way to exit XRP would be to follow Jim Lovell's quote when we returned from the failed Apollo 13 mission:

 

 

if someone's exit strategy is to sell when they have $2 million paper profits... cut your profits back slightly and sell at $1.8. most people try to sell at pretty round numbers creating a bottleneck in sale orders. by selling slightly lower, youre getting out BEFORE the rush. would it actually work? no clue. in theory it seems plausible.

It was your Heikin guide that lead me to joining here, so your input is more valuable to me than you may realise :) so I feel quite privileged that you quoted me lol :D

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My strategy is to buy more! We will never see such low prices again.

Step 1 - buy xrp Step 2 - ??? Step 3 - profit

The answer to everything is 42

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I'm going to sell in chunks on the way up. Something to this extent:

5% @ $10

5% @ $25

5% @ $50

10% @ $100

25% @ $250

I'll prolly actually sell just before those psychological barriers, $9.50, $24.50 etc...

After that, if there is an after that, well I'll just see what happens but I'm gonna ride or die with at least 20% of my holdings.

 

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1 hour ago, XRPto50dollars said:

i admit im an annoying realist when it comes to exit strategies and agree when XRP skyrockets, its going to be a free-for-all trying to get profits out. exchanges will crash, people will scramble to create accounts, others will make careless mistakes (probably me) and input the wrong address... its going to be a mess; exacerbated when the people having a hard time read posts from people who "had no problem at all and are bathing in hundred dollar bills". 

one reason many didnt sell was due to taxes during the last run. they didnt have an exit strategy in place for paying taxes next year on $600,000. theres a saying going around, "Itll be a nice worry to have someday (trying to figure out how to get millions out), but i dont agree. its not going to be nice. if people are freaking out at a $3 down to .25 cent drop, will they have the mental stability and emotional drive necessary to deal with the stress of trying to gain access to $1 million? its very 'comfortable' when the price drops because theres nothing really to do. its when the price runs is when it gets tough.

one possible safe(r) way to exit XRP would be to follow Jim Lovell's quote when we returned from the failed Apollo 13 mission:

if someone's exit strategy is to sell when they have $2 million paper profits... cut your profits back slightly and sell at $1.8. most people try to sell at pretty round numbers creating a bottleneck in sale orders. by selling slightly lower, youre getting out BEFORE the rush. would it actually work? no clue. in theory it seems plausible.

I take your point and I think there will be a fair number of people that "mess up" in some way.  The price action will likely be vicious - it will spike up in unexpected ways.  People will NOT sell when it does spike up, then it will crash, then they will panic sell.  Then they won't have enough information to meet KYC questions on the exchange they sold on (perhaps!)...and they'll be stuck.  It CAN happen.  However, it doesn't need to happen that way.  I did cash out successfully in late January this year.  It was fairly painless.  My advice to people is super-super simple: if you've never cashed out, goddamn do it! Cash out even 1% of your holdings when you get in profit.  Go through a test run.  You'll feel better for it. 

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Just now, 2ndtimearound said:

I take your point and I think there will be a fair number of people that "mess up" in some way.  The price action will likely be vicious - it will spike up in unexpected ways.  People will NOT sell when it does spike up, then it will crash, then they will panic sell.  Then they won't have enough information to meet KYC questions on the exchange they sold on (perhaps!)...and they'll be stuck.  It CAN happen.  However, it doesn't need to happen that way.  I did cash out successfully in late January this year.  It was fairly painless.  My advice to people is super-super simple: if you've never cashed out, goddamn do it! Cash out even 1% of your holdings when you get in profit.  Go through a test run.  You'll feel better for it. 

You cashed out at Bitstamp last time right? If so can you send me a PM with the questions they asked you and give me some tips what i should already prepare so i can send it to them when they twist my wrist. 

From what i know everything above 10k they will start to be annoying. Also i filled in their KYC questions on their site, but i don't think that will suffice. 

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14 minutes ago, Moonraker said:

Correct me if I'm wrong. If, for example,  XRP rockets very quickly to $5, would we not see a massive amount of people undercutting one another when selling on exchanges? 

So if the price is $5 and we have that many people trying to sell huge amounts, the sell price could well be $1 as everyone will want to reap profits.

No they won't,  especially when the price continues to climb

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1) Recover Initial Investment in 3-5 dollar range.

2) Take incremental profits in dozens of smaller withdrawals medium-term.

3) Leave a sizeable stack for long-term growth retirement dream money.

Repeat steps accordingly if it doesn't make it to all three levels.

 

 

For as much as Coinbase gets a bad reputation around here, is there any better exchange to transfer your zerps to when cashing out into the bank (USA). 

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1 hour ago, ManBearPig said:

For as much as Coinbase gets a bad reputation around here, is there any better exchange to transfer your zerps to when cashing out into the bank (USA). 

well considering coinbase doesnt list xrp... transferring eth to gemini has been my preferred exchange if you can use it in your state. lower fees. 

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