I Get this question a lot which is – How do you take profits when you DCA Dollar Cost Average. Well, here is what I did recently.
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! This channel is for entertainment purposes only and is just my opinion as I am not an expert or a financial planner. Please perform your own research.
I really appreciate your clear and simple breakdown on financial pitfalls ! I lost so much money on stook market but now making around $25k to $27k every week trading different stocks and cryptos
Yea but if it goes down and stays down for years how can you afford to keep paying $40 every day?
This is how i see it. If he believed it was going up, he wouldn't sell. In other words a drop is coming. Of course I could be wrong.
not a good way to invest my friend
I usually do opposite, I sell initial investment into fiat and leave profit in crypto and hopefully when price goes back down a little I buy back … did it too with this pump with a little part
Thanks to Mashinsky, I can't take… anything.
i get the point in the whole muscle /mental memory thing of selling but you also forgot to mention since crypto is property you pay short term gains on it if held for under a years time
Rob it's not always worth it unless your up at least 40%. Fees for transfer, fees for selling, fees for cashing out, tax implications. If I'm up $200 bucks, I'm lucky if I can get $130 of in cash.
What about tracking that sale for tax purposes? My understanding is every sale has to be reported and will be hit w capital gains tax
i would think about buying Fourty $'s daily on Litecoin… the Halving is coming…. jmho s convert most of it to bitcoin once you gain a few X's
I don't take short-term profits.. namely because of taxe treatment. I started buying at 50k and dropped my average price to 28k.
My BTC plan is simple 2/3 have to occur for me to buy:
1) Price has to be below realized price.
2) Price has to be in fire sale on Rainbow
3) Price has to be below my average price.
To sell, I start at 3x my average price and ladder out to 4x the previous high, with multipliers at each level.
I might not sell all, but I'm happy if I get my initial back.
No one ever went broke taking profits
Nice and simple! Thanks dude!
Diamond hands!
This is exactly how I've been investing since March 2022. I have been dca'ing weekly since then. The same amount. The same day every week. Takes the emotions out of it.
Great video Rob.
love your info thanks rob.
Hey Rob, wen update on the Sweatcoin leaderboard? I need to check how much ass I’m kicking!😅