Crypto dillemma. Sell or hold?

[biddybird]

I bought some Bitcoin a few years back... not much, just £2k worth. I was hoping to build up a retirement fund.

I see that BC is having a bit of a surge at the moment and today my investment is worth just over £6k!! Should I sell now and re-invest when the price drops again (as it surely will)?

I will need the money in around 10 yrs time.

I really have no idea what I'm doing with investments. I have tried some shares in the past but it's always been a disaster. Help!

@doubleaces89 I can't even figure out how to add my bank details to Binance. Any tips?

Gerup is 100% right. On a macro scale bitcoin is trending upwards...it's a volatile asset so sees short term fluctuations (yes even 57% drops)..then again a lot of assets that give you such explosive growth do come with volatility...just look at the Asos share price

They have said its stable. It isnt stable, they are not 100% right.

Seems like logic isnt especially prevalent with bitcoin 'investors'. I will pop in the door later in the year when its sub $25k and see if you still think its stable.

@Dawnlassie good luck with that, do you think the same with other coins?

@biddybird

If you click on wallet > fiat and spot > search GBP -> select withdraw -> select FPS (Faster Payments), then it'll ask you to enter your bank details.

@Dawnlassie

In my experience there are usually the cheerleaders (usually significantly up, even if it's just paper assets), and the haters (usually down in real terms).

I'm a pragmatist, who relies on data (@gerup thanks for tip). I can see the long term trend is upwards - take any point between now and past 12 years, and you'll see a positive correlation. Additionally, it 'appears' that bitcoin is increasingly becoming seen an alternative to gold, so will continue to appreciate on macro scale.

I think crypto in general is massively volatile.. bitcoin is actually the least volatile of all the coins. But like I said previously, which other asset class will give you 10x, 20x (and even 100x) over such a short period of time...and hopefully enable me to retire early 😏

@doubleaces89 Thank you!

@doubleaces89 Oh! I guess this is what I already tried, but it tells me I have £0 available to withdraw even though my balance is $4000+. (See picture.)
Is there an additional step I need to take?
(Apologies for my extreme ignorance!)

@gerup

I made 5%, without using leverage, but it's all good. 👍 I'm long (in some coins since 2016..lol I know too long!), I don't usually tend to trade, as I usually get burnt trading.

@doubleaces89 I used 11-15x lev last night, but I am a day trader, ether has been most profitable for me

I sold all mine, probably a bit too early but it was on my mind too much and I was checking the price all the time so it was becoming a negative to me. I bought a £725 and sold for £1750.

Can I be really ignorant and ask what a day trader is? Very new to this!

Hello again and that’s a great return. Have you just been watching the rates for long enough to have a feel for what’s going up and down?

@tier10

That's the right thing to do. I did something similar back 2017, with all my money in 1 coin, so used to be elated when it when up, and panic when it went down..not a great mental state, especially over long period of time.

@eloiseBridgerton

Day trading's a skill, and even experienced traders get burnt occasionally. Losses are amplified as your playing with leverage (borrowed money), and could get liquidated. A friend of mine shorted bitcoin when approaching $20k, twice he did good, on third occasion it shot past $20k.

@doubleaces89 The Binance investment is in Cardano. I've read it mirrors the ups and downs of Bitcoin, so thought it would be a good idea to shift some of that now too. I invested around $1200 in that and it's now at around $4500.

I wish I understood what @gerup's tip yesterday meant! I figured it was something to do with Ethereum but the rest of it was Greek to me!

@biddybird

I like cardano, and in my opinion doesn't mirror bitcoin exactly..hence today's spike. Great investment decision by you, I did same but didn't get in as early as you. I'm hoping it goes back to previous all time high of $1.3, and if not then $1.

What's your exit price on Cardano?

@biddybird

Have a look up 'short' selling on YouTube

Why do people like Cardano (ADA)?

I've never really worked out what is so special about it that it regularly hits the top 10.

@gerup
10-15x leverage?! Wow. That must be quite the adrenaline rush!

@biddybird

I'm having the same problem with Binance. My portfolio says I have $5k and a bit, but my balance available to transfer to £GPB is 0! I have no idea.

Check your isolated margin account within Binance. It confused me and that is where my hidden/lost crypto was