Are you sitting on a cryptocurrency nest egg that you’re potentially ready to move on from? Well, you’re not alone in that. Plenty of people sell up all the time. It is, however, not as easy as it sounds. There is an art to selling and trading online investments and it requires transparency and careful observation above all else.
So, if you are sitting on the fence and not sure either way, look for the following six indications that it is time to move on and find other ventures.
Why It’s Difficult to Predict
Finding the optimal time to sell is difficult because it doesn’t really exist. There is no one moment that puts your assets in a prime position. You can use converter tools like this one from OKX to tell you when the rates are good or bad, but even if you put your crypto up for a trade grab on a good day, the day you sell it might return negative equity. This is all a part of the associated risk and is why the market is known as volatile.
Things move rapidly, and it’s not always in a positive direction so you have to be ready to strike when the experts give you the green light. Check the forecasts, converse with a professional broker and get on the message boards to gather as much intel as you can.
1. Goal Achieved
The biggest sign that you can sell up with no sense of regret is the day you reach your investment goal. Before you start, your investment goal will guide your actions and how you invest. They also determine how much money you are trying to make. If you reach that target, you can happily sell up and move on.
2. You’re Finding It Complicated
If you are struggling to come to terms with all the terminology and technical rigmarole, then crypto might not be the best niche for you. Look into something more stable, established, and informed, and focus your investment elsewhere.
3. You’ve Found a Better Asset
Similarly, if something catches your eye on a different platform, switching up assets is a common activity for traders. A part of the journey is discovering what gets you excited and makes you want to trade. New assets appear often enough that old ones may feel obsolete quite easily. If your cryptocurrency isn’t as appealing as something new, it’s time to switch things up and sell.
4. Sat On the Fence
Being sat on the fence about something means there are pros and cons for your personal circumstances in either direction. Usually, when you’re in this position and it’s about selling on your digital currency, it is better to just go for it and discover a connection with something more exciting.
5. Lack of Return
If you have not made your money back from the initial payment, it could be time to cut your losses and get out. Crypto is a risky business and while there are some major returns to be discovered, not everyone sees that throughout their journey.
When it’s time, it’s time. Cryptocurrency, just like any virtual asset, is never going to sit in your metaphorical pocket forever. Sell when you feel ready and don’t give in to external pressure.