My experience taking profits in a bull market
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I want to share with y'all my story of some of the profits I've taken in this bull market and my strategy surrounding it. I started investing into crypto in early December 2020, like many people that have been affected by the pandemic it became increasingly clearer that investing in my future might be for the best. Also the boredom of sitting around all day gives you lots of time to stare at charts. The first site I found was etoro, which at this point I wouldn't ever want to use again. Soon after that through some research I found coinbase and kraken(i'm in the US) I started off with coinbase because it was regarded as the easiest to use for newbies I have since moved on to many other exchanges for various alts. This trade involves coinbase specifically My first investment into crypto was $15(after fees) into XLM, I was pretty drunk and thought they had a cool logo. Lumens at the time were priced around $0.28, which my newbie brain thought was a steal being so cheap. I set myself a simple goal, which was to wait until the price moved up enough for me to cash out $7 in profits so I could go buy myself some hot dogs from 7/11. $7 worth of hot dogs from 7/11 is enough for a good time and I didn't want to sell myself short with my investing strategy by say only getting $3 worth of hot dogs nor did I want to get greedy and try to get $10 worth of hot dogs. I found $7 to be just the perfect amount of 7/11 hot dogs for me and my friends to have a good night. Now I did the calculations and I found that after fees I would need to HODL until XLM hit around $0.42 to be able to afford said weiners. I did not know how long this would take, but when I told others of my plan I was met with many differing opinions of what the price could reach. Some said it would never move to that price while others said I would regret selling my XLM just to buy hot dogs and that if I held I would one day be able to afford a hot dog stand with my profits.
I set a goal though and I intended to stick to it. Surely enough around a month or so ago XLM had made it's way up to $0.42 and my sell order was filled, within a couple days my funds had hit my account and I made my way down to 7/11 and bought my friends and I some hot dogs for dinner. As I explained to the clerk at 7/11 that I was able to afford these hot dogs with just a modest investment into XLM it became clear that we are still very early in terms of adoption. It was a good night, I have pictures of the hot dogs with the XLM logo drawn in ketchup if anyone demands proof. Soon after a dip occurred and stellar dropped well below the fabled $0.42 that my goal was set at and I was able to recoup my xlm to the original hodling while being able to know that no matter where the price went, my goal was achieved. I hope y'all get yours and I get mine, but to this day I know that no one can take those profits from me because I already bought the hot dogs and ate them. submitted by /u/crabrodeo |
