Posted: Feb 16, 2020 2:06 am
jamest wrote:OlivierK wrote:So it sounds like you've got a decent unrealised profit going there. My advice? Take out a few grand, and treat your family to a bang-up Italian meal monthly for the next year. Think of it as a natural hedge: if BTC keeps going up, you'll be further ahead than you are now; if BTC goes down, then you'll have discovered a way to get good Italian on the cheap.
We can afford the occasional Italian meal, I just hate feeling fleeced every time we have one. Anyway, it would be stupid of me to start cashing in my bitcoin before it reaches the levels I'm hoping it might get to by the end of next year.
Why stupid? If it's tripled in value, you could cash out a third of it and recoup your starting investment, and still have two thirds of it whose value would represent guaranteed profit. Getting to a position where the only possible outcomes are profit is the trader's holy grail. Of course you can't get there without taking a risk, but you've done that bit. Seems you're hooked on the adrenaline, as fellto alluded to. The most successful trader/gambler/investment banker (it's much of a muchness which of those labels to apply to this guy) I ever worked with saved his harshest contempt for those who would turn down a guaranteed profit just to run some extra risk, looking at them sternly, rattling an imaginary money-box, and chanting his mantra: "Money. In. The. Tin!"