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So When IS The Time To Sell?

In my previous newsletter, I talked about my friend’s request for advice to sell his Bitcoin, just as the price reached the prior all-time high of $20,000. I am happy to report that he was dissuaded from selling at the wrong moment. An awesome decision as it turns out, as the price of Bitcoin has continued to rocket to $29,000 in the last couple of weeks. Needless to say, my friend is pleased that he took my advice! 🙂

While happy that he has managed to preserve his wealth and increase it further, he did request my advice on when he SHOULD sell, and so this is the subject of this newsletter.
At the moment many view Bitcoin as a speculative asset and with speculative assets you can do very well if you time the market to buy at the right time and then sell at the right time. For the first 10 years of Bitcoin’s life, this has been its nature and speculators and traders of Bitcoin’s value have done very well if they were skilful in their analysis of the market and bought and sold at the perfect moments.
For the ordinary person, however, for whom trading is not a skill or profession. Trying to time the market like this is more likely to be as a result of luck rather than good judgment.
The danger of being successful in this way is that it can cause you to be over-confident and make decisions that aren’t necessarily good ones or in your best interests at a later date. In a worst-case scenario, such a decision could cause you to lose what you had previously gained as a result of earlier fortunate actions.

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