When should you sell your crypto?

The best answer?

When you said you would.

Outside of the one-in-a-million degens who go all in on the goofiest memecoin they can find and end up with a x1000 on their money, the vast majority of people making money in crypto are succeeding because they stuck to the plan they set for themselves.

Now I'm no financial advisor, and you should not treat this as financial advice, but I do know a thing or two about losing money in crypto.

Every single one of my major trading losses has come from ignoring the guidelines I had set for myself when I first loaded up my Giddy wallet to start trading. Sometimes it was because Bitcoin blew past my initial price target and I was too greedy to take profit, other times it was because I was too emotionally invested and rode my bag all the way to zero.

Setting limits for when you'll take profit, or when you'll call it quits on a bleeding position is key to being able to walk away with real dollars in your pocket.

Practicing good risk management and doing thorough research on potential buys are two of the most powerful tools you have at your disposal when trading crypto. Here are some best practices to consider:

1. Establish a Clear Strategy: Before committing to a trade, define your objectives, including your entry and exit points. Determine the level of risk you're willing to take and set your stop loss—or the price at which you'll bail out of the asset, accordingly.

2. Research the Project: Take some time to thoroughly research the team behind the asset you're buying. The teams history, qualifications, funding, and future roadmap are all great things to consider before throwing money at their project.

3. Adjust for Timeframe: The timeframe of your trade can influence the placement of your stop loss and sell target. Short-term trades may require tighter stop losses to minimize loss, while longer-term trades may allow for wider stop losses to account for fluctuations in the market.

4. Stick to Your Plan: Emotions can often cloud judgment in trading. Once you've got a plan you feel comfortable with, trust your gut. There are always times where adjustments are required, but be wary of making rash decisions due to fear or greed.

With no lock-ups and none of the trading restrictions from a centralized exchange, the Giddy app makes it easier than ever to get IN when you need to, and OUT when you said you would. (Just make sure you talk to a real financial advisor first.) The only person who knows the best time to sell your crypto is you, but when you're ready to act, Giddy's got your back.

Make your plan and start trading with Giddy today.

- Joey Segura