 Welcome to Digital Asset News, we're going to get top stories and cryptocurrency digital assets and break them down into bite-sized pieces. Today we're going to go over three super important things. The first one is all about how much time you're going to actually have to cash out when the bull run hits. The second thing are psychological factors and how you will fail if you don't do these certain things. And lastly we're going to talk about exit strategies and limit orders. This is the most important aspect of this video so make sure you watch this video all the way to the end. And a quick note this is going to be an update to the bull run basics. It is August 5th 2020 and we need to go over a couple things which is the different exchanges and different on wraps and off ramps that we need to hit so we can be successful. How much time do we really have during a parabolic bull run? So let's take a look at that right now. Okay so we have our overall chart here. This is a Bitcoin chart going for about seven years from July 2013 to January 2020. All right so the question is how long do we have for a particular parabolic bull run because if you can see here this is a very long line of nothingness for years. Those are called the bear markets and they suck and it's been a big pain. But what happens when we get over here? How much time do we really have when this thing goes parabolic which means it goes straight up? Let's take a look. So if we want to take a look at the start that'd be around November 12, 2017 for this last parabolic bull run. Now some people might put it a little bit more to the right, some people might put a little bit more to the left, but let's just say it starts around here. The price was $5,870 and the market cap was $97 billion. So remember this is November 12, 2017. So what happens when it hits the top and how much time was that? So we take a look at November 12th to December 17th it went from around the less than $6,000 all the way up to almost $20,000 in 30 days. Amazing. So really when we look at these types of things we're like wow we've got a month to decide where's the top and how much we're going to take and how much psychologically we can actually handle and make sure that we get rid of or sell out our positions because if not it's very easy to go well it was $6,000 down here and now it's $15,000 it'll go up well now it's $18,000 it'll go up now it's $20,000 it'll go up no oh it went down to $18,000 it'll go back up to $20,000 oh it went to $16,000 I'm sure it'll go back up what $15,000 see where I'm going with this? You have to be set and ready to pull the trigger because if not you will be a bag holder like me and Mr. B so that's how it goes. So moving forward what's going to happen if you don't there's this thing called a slow burn that's what I call it anyhow and there's just this big descending I guess it just goes down the toilet and you're just looking at like two months when you're kind of hoping and praying that it kind of goes up and sometimes it does go up a little bit you're like oh okay it'll go back up to the original amount and it just keeps slipping and slipping and slipping so from December 17th 2017 to February 5th now you're wrecked you went from essentially about 6,000 you could have sold out of 20 and now you're back down to 6,000 again and it all happens in a very short amount of time and the problem then then the problem continues on because as time moves forward you can drop down to like what we did in 2019 which was 5,000 and 4,000 then 3,000 so even if you got in at a pretty low amount over here at 6,000 you still got wrecked over here so you must be prepared to pull that trigger all right let's take a look one other type so let's take a look at XRP here's the overall type of market you can see this there's nothing going on I mean little blips here and there then there is this Mount Everest parabolic spike so when did that happen and how much time do we have so if we take a look at this it's going to start December 9th 2017 that makes sense right very base of Mount Everest so okay so we go from December 9th 2017 to and this is the endpoint we're only looking at January 5th 2018 again roughly about a month give or take couple days you've got a month to decide it goes from 25 cents to $3 and 26 cents so all this time that you have toiled and weighted and hodled all this comes down to 30 days 30 days are you sure that you can pull the trigger are you sure a lot of people say they can and then when it comes down to it same thing they just get caught up like it'll go back up it'll go going up it'll go even higher because you know there's this there's these bars and this technical analysis that says that you know it's uh it's going to go up and I think it's going to look I don't know what to tell you about technical analysis I mean I'm sure it's great for some people doesn't work for everybody um and I'm just going to tell you that you need to have a plan of action if you know a plan if you if you fail to plan you are planning to fail and let's take a look so this is again another what we call a slow burn so if you got two months just to kind of look at everything look at all your profits get eaten away down and up and down and up maybe you make the right decision maybe you don't maybe you you sell at the top of this descending channel maybe you sell down here then it goes up again you kick yourself then it goes down it goes up goes up so if you do something like this it's going to be very painful for you I can tell you from experience and then what happens after this slow burn you're in a wasteland and you're in a wasteland for years what I mean by that is you're essentially just walking the wasteland just out there just hoping for the next bull run just waiting for years there's nothing in sight just your bags as you're holding them trudging along in a never-ending pit of doom and despair yeah it's not that bad but it does suck let me tell you that so what do you do what can you do to avoid this it's very simple my friends take it from me take it from experience you can learn from mistakes but they don't have to do your mistakes here's what we need it's called an exit strategy and limit orders so we've already talked about exit strategies and I've actually revised mine and this is what we're going to go over next as far as the things that we need to do so let's break into that so here we have our what I call my two bitcoin exit strategy let's just say for example I had two bitcoin and I don't by the way but let's say I did have two bitcoin um what you're going to want to do is just kind of think to yourself okay where do I think bitcoin is going to sell off at right or where do are how high or how low do I think it's going to go so I believe it's going to go up to 250 000 and above over the years okay I don't know when I mean I have an idea of I think when there's different videos I talk about that but that's not for here we just want to figure out an exit strategy so let's just say let's say that within the realm of reason it is January 10th 2020 I think we can get to the all-time high back two years ago which was around 20 000 okay so I learned this from Mr. BXRP and he said that if you are looking for round numbers to sell off at it's not really you can do that it's fine just not a great strategy because everybody's going to do that and there's only so many sell orders that the exchanges can fill I mean within reason now maybe during a parabolic bull run everything gets filled but you want to make sure that your orders are filled so when you put it in at 20 000 dollars that someone's going to say I want to buy that or multiple people I want to buy that for 20 000 or you can do what is a pretty good example here is instead of going for round numbers mix it up a little bit because a lot of people are you know pretty basic they are going to go for the 20 000 30 000 40 000 just round numbers because it's super simple why don't you just do this instead of saying well I think it's going to be a 20 000 just back it off a little bit and go for these odd numbers so maybe 19 902 19 876 or whatever it doesn't matter what it is but around the number where you think that bitcoin might sell off so for me I think okay I think that we're going to hit an all-time high again it should be super not simple but attainable so I'm going to sell 10 percent so 10 percent of my two bitcoins that would be 0.2 bitcoins and what I'm going to have left is 1.8 makes sense right 2.0 and a 0.2 is 1.8 all right if it's at 20 000 and I sell 0.2 or 10 percent I'm going to get four thousand dollars fantastic made some profit everybody's happy right now I'm not going to sell until it gets to around 50 000 again I'm going to back it off a little bit maybe 49 000 980 I'm going to sell 10 percent of that so 10 percent of 1.8 is 0.18 and I'm going to have 1.62 bitcoin remaining so 1.8 at 0.18 equals 1.62 so if I'm going to sell 0.18 times 50 grand I'm going to make 9 000 fantastic everything's good and I just keep going down the list but what I want you to be aware of I never sell everything because who knows where it could go and you don't want to kick yourself later right so you see here at the end I still have a little more than than a half of bitcoin I got 0.6 let's say that at some point bitcoin goes to half a million dollars okay I'm not kicking myself for selling over here but I have to stay regimented I can pull the trigger I know what's here I don't have to deal with the psychological factors well should I wait I know I said this number maybe I should no it's set in stone done done dealing and if you want to make it even easier here's another another example I just said 0.25 all the way down instead of you know making different numbers so I'm going to sell a quarter when it's 20 000 a quarter when it's 50 quarter when it's 80 so on and so forth and you can see that it's the total is pretty close pretty close right but the total is uh not too shabby and hopefully make out pretty well so that's one example let's take a look at the xrp exit strategy so same type of thing I believe and actually I I change it a little bit so the old time all time high 2017 that we just talked about was 3040 so I'm going to sell at 318 okay let's say I have 30 000 xrp which I don't but uh be nice if I did so I'm going to sell 5 percent 5 percent of 30 000 is 1500 so if I sell 1500 at 3018 cents I'm going to make a profit of 4500 bucks great I still got 28 500 now I'm going to wait till it gets to around 10 I'm going to sell at 992 see where I'm going with this I'm going to sell 10 which is going to be about 2850 I have 25 000 left and I'm going to make 28 500 pretty good day not too bad for just sitting around doing nothing and then 19 and then 29 49 74 99 who knows what makes that but I want you guys to notice again I never run out I still got a little bit left in the tank because who knows we don't know now if you're a bitcoin maximalist you think I'm crazy and if you're an xrp maximalist you still think I'm crazy because either or you're like ah that coin will never happen because xrp and bitcoin and ethereum and tomato coin are awesome I don't care you have your whatever you think is awesome great have fun I'm not here to change the world I'm here to make a profit and yeah so if it changes the world in the process so much the better I will tell you this I'm going to root for every type of cryptocurrency digital asset out there because what's good for one is good for all and when the water comes into the harbor all the ships rise and I'm okay with that so that is our first part of our strategy the second part is well how do I make sure I pull the trigger because you could still be like you know what I know it's on my sheet which is on my computer but I think it'll still go up and you can very well do that so here's the second piece of the puzzle okay everybody before we move on we're doing an update this is august 5th 2020 I need to make mention of some different changes to the criteria of the bull market strategy so the first thing we're going to go into coinbase and coinbase pro and talk about limit orders and stop orders and all those different things which is you know great it's going to be a game changer for you but the thing is that as the bull run comes about there is going to be a lot of people that are trying to use these different exchanges as off ramps or on ramps or whatever else because all the FOMO so what you have to be sure of is that you have as many on ramps and off ramps as you possibly can get your hands on so what I'm talking about is if I need to sell my Bitcoin my XRP my Ethereum or whatever else it is if I just have coinbase it's not going to work out so hot for me because there has been different issues with outages and capacity and the same thing has happened with Binance I remember when I was around in 2017 people were selling their Binance accounts with zero cryptocurrency in them for hundreds and sometimes even thousands of dollars just to get the chance to buy the cryptocurrency so that was you know three years ago when everybody bought things on vapor there's really nothing there it was just white papers and hopes and dreams so if we start to look about what's happening right now with actual maintenance and projects and different these different products that actually have things going down the pipe where they're actually have partnerships there's going to be a lot of selling and a lot of congestion for these different exchanges so here's what I recommend so you can use Coinbase and Coinbase Pro I've talked about how I'm not a big fan of them because of the different outages that they had so I need you to make aware or be aware to go to other exchanges so I put together a list and it's going to be in the description of every one of my videos including this video it's going to be a link right here when you click on that link it's going to go to the exchange and wallet fees and overview and what this is is a google spreadsheet and it's going to go everything that I have used or am currently using or have reviewed in the past so I've got everything from Coinbase Coinbase Pro to my two favorites now which is Celsius and Voyager which is like my one-two punch Voyager is what I use to dollar cross average in it is commission free trading it works flawlessly it's very easy and then Celsius I use to gain interest and what's great about this spreadsheet is that when you you can look up everything as far as the rates the buying fees exchange fees selling fees conversions how much you'll get as far as for the interest so I just take a look at that and again because of everything Gemini Gemini Pro Uphold Abra Simple Swap Uniswap Kraken Cachefi Toro don't recommend that at all and then in evaluation for crypto.com and at the top is there are affiliate links you do not have to use those affiliate links you can go right to Coinbase and sign up you can go right to Voyager and sign up but if you use the affiliate links it can give you anywhere from 10 to 25 dollars depending on what you sign up for so again I cannot stress this enough just make sure you have as many on ramps meaning the place where you actually buy the cryptocurrency and off ramps where you can actually sell it when the bull run comes okay so we know that let's get into Coinbase and Coinbase Pro on the mirrors if you have a Coinbase account you're going to go if you have a Coinbase account you have a Coinbase Pro account all you have to do is log into Coinbase and then once you go to Coinbase Pro and you just hit on sign up or sorry login it'll say well it'll do some type of cross login type of procedure and you'll be in Coinbase Pro works out pretty well everybody's happy fantastic the reason why we have to use Coinbase Pro is because well first of all transferring funds between the two there's no fee and second of all you can do this thing called a market stop and limit orders you cannot do that on Coinbase regular now you can buy any type of digital asset cryptocurrency week by week on Coinbase or Coinbase Pro doesn't matter but there but you can't do automatic sell orders and this is the the magic piece the missing piece that you have to do and as much as I have even talked about it I just did this today before I made this video so yeah you need to have this in place so you know that you can pull the trigger now if you do that that means you have to leave your digital currency your cryptocurrency on an exchange and I thought you said not to do that true I did so you have to weigh the risks right now like if I had 30 000 I'm not going to put 30 000 on to an exchange what I'm going to do is for those two exit points so I need 1500 and 2850 so about 5000 XRP I'm going to take that and put it on the exchange if you it's up to you you can put all your XRP or all your Bitcoin or all your tomato coin on on the exchanges and just wait for those numbers to hit but at least at least do two or three different price points so you're not going eh I'll sell everything when it gets to you know 20x hint hint that's not going to happen so so we're going to log in great we're going to go to our pro account and if you notice here XRP there's nothing right but so what I'm going to do is I'm going to deposit it from my Coinbase account and there's two different options here so first you're going to select the currency and let's just pick XRP two different options crypto deposit or a Coinbase account I'm going to click on that and in my wallet I got X amount so let's see I want to take whatever I want to take let's see what was the first one up 1500 okay so I got I want to take 1500 XRP which is roughly $316 as of today and I'm going to deposit 1500 XRP into my Coinbase pro account from my Coinbase account super simple let's see how fast it is deposit your transaction on the way should arrive in about 10 seconds fantastic let's dismiss and let's see and there it goes so it took two seconds I'm going to let that one slide I'm going to let that slide so I got 1500 I'm going to put a sell order in not a market a limit there's market limit and stop we'll go over the differences in a bit so I'm going to put in 1500 XRP and the price I want to sell it at is $3.20 so there's going to be a fee of 24 bucks that's a bummer but I'm going to make $4,776 I think I'll be okay oh 318 excuse me it was 318 my bad 318 so I'm going to make this I'm going to make this I'm going to place the sell order and success that is in the system I don't have to worry about it I'm done I can put another order and I'm off the books I'm good to go so that's the secret sauce that's the missing piece and real quick let's go over what those different terms are so the overview of order types there's a market order which will execute immediately at the current market price we're not going to do that a stop order let's you specify the price at which the order should be executed and is useful for stop loss and similar strategies or a limit order which we just did lets you set your own price as well as set some advanced order execution options and there's different things like that but you can see how easy it is I don't want to get into the weeds just do it like that it should be okay