Topic: Altcoin profit - when is being greedy too greedy? (Read 468 times)

Yes it hit $4.69 high and the highest I took some profits at was $4.26 so got some out at a good price at least.

I said to myself I would have big regret if I cashed it all out at $4.69 only to then see it go above $10 next year which it likely will

You’re never going to know when is exactly the right time to take profits but there are certain points where you should do it. When you take profits depends from person to person, on individual circumstances & appetite for risk. I don't know about £ conversion rates but I see on CMC the high was $4.69 in May this year. It’s now down at  $1.82 so you can see not taking profits can bite you in the ass. You’re still up massively though & peak bull run will be next year. This coin can probably go to $10 in 2025 but start taking profits again at $5 or something.

Totally.
Limits should be put in place in order to avoid bad situations from happening.
And being responsible as a whole is also important.

I'd say when you invest over your investment budget. Means you also invest the money you cant really afford to lose

Yes o48o if one is not a big enough player to "make a difference" one might basically be gambling that those who are will not trash the buy-side thus devaluing the asset.

A lower-capital pair might be better, where your own column of buy offers can significantly "support" the sell-side asset's "value".

I am often very close to being the only market-maker upholding an asset, for example on FreiXchange in BTC/IXC and BTC/I0C it is comforting to see someone else has been helping me support (and maybe also helping ratchet-upward) IXC.

Having more control over the destiny of the assets you trade can be comforting but random pump and dump folk suddenly out of the blue pumping your asset is a lot rarer now than it used to be, maybe simply because there are what now, 30k assets or more instead of the 30 or so of old  days or 300 later or 3000 even later?

-MarkM-

From the experience, i know how you feel. We often like to believe that one coin is making us rich, because handful of them did in the past. So it will be hardest thing ever to give that up and sell. And that fear of missing out is a craziest thing. The fact is that you are never going to know beforehand what's a smart thing. Only thing you do know that you have money now, and you don't have a clue what that coin is doing tomorrow.

Selling in parts is the best option, and leaving he small bag in case of a moon is a smart move. Just don't leave too much in it.

And do yourself a favor and don't listen to anyone who holds that coin, because they are trying to talk you out of it saying you are crazy to sell now.
Since you haven't been in this position before, it might help you to know that you might feel the need to change your exit targets, because creed can make you delusional. And when the price eventually crashes, you might not even understand what's happening, because denial is a hell of a drug. And it's really hard to explain to yourself why you would sell then, when you didn't sell the top. So for our brains to make any sense of our failures, you might convince yourself that it will moon again, and that's how you end up being a poor bag holder.

It is good that you (O.P.) let your own judgements rule rather than those of the people urging you to dump.

Now you are presumably in the situation of everything you have on exchanges being pure profit as you already got your capital back plus some profit.

So now everything the naysayers keep reminding you is "at risk" is all "pure gravy", you can now presumably afford to treat it all as play-money, monopoly-money, game money, a bunch of virtual bits and bytes that by rights ought not even to be regardable as "income" until someone actually buys some from you and you manage successfully to get your local fiat into your local bank from it somehow.

It is like you found a magic sword in World of Warcraft.

Many years ago now some moronic politicians tried to argue that because one person once upon a time got $50 fiat (probably USD) for one such sword, everyone who finds one should be taxed on it and maybe everyone who already has one should be taxed too (did those morons go that far with their insanity?)

But in real life, if the exchange / game / platform / etc that shows you a positive balance collapses, gets hacked, etc etc etc, then really it turns out in such cases you often only had some bits and bytes configured into a configuration that looked pretty when displayed in a balance field.

You are now a denizen of the net, you might as well regard those bits and bytes as part of the inventory of virtual stuff your net-character holds.

If you go so far as to roleplay that character momentarily in your head, notice it lives on the net, heck why should it even believe the planet known as Earth is any more than a myth, that in "reality" it lives in a universe or multiverse that is "only a simulation"?

You are very lucky that (or if?) your net character either believes in your existence or blindly follows the ideas that you "put into its head"!

So now help it be successful in the universe or multiverse that it inhabits, though by all means do play it as a character that does believe in some kind of belief system that justifies to it paying some kind of tithes or donations to your planet known as Earth character, that is to say you the player, the character on the mythical planet Earth who somehow (miraculously? by technology indistinguishable from magic? somehow...) helped the online character come into existence and maybe thus "deserves" some "faith" from the online character...

I have only momentarily glanced at the asset you are on about, only long enough to see it might have too much capital in it for you single-handedly to "support" it or for your own market moves in it to "make much difference", so at your probable scale of capital compared to its total capital it seems probable that to you it seems much like my cash-out-routes assets seem to me; only now am I seriously considering trading my two current cash out routes, BiTCoin and Stellar (XLM) against one another or even conceivably against fiat in the exchanges where I get actual fiat out to my actual fiat-bank accounts. Just to squeeze out a little bit more market-making profit in that last step as it were. In the past usually by the time I sent BTC or XLM to a fiat exchange to convert them to fiat I "needed" the fiat too soon to take the time to set up buy and sell columns for them there to market-make a bit of extra profit on the way out.

Now that your online character has some capital to work with, I commend to it my "columns not walls of buy and sell offers" strategy and also suggest that it might like to become a maker rather than a taker where possible, putting buy and sell offers in place for others to "consume" (take) rather than being a "taker" such as "dumpers" who destroy an asset pair's "buy side" by destroying the buy offers by "taking" them, as a lot of how the supposed "current value" or "current price" of an asset is often calculated is by looking what is currently the highest buy offer.

You are probably not big enough to "support" or "make a difference to" that particular asset's fate, but maybe you can find other assets where you can really make a difference, so that by applying the ratchet-up-the-price columns-rather-than-walls strategy you not only "support" the asset's "value" but also ratchet it upward...

-MarkM-

Been 4 months since I started this thread and I am still holding the Arcblock I have left.

I am still not sure if I should have sold more when it was at its all time high in May. I am now holding a free bag and banked $2k profit but it could have been a lot more however I do believe it will go a lot higher in the next 6-12 months during the peak bull run months, that is what I am banking on.

I feel we are only a few weeks away now from another run like we saw earlier in the year so hopefully we will see new all time highs again soon and that is when I will take more profit.

Being greedy is the source of many problems, not only in trading. In trading, to avoid greed, a trader must have good money management, know when to do CL, know when to do TP, and know when not to look at the market. I also agree that FOMO should be put aside, stick to the initial goal and only invest in tokens that we have researched even if it is small research.

Indeed, with fluctuating market conditions, every decision has its own reasons. The important thing is to understand our respective goals and plans. As long as we remain wise in investing, all choices can be the right steps. Hopefully, we can all find the best opportunities amidst these market changes.

We do not "have to" take any risks, we could just stay with the top names and trusted ones and we may make less profit but at least we would know what we are doing and that's important. I personally believe that the best way to move forward would be just knowing what we are doing, and for that to mean something we should be focusing on how to get better results from known name ones.

If we focus on the smaller cap ones and think that it's time to get rich and take bigger risks, then when we lose money from them we shouldn't be shocked about it because that was the expected outcome, it would have been even lower chance if we make any money from them. So that is why I stay at the top names and do not move to any lower cap coins or tokens.

I took profit but not all of it.

The market will recover and when they do I will take more profit then.

We still have another 6-12 months of this bull run to come so plenty of time for the market to reach new highs and take profits then

I am glad I sold my stash when BTC was still around 71k; otherwise, I got rekt. So, have you taken your profit before the dump? I believe you should secure the value of long-term capital gains by pressing the sell button once the market recovers. I knew it was so desperate to see you lose your unrealized profit, but will you repeat the same mistake and say that another wave will come soon? It's most likely that bitcoin is going sideways now. 

For me, when it comes to altcoin profits, being greedy can cross the line when you let FOMO (fear of missing out) drive your decisions instead of sticking to a strategy. It's crucial to set realistic profit targets and know when to take profits. If you keep holding out for that extra bit of gain, you might miss the chance to secure your earnings and risk the value dropping. Greed becomes too much when it blinds you to market risks and stops you from making rational decisions. I think it's better to take steady, smaller profits than to risk losing everything by aiming for the moon every time.

Altcoins have been bleeding for over 6 weeks now I am just hoping we only have another month or so until they recover and start going back up again as I am tired of buying and ready for alt season to start banking some profits.

there are many alternative coins circulating at the moment with various projects being offered, we have to take any risks at this time, and all of these are difficult choices depending on the luck we get, altcoins are difficult to determine, everything happens suddenly because it requires certain steps. Be sure to research everything. You are the person who knows your own finances best at this time and whether it is possible or not is clear
and it all has to be done wisely.

When you see the peak, do not sell, and it starts to go down. That is literally the definition of it because you got too greedy to sell when you should and dreamed of even bigger profits and because of that you kept holding and you lost money because of that. I am not saying that you should not be doing it, you should definitely keep asking for more, but you should be smart enough to get out when you could as well.

It is quite obvious that we are going to make as much money as we can with what we have, and nothing would change that, it is just as clear as day. I believe that we need to make sure that we know what we are doing, and if we can do that then we are going to be doing fine. Just try to get out when you should, and you will be okay.

Well that's other option we can choose if we are risk taker and can afford to lose those remaining profit used. But for people who's not sure and think about everything is unpredictable then they should not doubt any good decision especially for taking their profit at whatever figure it is. Since there are sudden down turns on the market and for sure that those people will regret their decision upon not selling so don't think twice to take your profit since as long as you are bullish then everything is in good place for you. You can start over again, but if you became so greedy then provably that there would be an instances that you will ride up with those people getting in panic then praying for recovery before you sell. So for us not to come in that situation we should know how to settle up and think about profit at whatever figure is good already rather than chasing our loses from unfortunate events that might happen on the market.

If you know that the price of the token will going to increase higher in the nearest future, you can trade the half of the tokens to achieve income to solve some challenges that is affecting you, and continue holding the remaining tokens for the massive bullish season to come before you can trade to take huge amount of income. But don't forget that tokens price, don't use to increase higher like Bitcoin and Ethereum which you need to take income once the price hit higher in the market, because they can disappear sometimes to cause their holders regret for not release the tokens on time. Never you be greedy during the bullies season not to trade whenever you see majority of traders trading their coins, because altcoins bullish season don't use to live long like Bitcoin bullish season.

The price of Arcblock is currently £2.36 which is still a 26x for me.

Many would probably think that is enough to completely be out of the trade but to me I just feel we have a lot of the bull run still to go and the price will go a lot higher during the eupohria stage of the bull run when alt coins go up a lot faster.

The price has seen £3.72 already a few weeks ago, I last sold some at £3.34.

I just constantly have in my head thoughts of selling too soon, I feel i will be more gutted if i sell all at current prices and then see it go up to around £10-15 later this year than i would be if i don't sell more now and it goes to zero.