Topic: Always take profit - page 3. (Read 1267 times)
It is not right to assume that you will always make a profit. It is not uncommon for cryptocurrency to have profits as well as losses. Only those who are very experienced and have a very good idea about the market Only face less losses. So both profit and loss are applicable for cryptocurrency trading.
"Always take profit" is pretty much the exact opposite advice any rich person will give you. Whether you talk to Warren Buffett or Michael Saylor, they will both tell you the way to wealth is to buy good assets and never sell them. If you need money you borrow against your good assets (as both did by selling shares in publicly traded companies). Always taking profit sounds like a trader's desperate attempt to capture some gains after suffering many losses. In that scenario, the real winner is the exchange taking your money each time you make a trade.
Well I never taught of this, but honestly this is a sad truth, the real gainers are the long term hodlers, being successful in crypto requires patience, but so bad this works better for investors and not traders, in trading we are taught to take profit while in profit, there are scalp trades which requires more time staying in the market to pull out profits daily, so this secretly encourages taking profit that's why is said the long term holding works better for investors. 
Refusing to take profit has really ruined some traders, most times jumping into a trade isn't t the most important, our greed blinds us from seeing that a trade has made profit and that we should leave the trade, instead we keep chasing more profits. Just like holding a gold and keep picking stones. As a good trader we are supposed to trade with target and when our target hit we exit trade, to be a successful trader greed shouldn't be part of us.
Several times I missed the opportunity to get profit, because I was delaying to take profit, because I think the price of the coins can still go higher.
It turned out that unexpectedly the price suddenly dumped, and that's because I'm too greedy to get a bigger profit. I agree we have to trade according
to the plan we have set from the start, this means that if the coins we have bought reach the sell target we want, immediately sell the coins.
So that we don't lose the opportunity to get profit, we really have to be disciplined when trading.
That really depend actually. The more capital you have, of course the higher chances of getting profit. For example if you spend like 1000 usd for trading, short term profit of 1 to 3 usd would be good enough for me. The only enemy there is your control, when we say profit as long as your not satisfied you will not be contented.
Your control will help you a lot when using a decent amount of capital,
If you know how to play well and you are always aiming for profits, even it's not big but you are content with it, that's better enough
instead of losing more with greed that controls you while still inside the market.
Keep your goals and target as it is, taking profits always depends on how you enjoy green result than having negative because you lose
your control.
That really depend actually. The more capital you have, of course the higher chances of getting profit. For example if you spend like 1000 usd for trading, short term profit of 1 to 3 usd would be good enough for me. The only enemy there is your control, when we say profit as long as your not satisfied you will not be contented.
Always take profit it is easy to say but difficult to do .but always profit is not possible. because many problem for this profit.if a trader cultivate the habit of taking profit during trading he would have an upper hand over the market .but that will not work for all traders because they will have their own startegies and know what they do.
it's true that we are looking for profit, so it doesn't matter if you want a small profit or a big profit, but if it is many times the small result will be big. It depends on how we manage finances. What is feared is losing many times.
Small profits are fine.As long as you're satisfied with that, you don't have to rush on getting bigger profits. Just go with the process and you'll enjoy to take profits.
When you sum all of those small profits, it's still profit.
No I haven't consider taking profit that small, it still depends on how large your money on spot trading if you have $10 of course that $1-$5 profit is always a big percentage already but if you have an account with more than $1000 I don't think that small profit is very small. Especially I'm trading in leverage with around x10-15 multiplier.
It is possible to make huge profits from trading but for this you need to know about trading after gaining experience by trading real with various bonuses in trading it is possible to earn a lot of profit by keeping money management, tech profit stop loss lot volume leverage, etc. properly and trading according to the rules if you want to get something without difficulty or very quickly, you may have to lose a lot. That is why we have to move slowly towards success.
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Easy to say, hard to implement, it's the basic principle but nothing more than that. It's only theory, and it's hard to conduct in practice. I've traded for quite a while and was successful in most of my trades, managed to make a decent profit each time. However, most times can be unpredictable, and if you're not careful enough, you'll end up losing more in the process.
Sometimes, it's best to sell them at an early stage, due to the hype they create when they first launch. I had two different tokens, which had some kind of value when they first launched, I decided to hold for a while, but then I forgot about them, their value was zeroed.
For most of the altcoins and tokens, I agree that taking profits as early as possible must be a good thing. IF we go for waiting then we will lose value and I have few coins and tokens which finally got delisted from exchanges hence now I am unable to encash them. So, taking profits time to time in this crypto space is more important.Some people do argue like the December 2017 must be a right time to take profits for all bitcoin holders so that they could buy back by December 2018. In some sense, they are all right but being a long term holders, I never plan for long term/short term trading of my bitcoins.
-snip-
Easy to say, hard to implement, it's the basic principle but nothing more than that. It's only theory, and it's hard to conduct in practice. I've traded for quite a while and was successful in most of my trades, managed to make a decent profit each time. However, most times can be unpredictable, and if you're not careful enough, you'll end up losing more in the process.
Sometimes it is easy to say take profit but greed won't let some of us to do so 🤣🤣🤣
This is also one of those tips that really depend on the work strategy. And in fact, in some cases, this option is extremely important and correct.
Buy low sell high, this is the best strategy.
Do not look for over-complicated trading bots, strategy based on exotic indicators or some fancy Wall Street guru technical analysis.
Just buy low and sell high if you want to trade.
Only consider that trading is a job like all others. Be prepared to lose everyhting and ask yourself why only 5% of traders actually gain money while all the rest loses most of their starting sum.
Easy to say, hard to implement, it's the basic principle but nothing more than that. It's only theory, and it's hard to conduct in practice. I've traded for quite a while and was successful in most of my trades, managed to make a decent profit each time. However, most times can be unpredictable, and if you're not careful enough, you'll end up losing more in the process. Do not look for over-complicated trading bots, strategy based on exotic indicators or some fancy Wall Street guru technical analysis.
Just buy low and sell high if you want to trade.
Only consider that trading is a job like all others. Be prepared to lose everyhting and ask yourself why only 5% of traders actually gain money while all the rest loses most of their starting sum.
Buy low sell high, this is the best strategy.
Do not look for over-complicated trading bots, strategy based on exotic indicators or some fancy Wall Street guru technical analysis.
Just buy low and sell high if you want to trade.
Only consider that trading is a job like all others. Be prepared to lose everyhting and ask yourself why only 5% of traders actually gain money while all the rest loses most of their starting sum.
Do not look for over-complicated trading bots, strategy based on exotic indicators or some fancy Wall Street guru technical analysis.
Just buy low and sell high if you want to trade.
Only consider that trading is a job like all others. Be prepared to lose everyhting and ask yourself why only 5% of traders actually gain money while all the rest loses most of their starting sum.
I have tried that strategy before but I found it really drab to me. It entails time and energy for you to look at the price, figure out the prefect time to buy and then you need to find an appropriate time to sell.
If you yearn for just several dollars, you can sell in a few hours or even minutes, but it turns out to be not worth your energy, "Do I really need to spend this energy on the few dollars?"
If you hanker for a considerable amount of money, either you invest a lot or you wait for some time, maybe a few weeks or even years. That is risky coz if you invest a lot, it's probably you lose a lot. though the price seems low now, it might slump in the next second; if you need to wait for a long time, then the price is more unpredictable!
always taking profit sounds like a good idea, but I really don't recommend it
If you yearn for just several dollars, you can sell in a few hours or even minutes, but it turns out to be not worth your energy, "Do I really need to spend this energy on the few dollars?"
If you hanker for a considerable amount of money, either you invest a lot or you wait for some time, maybe a few weeks or even years. That is risky coz if you invest a lot, it's probably you lose a lot. though the price seems low now, it might slump in the next second; if you need to wait for a long time, then the price is more unpredictable!
always taking profit sounds like a good idea, but I really don't recommend it
Sometimes, it's best to sell them at an early stage, due to the hype they create when they first launch. I had two different tokens, which had some kind of value when they first launched, I decided to hold for a while, but then I forgot about them, their value was zeroed.
For most of the altcoins and tokens, I agree that taking profits as early as possible must be a good thing. IF we go for waiting then we will lose value and I have few coins and tokens which finally got delisted from exchanges hence now I am unable to encash them. So, taking profits time to time in this crypto space is more important.Some people do argue like the December 2017 must be a right time to take profits for all bitcoin holders so that they could buy back by December 2018. In some sense, they are all right but being a long term holders, I never plan for long term/short term trading of my bitcoins.
Have you considered taking profits of $1-3$ repeatedly throughout a trading session it might sound small for professional traders but it would go along way in growing an account most especially for beginners.
Keep in mind, you have to pay the fee for every trading session you make. It's a small fee but when the case is only $1 profit then you would not gotten $1 by at the end of your trading session if you do it continuously. It's a good practice to take a small profit and help you if you are a greedy person but I don't think it's applicable on every session. I believe one of the things that do kill trader's are Greediness I believe you should always learn how to take money even if the money is small there are sometimes you just have to take the little amount and move on because if you still want to be in the trade you might endup losing your money. I believe in Cryptocurrency no amount is to small since is your profit not all coin will make you rich and not all coins will do 2x or 5x. When the once that will do 5x come you have to take it and when the once that will give 1-4$ come you still have to take it and move.
Greed will stop the common traders to take profit.You'll aim for more and higher profits that you might think you can rake easily. But that's not the case, for professional traders, they know what they want and how much that they are satisfied with.
They know when to take profits even it's lesser than their expectation as long as they have made gains on it.
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