Topic: Art of quitting !!!! - page 4. (Read 677 times)
When you say quitting, there should only one reason and that is it doesn't benefit you anymore. If you love the business and you a big potential in it, you don't quit and you don't use the word quitting. To pause and to lie low maybe apply but not quit. To pause, observe and wait is always the best strategy when you are no longer seeing any positive sign from the market and not quit for good.
I know I'm not the best trader, but setting a price before you go into a trade is very important when you get to that price you should start to take profit, if it's a coin that often pumps and then dumps, then sell everything and repeat when the coin has fallen down again. If you don't take profit then someone else will.
Also, you need to take losses also if you trade going south, you need to exit the trade before you lose too much money.
That obvious advice is easier said than done.
Also, you need to take losses also if you trade going south, you need to exit the trade before you lose too much money.
That obvious advice is easier said than done.
Not sure if I'm qualified to answer this question, but just like with buying in whereas you should have a sort of target buy price, you should also have a target sell price. I think you should simply set a price goal whereas you set your sell offer, instead of trying to sell at the very top, because it's going to be very difficult to guess the price roof.
I think you should move this to the Trading Discussion subforum though.
I support your analysis but the ops does not clarify the question because if you say quitting it makes it look as if you are saying a final good bye to the market, the question should have been how and when to sell or cash out and just as you have said. As one have a set price to buy you should also have the set price at which you sell you bitcoin and cash out your profits. I think you should move this to the Trading Discussion subforum though.
I don't know if there's such thing as art of quitting, but if you learn some basics about investing then you heard all about exit strategy:
https://www.investopedia.com/terms/e/exitstrategy.asp
So you need to have exit strategy as much as you have an entry strategy so that you won't get yourself in a position wherein you don't know when to sell or exit.
Quote
What is an Exit Strategy
An exit strategy is a contingency plan that is executed by an investor, trader, venture capitalist or business owner to liquidate a position in a financial asset or dispose of tangible business assets once certain predetermined criteria for either has been met or exceeded. An exit strategy may be executed for the purpose of exiting a non-performing investment or closing a business that is not generating profits. In this case, the purpose of the exit strategy is to limit losses. An exit strategy may also be executed when an investment or business venture has met its profit objective. Other reasons for executing an exit strategy may include a significant change in market conditions due to a catastrophic event; legal reasons, such as estate planning, liability lawsuits or a divorce; or for the simple reason that a business owner/investor is retiring and wants to cash out.
An exit strategy is a contingency plan that is executed by an investor, trader, venture capitalist or business owner to liquidate a position in a financial asset or dispose of tangible business assets once certain predetermined criteria for either has been met or exceeded. An exit strategy may be executed for the purpose of exiting a non-performing investment or closing a business that is not generating profits. In this case, the purpose of the exit strategy is to limit losses. An exit strategy may also be executed when an investment or business venture has met its profit objective. Other reasons for executing an exit strategy may include a significant change in market conditions due to a catastrophic event; legal reasons, such as estate planning, liability lawsuits or a divorce; or for the simple reason that a business owner/investor is retiring and wants to cash out.
https://www.investopedia.com/terms/e/exitstrategy.asp
So you need to have exit strategy as much as you have an entry strategy so that you won't get yourself in a position wherein you don't know when to sell or exit.
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As much i know no one can tell that perfectly when to quit in profit and when to buy in low, everything depends on plus and minus, you should be satisfy on what ever profit you are getting and on what low you are buying.
You're wrong because there are actually some certain things ones will combine together and it will make crypto trader and investors to know the time of entering and qutting the market. I mean things like checking to the status of the market, the level demand/supply and level of FUD/good news.
Quit while you're ahead is important in crypto where a coin can lose half it's value in less than a day. Everyone should have a target and simply stick to it without greed of wanting more
art of skill quit / stops, I'm not understand what you mean if you want to learn trade better you enter the trading section of the discussion. trade has its own terms and you have to find more knowledge there, it seems you want to ask the basic techniques of open buy positions, long / short term but not ask technical indicators directly
Lets discuss about Art of Quitting . Entering any market or business is required lots of research , dedication as well as patience . I think its also applies for Quitting . Based on some research people successfully gained money in Crypto market or any other trading Market They know the skill Art of Quitting . Could some experience people can give their Strategy about Exiting market in Right time .
To quit with profit, we must follow the coin or token closely. Depending on our target profit, we must have patience and be wise not to be greedy. Meaning, selling our holdings once our target is met by the market. We must also have the secondary plan, sometimes unexpected happen like developer quitting the project or a grave news exposing that the once we thought legit project is actually not what we know it is. It is best to cut losses by selling our token and quit before it dumps harder.
I think, it would be better if we just exit with profit than quitting with profit since there maybe a possible event that may trigger our interest to get in to try another profit generating venture.
A total quit means not entering the crypto market ever again, and that is not what is happening if we talk about traders and investors in crypto currencies. They may take a break and rest somewhere out of reach of internet and things connected to this market but the moment another spark will geive them interest and surely come back with even stronger hands to trade or invest. The so called quitters are the ones who've lost already or maybe died in this field due to depression or sometimes threat, not the one who just merely stops for little bit of time.
Quitting might not be the appropriate word for it as if you aren't really quitting the market for good what you are really doing is just merely exiting a trade. Exiting a trade doesn't require you to have a gain in fact an exit for a trade only requires a plan and that plan is just simple as setting up a sell poit for both gain and loss scenario. You also need a target sell price for your loss in order to minimize your losses and this serves as a backup if your trade for profit has failed.
As long as you have a target zone for both entry and exit position then you are good to go with this types of business, trading industry have a lots of significance, you needed to learned from time to time, knowing where to sell out and take your profits or cutting your loses and move forward is really a tough job inside this industry, but eventually after several trade you will be able to learned it masters your skills.
I think looking at the historical chart will tell you that a drastic fall follows every parabolic rise. Investors can certainly learn from this by taking profits after a massive parabolic rise. Of course, I will probably keep bitcoin and let go of the alts.
In most cases in crypto if you are lucky to buy some coins and you see that it is pumping right now and getting like 3x growth then you better immediately sell your coins. Such situations usually happen after a successful ICO and in most cases price is never getting back to the pumped level. Situations with coins like TRX are not predictable and you should never think that your shitcoin would have a strong and long term growth, just drop it. There is no art here.
Lets discuss about Art of Quitting . Entering any market or business is required lots of research , dedication as well as patience . I think its also applies for Quitting . Based on some research people successfully gained money in Crypto market or any other trading Market They know the skill Art of Quitting . Could some experience people can give their Strategy about Exiting market in Right time .
Totally quit or just temporal exit on securing profit?If you do mention about quitting then it do talks on to completely stop on what you are doing and since you have mentioned about Exiting thats why im little bit confused on what you are trying to talk about.
We can call it quitting? As you say they already earn so they hit their goal and target. I think the scenario is have an objective that when you hit the goal then cash out. We will say quitting when someone will start investing and felt hard but suddenly decide to exit or pull out their capital for me that action is quitting. I can say that this is playing safe not art of quitting.
Lets discuss about Art of Quitting . Entering any market or business is required lots of research , dedication as well as patience . I think its also applies for Quitting . Based on some research people successfully gained money in Crypto market or any other trading Market They know the skill Art of Quitting . Could some experience people can give their Strategy about Exiting market in Right time .
I am not on this stage because i need alot to learn and earn first before going to quit but i have my plans already when it happensFor me my quitting position is when i already get my target amount of profit even if this took me how many years,my target is to earn half a million dollars and then quit in crypto ,Extend my existing real life business and focus on real life activities,and forget virtual life forever (but ofcourse not by using crypto as a currency in future)
Lets discuss about Art of Quitting . Entering any market or business is required lots of research , dedication as well as patience . I think its also applies for Quitting . Based on some research people successfully gained money in Crypto market or any other trading Market They know the skill Art of Quitting . Could some experience people can give their Strategy about Exiting market in Right time .
This is an interesting topic, indeed. One thing is knowing when to quit, which is of course important. But I think that another thing to draw attention to is being able to quit. When things are going well, you can just sit there and hold your bitcoin without spending it on anything. And it's not the same as the problem of not selling at the right moment. Let's assume bitcoin is gradually moving up and up and up forever. It's hard for an investor to sell it at some point and start enjoying the stuff one can now afford, because one can always wait a bit more and gain more. Eventually these kind of people die rather poor, burying with them tons of money that never got the courage to spend.
As much i know no one can tell that perfectly when to quit in profit and when to buy in low, everything depends on plus and minus, you should be satisfy on what ever profit you are getting and on what low you are buying.
The trick is, you need to have a target price or a target net worth.
If you don't have either one of these, you'll get trapped in the markets forever and never able to get out. This is because it can always go higher for better profits and it can also go always lower so you can accumulate more.
There is no end to this.
Set a target price/net worth and get out when you accomplish your goals.
Making money is fun but there are other things in life too.
If you don't have either one of these, you'll get trapped in the markets forever and never able to get out. This is because it can always go higher for better profits and it can also go always lower so you can accumulate more.
There is no end to this.
Set a target price/net worth and get out when you accomplish your goals.
Making money is fun but there are other things in life too.
Setting a target is nice and what makes it better is if you have a trading pattern that guides one to exit. For instance, if market is over bought or over sold and it corresponds with the target, then it is a clear sign that staying longer is a high risk.
Quit = "leave (a place), usually permanently."
https://www.google.com/search?q=quit&rlz=1C1CHBF_enPH837PH837&oq=quit&aqs=chrome..69i57j69i61j0l4.1479j0j7&sourceid=chrome&ie=UTF-8
https://www.google.com/search?q=quit&rlz=1C1CHBF_enPH837PH837&oq=quit&aqs=chrome..69i57j69i61j0l4.1479j0j7&sourceid=chrome&ie=UTF-8
That not what OP meant, you didn't have to google search the meaning of "quit". Art of Quitting is a strategy of knowing when to stop to reduce a loss in profit or income.
That is why I have said that i cannot classify that strategy as art of "quitting" based on that definition above. I was just trying to give out my opinion tho lol. I know what that means, it's just that I have my own definition of that term if we do talk about the crypto trading. It may be appropriate if the art of quitting is being performed for "love,work, life".
Edit: Brewmaster somewhat get the idea as well "exiting" rather than quitting
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