Topic: Newbie - when to take profit - page 2. (Read 3373 times)

Hello trading is a pure business and you need to learn first then invest your capital into trading otherwise you lose any time.
Moving Average Crossover Strategy, I think this video help you for starting to learn https://www.youtube.com/watch?v=jnDRgk9GKWo

I even felt amused when I read the table of contents on this topic, since almost only two years ago, newcomers could more or less normally earn money, because even trading was easier than for this period.  Before a beginner earns money and also does not lose his investment, he needs to study a lot of information.

I was a newbie when I started trading bitcoin, when I was introduced to it, I got introduced to it from the aspect of trading because I was already into Forex trading, and then we were having a group discussion when we talked about binary option, and then he told be abut crypto, it was new to me but it did not take me more than just a week for me to get used to it because of my experience in trade, so not all newbie does not really know how to trade.

If he knows how to trade, then he can start without having to be an investor which majority of them belongs to the class of long term holder like you suggested, long time holding can really be tiring, it is only best when you want to make it your second choice of investment, so more like trading and holding.

if you don't need it then let it grow.. because if you have big amount in your portfolio and once the growth rate of your investment  keep progressing the amount of profits that will enter to your portfolio  will increase as well. So keep it as long you don't need it.  And suggest don't dump the entire balance wherein just remove the profits or small amount that you want.  because if you do that  You will pay for another fee on it.  

Yes, I agree. With take a small profit consistently, he will get a bigger profit in the end. Besides that, he will improve his skills in trading because he always searches for a way to enter the market and buy a low price. By doing that, he will be able to know when the time to buy and sell and he can analyze better than the other people. But of course, that will need time before he can improve the skills and that will not happen in a short time. I think that will worth for him to try as much as he can because with the volatility of the market, he can get the right time to trade and in a long time, he will make a big profit.

My advice is you better take a small profit but consistently if you have profit £ 50 then go ahead and wait for the price correction, because if you are greedy by waiting for a large profit then you will lose, that's my experience

I don't understand it's your money and you have to decide how much percentage you want. And if you profit 100$ it's up to you to keep going with capital or not. But yes the more you earn if you more invest (if everything going in your way). I mean if you invest 2000$ and gain 5% that's mean your profit is 100$ other hand if you invest 20000$ and gain 5% that's means your profit is 1000$. Same percentage gain but different profit because of investing much money. So try to invest good amount if it's possible.

Short answer. As long as you sold your coin above your buying price (fees for buying and selling has been removed), you have a profit already.
You said that you are a newbie, I think the best thing you do is to just hold Bitcoin for the long run. You can try trading too and if you are successful then continue it but if you don't then stop.

A lot of profits is often not possible in this market. I saw bitcoin move down to 9.9k mark and then rise back 10.1k mark. If someone had booked this range then they would have made a lot of profit. Otherwise I dont think it is possible to get such trades on a regular basis - you would have to be doing TA pretty precisely and without making a wrong order you would have to buy and sell.

Long term or short does not matter as long as you stay in the game and not back off. Use you own style of playing and you should be fine.

You know that the moment you take your profit, you already taken out of the quantity of what you have and I agree with you that bitcoin will continue to increase even if you take profit, but since you believe it will continue to increase then don’t you leave the profit also to continue to yield result, and if I ask, how many profit do you want to take till your bitcoin quantity becomes zero, if you keep taking profit and reducing the quantity of your bitcoin, then what will be left to take later.

If I am going to be a short term trader, better I be, and if I want to be a long term trader which is the most profitable, it is better I be. That profit would have yielded another increase for me and that is what I canny turnover.

Trading is not for a newbie , they should have taken their time to understand everything about cryptocurrencies and how the trading is being done, instead of jump straight into it and losing their money. When I was a newbie I never took interest in daily trading because based on the experience I have had with binary trading and forex, I knew that this one isn’t going to be anything different.

Even till now I hardly trade when I’m alone. I prefer to trade when I’m together with my friends , cause they are the experts in this . I just follow their trade and whatever option they put just do the same thing. It’s not an easy thing, that’s why I don’t stress myself to trade when I’m alone, cause several times I have tried , it’s mainly loss, but I was saved by the Stop-Loss ( thanks to whoever that introduced that ).

Even as a newbie I was only doing HODL and that’s how I was able to make all the money I have made in Bitcoin (Bitcoin is what I trade mainly, started with ETH just recently). I invest my money and I have patience for long time to see what will be the outcome. That way I was able to make lots of profits uncountable times , more profits, more than what I have ever invested in this crypto market.

So, newbies should only focus on long term and not rushing into daily trade because of quick money. If you rush it , you end up losing.

Actually I still distinguish between investing and trading, I mean when I choose investing the short term target that I must sell my bitcoin is around six mounths and depend on my profit desired. I'll sell them when I got profit such as a half in my capital or one-fourth on my capital. And also I'll update the latest information actually in fudamental side tk decide between still hold or sell.

But when I choose trading I'll take a time for almost one week in long term for strategy to gain profit. If my money has been added whatever its amount I'll sell it and buy back again depend on my analyst when I use strategy to see the technical analyst. But I often to use the short time frime such as one day or even an hours if the profit that I got is big then I'll sell it.

IMO every people seek different profit.

Personally I just take the profit because I believe btc will keep increase eventhough it's downtrend for example
For who sell all their capital because they afraid and still not fully trust on it

This is the basic decision venue of every crypto investors and traders, it separates the successful from the failures in the space. Experience had help most successful traders and investors, Technical analysis are good when the market is good but do fail also, so it is difficult to trust, so you need to adopt a lot of avenue to make your decision: technical analysis, news, market trend/cycle etc. The rich are satisfied with little pump while the low capital investors desire a higher ROI. risk taking capacity of every individual is different and it also different for bitcoin and other altcoin.

I don't see any wrong with your idea and plan. You can remove if you want, or you can still apply
compounding system formula, with this method you can easily get more profit and faster if the price
is movable in the market.

Its possible that the OP is just trying out a simulation to know our responses. It is not mandatory to start trading.

It could be that they are genuinely looking for a point of selling in which I agree with you that this is something that they should have decided on before buying. In any case I think the point is selling should be closer or more than 10% profit, if you manage to get that margin. If not you could sell at lower profits but thent he next trade should be carefully done. Besides smaller profit traders are possible because the market is slower these days.

Taking profit depends on what your objective is. I think something to take into consideration is what your downside is. In another words, what are you risking.

If for example you want to take 50 pounds out of the market, how much is it that you can potentially lose. I'm not making any forecasts here, or suggesting where Bitcoin will go, but let's say it drops back to around $5000. You would have lost 400 pounds. Is that really worth it to make 50 pounds?

Most professional traders call this risk to reward. In determining this, you have to assess how volatile the asset is that you're trading. In this case, bitcoin is quite volatile, so you have a lot of exposure. But that volatility can also work in your favor.

If you're into technical analysis, you might be better off just choosing a spot that you want to sell based on your analysis. This way it has nothing to do with your PnL. Actually, that is how it should be. It's generally not a good idea to be too focused on your PnL, but rather watch and see which direction it is heading. If it's heading up, why would you want to sell? If there are signs that its reversing, it makes sense to get out and try again at a later date.

If you think about short term then i think you should take profit and again wait for the deep. But if you think about yhe long term investment then €50 is nothing as per view of profit. I think you should wait until your investment will be double.

At least, I already take the profit so I can wait for another dump of the price and I can buy bitcoin at a low price. I don't mind to take a small profit than never because, in these situations, we are difficult to make a big profit so small profit will be better than nothing.

You can use little calculation like this, you buy bitcoin at $10,300, and you can sell bitcoin at $10,350-$10,500. I think that is enough for you because you can get a profit from the trade. Although the profit is not too big, if you can repeat many times, I am sure that you will be able to get $100 of profit in a week.

Of course, it's really difficult to give a cut clear answer on this since man in insatiable in nature. Greed will always be there to want more. I rely on the advice of Warren Buffet on this - take profit when people are rushing in to buy. Whenever you're in profit and you see that spike in your favour, that's when to take profit to safety.