Newbie - when to take profit - page 4.

shield132

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Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

You may already had take decision and if yes, then let us know what you did, if no, then I'll write my personal opinion.
For quick and nice profit without no further risk, £50 from £700 (for example) is good, acceptable profit. But if you want more profit, you also have to consider that you can't exchange btc/usd when you'll need,, you have to understand that you won't need this money quickly and you'll be okey to keep money invested for months. If you can do second, then why to say no to good profit?

The Sceptical Chymist

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Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

Ok so I now have £700 invested in bitcoin .

If that amount isn't a lot for you, my advice would be to not take your profit off the table anytime soon--unless you have good reason to, i.e., you need it for something else. If that's the case, however, you probably shouldn't be gambling with money you don't want to lose.

I've always been a buy-and-hold investor and I don't focus on short-term trades, so I don't get too excited when one of my investments goes up in value a lot in a short period of time. I think it's best to just let it ride and see if it makes you even more money. But if you are interested in getting in and out of your positions quickly and taking your profit, it's really hard for anyone else to say when you should do it. You could set a % value for when you're going to cash out, and that's probably the best way to do it, like when your bitcoin investment rises 10% it's time to sell. That's really up to you, though.

You never know what bitcoin is going to do. You could end up selling and missing out on the rocket ship to the moon.

nydiacaskey01

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Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

It depends on your plan (period of time) and target (amount). You can achieve your target in a shorter period of time if you don't take away your profits and roll it over to your next investment however, doing this you will never feel your profits or enjoy any part of it specially if all of a sudden price of Bitcoin drops.

Hypnosis00

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What I did since from the very beginning, I get my profit by then and leave the capital...what I'll do is to separate my profit and make investments into another coin rather than of compounding it. I used to choose differently for us to have another option and to know which one is more profitable.

Lanatsa

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Quote from: sana54210 on August 13, 2019, 12:07:51 PM

Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

Sometimes, this question can really be though to answer, because the time you bought at that 700, there is a certain quantity of bitcoin it would have bought, and even if bitcoin increase in value, it would still be the same quantity because the profit you are referring to now is profit in fiat and not in bitcoin, the only way you can record profit in bitcoin is when you either remove the profit, which mean removing the profit would still reduce your quantity, then wait for bitcoin to go back to the value where you bought the seven hundred and buy that $50 before you can have more quantity.

So the more you remove the profit you see is going to be the more that you lose the quantity of bitcoin that you have, so my won advise would just be for you to leave your coin till it gets to peak before removing everything.

Compounding is much more better rather than on actively pulling out anytime on what you do have made but somehow as long you do make profits then it doesn't matter.

ethereumhunter

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If I were you, I will take £50 and will wait for another time to see bitcoin is down, and I will buy bitcoin again if the price can get down from the first time I bought. Then if my order filled, I will wait for a while until the price can increase back and if the price suddenly can increase for more than £50, I will sell it again. I don't want to wait for a long time to sell because I need to make a profit and if necessary, I want to make a profit every day.

breathlessz

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why do you plan to buy at a more expensive price? when you are selling prices should be at resistance and buy back when there is a price correction, so that your assets will multiply

matt7

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Quote from: JNvak on August 13, 2019, 04:34:42 AM

Please, consider using Galaxy Score. It's a feature that takes into account various factors and then tells you when to buy, sell or hold. This innovative tool is currently available on CoinDeal. It may be extremely useful to you since you're a newbie. (And it is for me since I'm not so-newbie Wink

)

It is quite interesting thing that galaxy score, hope it will help me a bit someday. Also Coindeal is pretty reliable exchange, good option for newbies, recently I've found ranking TOP 5 trading platforms for EU and CD is on the 1st place: https://cryptomag.me

sana54210

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Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

Sometimes, this question can really be though to answer, because the time you bought at that 700, there is a certain quantity of bitcoin it would have bought, and even if bitcoin increase in value, it would still be the same quantity because the profit you are referring to now is profit in fiat and not in bitcoin, the only way you can record profit in bitcoin is when you either remove the profit, which mean removing the profit would still reduce your quantity, then wait for bitcoin to go back to the value where you bought the seven hundred and buy that $50 before you can have more quantity.

So the more you remove the profit you see is going to be the more that you lose the quantity of bitcoin that you have, so my won advise would just be for you to leave your coin till it gets to peak before removing everything.

beerlover

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I think when considering something as low as 700 pounds you should look to increase your position and have a big portfolio instead of trying to trade, that is an amount that could be valid as an investment not as a trading capital. Of course there are tons of people who trade with less and so can you if you want to but I wouldn't suggest it since making just a couple bucks would mean nothing whereas if you increase your position with time and invest more money in the end you can do a big deal.

Unfortunately, in economics small scale investments rarely have big impacts whereas big investments actually can make a big difference in your life, that is why wealthy people manage to keep making more and more money since investing big amounts have bigger returns even in % not just pounds.

leowonderful

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There's a number of ways to take profit, but one of my favorite ones is using FTA (or first trouble area). At its most basic, it's simply exiting a trade (usually the whole trade) at whatever price level is closest to your entry that the price action could turn in the opposite direction. Relatively simple and effective since most people can accurately identify potential supports and resistances on a chart, and it's an easy way to apply that knowledge effectively. You could also just take partial profits around supports or resistances if you're going long or short.

emerejames

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It is always difficult to replace capital when one touch it, even in open market many business liquidate because they touch the main capital. So I will advice you to take the €50, moreover if u don't have any urgent financial need, I will advice you to add the €50 to the capital to make it bigger any time there is pump up because in crypto the higher the Capital the higher the profit. But if you notice that the market is going down, then you can take all and keep them safe so that you can buy later.

carlfebz2

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Quote from: Babyrica0226 on August 13, 2019, 09:50:30 AM

Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

You know what, when you enter into bitcoin trading make sure you know what you are doing dude.
Because trading always has a risk involve,so you must aware of that. So, all I can say is when buyers are aggressive to buy
it means bitcoin will goes higher in my opinion.

You arent answering his question dude! He do talks if he does right on selling not talking about the risk behind trading.For OP, its better not to depend on usd value though.
Lets say you do put up 0.01 btc then the price do rise up then sell it all with fiat pair then when the price goes down then buy cheaper.Rinse and repeat until you accumulate bitcoins on earlier entries or buying on cheaper rates.

Babyrica0226

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Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

You know what, when you enter into bitcoin trading make sure you know what you are doing dude.
Because trading always has a risk involve,so you must aware of that. So, all I can say is when buyers are aggressive to buy
it means bitcoin will goes higher in my opinion.

JNvak

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Please, consider using Galaxy Score. It's a feature that takes into account various factors and then tells you when to buy, sell or hold. This innovative tool is currently available on CoinDeal. It may be extremely useful to you since you're a newbie. (And it is for me since I'm not so-newbie Wink

)

maxreish

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It all depends on your decision and style and of course depends on the situation. If there is a major pump and if i need money, i will cash out half of my profits then reinvest half of it and buy at dip. Or if not necessarily needed, then convert into fiat or stable coin then wait for bearish moment until you buy another coin. The significant here is that you were earning profits, that "when" answer always depends on you.

MonsterV

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Quote from: Julien_Olynpic on August 12, 2019, 09:49:58 PM

You can’t say absolutely exactly after what price increase you need to sell. This question can be answered by technical analysis. Otherwise, it will be just a random choice. The price after the sale may continue to rise for a long time, or may immediately fall. Therefore, it is better to look at the chart and look for signs of market strength or weakness there.

Not even technical analysis can answer that, actually no one can really say when to take profit because we don't have the crystal ball so know what will going to happen in the future. To the OP, why don't you learn about entry and exit strategy. This is a good tip for beginners like you so that you can manage your profit if you have this kind of strategy.

Namely the entry and exit strategy must be done with technical analysis. Your statement is true that no one really knows when to take profits, but with technical analysis we know when to take profits and not take profits carelessly.

And for OP, please study in-depth technical analysis again, you will know how to entry and exit trading. When you have made a profit, you can buy back if your technical analysis says prices will continue to rise, but if your technical analysis says otherwise then you must determine the support line to buy back.

Kasabus

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You don't have to take it right your profit right away, the strategy that I'm using and makes me successful is I always take my capital and just trade my profit so there will be no risk in my part. However, you cannot do it in just a short period of time.

In your example, you have a little profit and you want to take it, I don't suggest that because you don't make profit all the time, as a trader, you also have losing day and that would reduce your capital if you keep taking profit, maybe just give more time, add your profit to your total capital so you can grow it bigger.

Julien_Olynpic

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You can’t say absolutely exactly after what price increase you need to sell. This question can be answered by technical analysis. Otherwise, it will be just a random choice. The price after the sale may continue to rise for a long time, or may immediately fall. Therefore, it is better to look at the chart and look for signs of market strength or weakness there.

numanoid

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Always take profit after a major pump, or significant announcement. HST-decision token is due for a major pump and announcement on Monday 06.17.19

Don't listen to this HST shill account. Why don't you buy all HST token on market if you really think that's a good coin?

Quote from: Houdini76 on June 14, 2019, 04:39:45 PM

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

Take your profit and let your initial investment isn't best way. That only used while you gambling, take as much as profit you can and let your initial bankroll to prevent big loss. Do you ever heard about compound interest? That's when you invested all of your profit again with your initial investment, and let it after some years

Topic: Newbie - when to take profit - page 4. (Read 3410 times)