No one has gone broke taking profits, always take profits.

Kelward

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Quote from: mk4 on January 19, 2024, 03:48:03 AM

The thing is, you can't apply that advice to every position. Some assets are meant to be held long-term, while some assets are meant to be shorter-term trades. But since you're saying this in the Trading Discussion section(which is more towards trades than investments), then sure.

Trading is short term so I think that it's ok to take profits, atleast to reward yourself for a job well done, because trading is hard with more chances of encountering loses than profits. Although a trader should take some percentage of profit and leave the rest, so when loses occures it'll not dip into trading capital, because you might have all the technical knowledge in trading, yet loses will occur, so a good trader must have reserve to cushion the effects of loses. As far as investment goes, it's better to hodle for the long term, especially a reputable cryptocurrency like Bitcoin.

pusaka

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Quote from: AnonBitCoiner on February 04, 2024, 04:51:22 AM

Quote from: Xampeuu on February 02, 2024, 09:52:34 PM

In the long term, by choosing the best coin, in my opinion it is not a problem if we hold it, but if we want to maximize profits, I think we have to know the moment that happens, so we don't always hold it. sell when there is bullishness and buy back when there is bearishness. especially for short-term trading, of course you have to be able to take advantage of the momentum and not be greedy in taking profits, because there will always be an opportunity to make a transaction

Keeping eye on the market price is good idea because it will help you to decide according to the market situations therefore if your hold coins rise in price then sell it immediately without greediness for more profit but if it is in the case of bitcoin then you can wait more because it will not make its users disappointed. Short term traders can easily take profit during these circumstances because market is highly volatile so they can easily buy and sell their altcoins according to their profit. Planning is necessary in trading and investment because sudden decision can be risky for you therefore make a plan and work according to it and wait for your target price.

Always focusing on market movements is something that traders should do, but it's not something that long-term investors should do, because they only have to wait and see once, which is why I prefer long-term investing over being a short-term trader or investor.
Especially if we invest in bitcoin, for me it is a very fun investment, because all we have to have is great patience to wait for our time to arrive, of course with careful planning.
For the problem of profit, indeed being a trader or being a short-term investor will generate profits in a fast time, but again it all depends on the choice that is more comfortable for us.

livingfree

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Quote from: jrrsparkles on February 03, 2024, 02:29:12 AM

Imagine if someone followed this strategy in 2011, they kept cashing out their profits instead of holding then they will surely regret their decision now.

That's okay.

Because we've been doing that and if no one will take profit, how can you enjoy it? Also, those that have taken profits long time ago, I am sure that it has been put into good use so there's no regret. And no one has an idea on how the market will be way back that time.

Quote from: jrrsparkles on February 03, 2024, 02:29:12 AM

Taking profits is good but you also should concentrate on building your portfolio especially accumulation of Bitcoin to enjoy the benefits in long term.

If it's Bitcoin, I am with you mate. It's needed to be done by those who are looking long term on holding Bitcoin. We're all for holding but when the time comes that it's enough to take profits, you have to make your decisions.

DVlog

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Someone says its harder to get a perfect entry than a nice exit. You can enter the market anytime you want and make profit but if you don't have any plan to exit from the market then your profit will only satisfy your eye not your pocket. So we should know when it is time to exit from the project we get in the bear market when everything was dumping. That is the reason a money management strategy is an important part of a trader's life. Everything needs to be according to the plan.

poodle63

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Quote from: Xampeuu on February 02, 2024, 09:52:34 PM

In the long term, by choosing the best coin, in my opinion it is not a problem if we hold it, but if we want to maximize profits, I think we have to know the moment that happens, so we don't always hold it. sell when there is bullishness and buy back when there is bearishness. especially for short-term trading, of course you have to be able to take advantage of the momentum and not be greedy in taking profits, because there will always be an opportunity to make a transaction

its the selling at bullish and buy at bearish that always become kinda difficult to know we just don't really know when to sell exactly with trading, of course everyone wanna sell at the peak and buy at the very bottom the truth is selling when its high enough the coin could get higher regardless, but thats fine right since we are still in profit anyway. but when it comes to buying at the bottom its the difficult thing, determining the bottom is just so unclear that sometime its like catching falling knives, we can be buying at some point that we think its the bottom but the price could still be dumping further.
therefore its better if we can have clear strategy before hand determine at what point we gonna take profit maybe at 5% or 10% if its short term trading thats already good enough.
if its long term it can be higher than that but the silver lining is that, never get too greedy that we overhold it and instead missed best opportunity ever.

AnonBitCoiner

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Quote from: Xampeuu on February 02, 2024, 09:52:34 PM

In the long term, by choosing the best coin, in my opinion it is not a problem if we hold it, but if we want to maximize profits, I think we have to know the moment that happens, so we don't always hold it. sell when there is bullishness and buy back when there is bearishness. especially for short-term trading, of course you have to be able to take advantage of the momentum and not be greedy in taking profits, because there will always be an opportunity to make a transaction

Keeping eye on the market price is good idea because it will help you to decide according to the market situations therefore if your hold coins rise in price then sell it immediately without greediness for more profit but if it is in the case of bitcoin then you can wait more because it will not make its users disappointed. Short term traders can easily take profit during these circumstances because market is highly volatile so they can easily buy and sell their altcoins according to their profit. Planning is necessary in trading and investment because sudden decision can be risky for you therefore make a plan and work according to it and wait for your target price.

Bushdark

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I learnt in a hard way and that have taught me to always take my profits anytime and anyway.
Some of us that have not been in trading for a very long time might not understand this. We need to be wise and know what we are doing.
Those traders that are always taking there profits away after every trade are better traders than those ones that are always feel like confidence about there trading portfolio. A wise trader would always remove his profits.

BitcoinTurk

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Quote from: $weetne$$ on January 19, 2024, 03:37:32 AM

I started learning how to trade and my teacher just told me this advice that no one has gone broke taking profits when trading. I have always wanted to earn Bitcoin but I have been confused how to start then decided that I'll learn how to trade. I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits. My teacher said the profits you take is better than all imagining profits you'll think that you can get in the future if you keep holding. He didn't say holding is bad but I got advice not to neglect the profits that I can take. I got this advice and I want to share it with everyone, always take profits.

First of all, I would like to point out that receiving profit in case of a short-term price increase in long-term investments turns a long-term investment into a short or medium-term investment. In other words, it would be a mistake to take profit at the slightest price movement especially for long-term investments and it isn't a mistake for people with this portfolio not to sell in small price movements.

Talking about short-term buy-sell trades, I can also agree that it is a very important detail to always take profits gradually in these trades because especially in short-term trades since the profit obtained is only visible in the account balance it makes the user think as if they are playing a game and increase their earnings even more. It forces you to wait. Therefore, it is important to take profit from each trade strictly gradually over the short-term period.

jrrsparkles

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Quote from: $weetne$$ on January 19, 2024, 03:37:32 AM

I started learning how to trade and my teacher just told me this advice that no one has gone broke taking profits when trading. I have always wanted to earn Bitcoin but I have been confused how to start then decided that I'll learn how to trade. I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits. My teacher said the profits you take is better than all imagining profits you'll think that you can get in the future if you keep holding. He didn't say holding is bad but I got advice not to neglect the profits that I can take. I got this advice and I want to share it with everyone, always take profits.

Imagine if someone followed this strategy in 2011, they kept cashing out their profits instead of holding then they will surely regret their decision now.

Taking profits is good but you also should concentrate on building your portfolio especially accumulation of Bitcoin to enjoy the benefits in long term.

Xampeuu

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In the long term, by choosing the best coin, in my opinion it is not a problem if we hold it, but if we want to maximize profits, I think we have to know the moment that happens, so we don't always hold it. sell when there is bullishness and buy back when there is bearishness. especially for short-term trading, of course you have to be able to take advantage of the momentum and not be greedy in taking profits, because there will always be an opportunity to make a transaction

Sanitough

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Well, profits are need to be taken and not to be kept forever, otherwise the essence of having profits and being profitable will never be realized. While some investors or traders feel the need to chase more profits most particularly if they are still seeing potentials to gain profits, others would quickly sell for profits, and there’s no wrong with that as long as they are selling for profits and not at a loss.

But we all know everyone of us has our own preferences. Some may have set a bigger amount of profits before they will decide to sell, while others do not matter if it’s big or small as long as it’s considered profits. It’s actually a matter of individual’s mindset and preferences.

suzanne5223

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Quote from: Nrcewker on February 02, 2024, 12:17:53 PM

When you do proper research and hold the coins then, it is very hard at that time to take out the early profits.

Taking profit may be tricky but is not hard as you said and the reason why people see taking profit in trading as something hard is because they never set a goal and the purpose of the investment/trading before they start. It's the goal and purpose that will trigger the right time to make a profit.
Another thing that's like that is re-investing the crypto profit.
This reminds me of when YFI was making waves, I aimed to get out of it and I set my goal when the goal was achieved I sold off and re-invest into BTC few weeks later when I checked the price of YFI it was in red while BTC is going green which I think some investors also the same thing I did.

snowpega

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well dear it depends on the plan as Some of the projects are for long-term investment and some for the short term. In the case of the long term if we take a profit and the market does not allow us to buy back so we are disturbing our plan for the long term and for the short term we can take profit only at the best time when needed otherwise booking profit all the time is not a good idea at all as no one can predict the market 100% accuratly.

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Quote from: sulendra12 on February 02, 2024, 02:15:16 PM

How come you want to take the profits but you think that if you sell you are not doing in a right way? That contradicts your statement.

It wasn't him thinking that but people's comment.

Quote from: sulendra12 on February 02, 2024, 02:15:16 PM

You are free to choose when you want to take the profits when the situation calls it, every traders have their own method to determine when is the best time to take profits. They might have some sort of threshold and deep research to make sure they have the best results.

And that makes sense that everyone has to take profits whenever they feel that it's enough and right time. When times of greediness comes, you're going to miss that huge profit that you might get.

While it is on the top, you're missing the huge money and when it drops down, that's when you start to take profits and many goes wrong with that timing.

sulendra12

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Quote from: $weetne$$ on January 19, 2024, 03:37:32 AM

I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits

How come you want to take the profits but you think that if you sell you are not doing in a right way? That contradicts your statement. You are free to choose when you want to take the profits when the situation calls it, every traders have their own method to determine when is the best time to take profits. They might have some sort of threshold and deep research to make sure they have the best results.

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Quote from: Nrcewker on February 02, 2024, 12:17:53 PM

When you do proper research and hold the coins then, it is very hard at that time to take out the early profits. A trader gives all his efforts to estimate the price of the coin and set a goal for profits. Now if he at this time cashout before reaching the goal, then definitely his hardwork goes into drains. I know it’s better to have little profits than losses, but sometimes you do have to take risk in order get the desired amount of profit from a coin.

Of course – it's better to gain a little than to lose a lot. This mindset is correct - but not all plans and expected profit targets will always be achieved. The market is very difficult to predict and trader must be fully aware of that. Traders must also have risk considerations and second plans - at least this can save them when prices do not worth what is expected.

The second plan I mean is a trading strategy. A trader should consider a backup strategy before placing a trade - such as DCA so they can recover their position more quickly when the price falls. But whatever the strategy - risk must still be there, traders cannot ignore it.

pawanjain

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Quote from: $weetne$$ on January 19, 2024, 03:37:32 AM

I started learning how to trade and my teacher just told me this advice that no one has gone broke taking profits when trading. I have always wanted to earn Bitcoin but I have been confused how to start then decided that I'll learn how to trade. I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits. My teacher said the profits you take is better than all imagining profits you'll think that you can get in the future if you keep holding. He didn't say holding is bad but I got advice not to neglect the profits that I can take. I got this advice and I want to share it with everyone, always take profits.

That is the best advice by far because I have always regretted not taking profits while I could have.
I am trying my best to develop the skill of taking profits but I often keep holding longer and then lose the higher price.
That way the price keeps falling and I don't sell then the same cycle repeats the next time.
These days I am trying to take small profits when the price is little higher while not selling the full stash.

Nrcewker

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When you do proper research and hold the coins then, it is very hard at that time to take out the early profits. A trader gives all his efforts to estimate the price of the coin and set a goal for profits. Now if he at this time cashout before reaching the goal, then definitely his hardwork goes into drains. I know it’s better to have little profits than losses, but sometimes you do have to take risk in order get the desired amount of profit from a coin.

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Quote from: |MINER| on February 02, 2024, 11:52:05 AM

Profit taking is not bad but holding is better and should do market analysis and then sell. If you invest in BTC, then I will say hold. And if you have invested in alt coin or meme coin, then I will say to take the profit. It is better not to invest in alt coin and meme coin for long term, it is better to be satisfied with small profit. But if you invest in BTC, hold and wait for bull run.

Right. We have witnessed many top alts crash overnight and investors lose money. That's why it's important to book Altcoin profits, because the market will give you so many opportunities that the thought of doing something big with just one trade can often lead to losses. Keeping Bitcoin trades open is definitely less risky because even if Bitcoin goes down for a while, it will recover over time and bring bigger profits. And holding Bitcoin is a big investment for the future.

|MINER|

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Profit taking is not bad but holding is better and should do market analysis and then sell. If you invest in BTC, then I will say hold. And if you have invested in alt coin or meme coin, then I will say to take the profit. It is better not to invest in alt coin and meme coin for long term, it is better to be satisfied with small profit. But if you invest in BTC, hold and wait for bull run.

Topic: No one has gone broke taking profits, always take profits. (Read 919 times)