No one has gone broke taking profits, always take profits. - page 2.

AbuBhakar

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Quote from: Peanutswar on February 02, 2024, 04:49:26 AM

Not all people have the same journey when they start trading It is good that you gain from the eco we experience to those people you've seemed idolized it's just a stepping stone with your journey. I'm not a pro but still have experience every person who earns a lot with trading has the basics, always cut the losses when you think already marked your SL or gain the profit already when you hit TP. Every basic step are signal to you sometimes having too much knowledge makes us overthinking every possible outcome.

All that you mention is correct in relation to properly trade. I think the main essence of this thread is by securing profits regardless of the size since this is always the part which many traders failed to become successful.

I experienced this kind of dilemma before when I purchase Bitcoin at 30K and failed to sell at peak 67K because I’m still aiming for higher profits while I still have a lot of profit margin on my position. The end game for me is taking profit at 40K missing a lot of profit when peak just because I’m too optimistic that the price will go above 70K that time which never happened until now.

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Quote from: Natalim on February 02, 2024, 12:35:23 AM

Quote from: tvplus006 on February 01, 2024, 08:03:07 PM

Quote from: Casdinyard on January 29, 2024, 12:00:29 PM

Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually. ..

As a rule, a trader takes a profit when he sees that the price growth has already exhausted itself and the price has approached the resistance level. And the trader is faced with a dilemma, if he does not sell now, then the price of the coin may decrease. And this fear of losing profit makes him fix profits.

But most traders do the wrong way, instead of selling as they already have the profit, they even wait for more until the hype is over. Losing the chances usually happens for greedy traders, and the more they trade, the more they lose.

If all traders just know how to accept small earnings, nobody for sure will end up losing. Sadly, the common instinct is "What if the price increases more"? Contentment is a common problem that is hard to change and a reason for failure. Even though we have deep knowledge and skill about trading but we have a behavioral problem, that's still end to nothing.

When it comes on taking profits then this is one of the most common rule that people should really be thinking off specially when they do touch up the area or space of trading on which it isnt really just that limited into this market but also in other things as well.If you arent really that mindful about taking up some profits and really that too greedy because you do have those kind of hopes that you could really be able to make more money
and turns out that the market would really be going against on what you are expecting, then it would really be giving out that kind of regret that will really be that minded for the rest of your life.

This is why it would really be that always best that you should really know on when to take profits and on when you should really be that holding your position.
Outcomes and results would really be that different to each other on which there would really be those people who would be able to skip out on such
decision because of those wrong hopes and dont stick out into their initial plans earlier.

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Quote from: Peanutswar on February 02, 2024, 04:49:26 AM

Not all people have the same journey when they start trading It is good that you gain from the eco we experience to those people you've seemed idolized it's just a stepping stone with your journey. I'm not a pro but still have experience every person who earns a lot with trading has the basics, always cut the losses when you think already marked your SL or gain the profit already when you hit TP. Every basic step are signal to you sometimes having too much knowledge makes us overthinking every possible outcome.

Everyone will of course experience different obstacles when trading and if we can learn from the experiences of those who already have experience in the field of trading, of course it would be very good if we could follow them and also we must have basic knowledge about trading, don't just follow other people. others, but we don't understand anything about trading, of course this will be a problem for them when trading.

Too much consideration and thinking about what we will get in trading can make us miss every opportunity that is in front of us and to be able to get it back, of course we won't know about this, so it would be better if we were sure of what we know. then we can trade to make a profit and we also have to be careful.

Peanutswar

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Not all people have the same journey when they start trading It is good that you gain from the eco we experience to those people you've seemed idolized it's just a stepping stone with your journey. I'm not a pro but still have experience every person who earns a lot with trading has the basics, always cut the losses when you think already marked your SL or gain the profit already when you hit TP. Every basic step are signal to you sometimes having too much knowledge makes us overthinking every possible outcome.

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Quote from: $weetne$$ on January 19, 2024, 04:37:32 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.

You are only confused because you are still new to the system and I don't think that your teacher is wrong but you are the one who couldn't differentiate between investment and trading. Trading and investment are not the same thing even though you are still investing by trading, and one is more risky than the other, and in trading, if you tarry too much in taking your profits depending risk you take, it might be catastrophic, which is what I believe your teacher was trying to tell you. Yes, it is good to take your profits, this is mainly because the market might reverse back against you and you might lose both the profits and your entire money if care is not taken.

For this, while trading, you have to also use the stop loss so that you will know the maximum amount you can lose and this reduces fear and tension in trading. But for investment, you can buy the asset and leave it, it is less risky, and you may not even look at it for years if it is such that you trust that much. In that, you might not be bothered to be watching your profits to avoid emotions and bad investment decisions. You can continue to HODL it and you will be just fine.

Do you understand now?

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It is clear that in the first training of the dealer, the neophyte needs to be trained oвaть пpибыль paбoтaть c cтoп лoccaми. There is another emotion in Berut's face, but it's in the same way, so you'll hear about it It's a good job for you to cut and cut, so you don't have to worry about it oдит.

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Quote from: tvplus006 on February 01, 2024, 08:03:07 PM

Quote from: Casdinyard on January 29, 2024, 12:00:29 PM

Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually. ..

As a rule, a trader takes a profit when he sees that the price growth has already exhausted itself and the price has approached the resistance level. And the trader is faced with a dilemma, if he does not sell now, then the price of the coin may decrease. And this fear of losing profit makes him fix profits.

But most traders do the wrong way, instead of selling as they already have the profit, they even wait for more until the hype is over. Losing the chances usually happens for greedy traders, and the more they trade, the more they lose.

If all traders just know how to accept small earnings, nobody for sure will end up losing. Sadly, the common instinct is "What if the price increases more"? Contentment is a common problem that is hard to change and a reason for failure. Even though we have deep knowledge and skill about trading but we have a behavioral problem, that's still end to nothing.

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Quote from: Casdinyard on January 29, 2024, 12:00:29 PM

Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually. ..

As a rule, a trader takes a profit when he sees that the price growth has already exhausted itself and the price has approached the resistance level. And the trader is faced with a dilemma, if he does not sell now, then the price of the coin may decrease. And this fear of losing profit makes him fix profits.

wxa7115

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Quote from: Casdinyard on January 29, 2024, 12:00:29 PM

Quote from: mk4 on January 19, 2024, 04:48:03 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.

Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually.

Only thing I could really see this being applied unconditionally is in the world of gambling, and that is only because of the fact that you're literally playing with odds stacked against you so wins are harder to come by and when they do come, they pretty much come in hefty, which only makes it even more optimal for you to lock in prices. In the world of trading the only risks you have to worry about is the ones that control the market's opinion about your asset, and sometimes your propensity to take profit at every single pump.

The advice is good in my opinion and it does come from a place of logic and wisdom, but as a trader you're pretty much playing with risks everyday so why not maximize how much you'd be able to bag when you're trading instead of copping every single dollar that comes by to your wallet.

This is spot on, our winning rate is important as if it is too low it will be very difficult for a trader to keep their poise and trade as they should by following their strategy.

But this idea of taking profits no matter what will severely impact the profits we may get with our successful trades, and in that case it is preferable to lose a few more trades and increase the money that we get than to do the opposite, which is what the OP proposes, because at the end we are trading not to be accurate traders but to become profitable traders.

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Quote from: $weetne$$ on January 19, 2024, 04:37:32 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.

Determinations are different I must say, if you open a Bitcoin position at a particular price and you want to take profits, where I want to take mine might be entirely different from where you might want to take yours, so it's all about profits determinant because I don't think there is any trader that will trade and watch his profits hits his target and allowed it retrace back without selling. Let's say the trader wasn't aware when the price reach his target and when he check he found out that the price was below there, he is going to sell and take profits unless he is a greed type of person or inexperienced trader.

However, to avoid problems of not getting exact target, you can build a Trailing profits on your trades by setting up a point where you will like to take profits. Like for example, you bought a coin at $3 dollar, you can set your Trailing profits around $5, $7 and so on depend on if the coin already has a support and resistance formed in the previous candles or how far you think the coin will reach and the allocation will be in percentages. This options is not available in all centralized exchanges but top exchange like Binance has this and you can explore it if you are a good trader.

Casdinyard

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Quote from: mk4 on January 19, 2024, 04:48:03 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.

Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually.

Only thing I could really see this being applied unconditionally is in the world of gambling, and that is only because of the fact that you're literally playing with odds stacked against you so wins are harder to come by and when they do come, they pretty much come in hefty, which only makes it even more optimal for you to lock in prices. In the world of trading the only risks you have to worry about is the ones that control the market's opinion about your asset, and sometimes your propensity to take profit at every single pump.

The advice is good in my opinion and it does come from a place of logic and wisdom, but as a trader you're pretty much playing with risks everyday so why not maximize how much you'd be able to bag when you're trading instead of copping every single dollar that comes by to your wallet.

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Quote from: $weetne$$ on January 19, 2024, 04:37:32 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.

I know what you mean but if you generalize it to everything then it's clearly wrong. In terms of trading, you also need to determine whether you are a long term or short term trader because the concept of taking profits in both is different. You may still be in the phase of being able to take a little profit in a short time but the fluctuating trading situation does not always show improvement so if you enter with altcoins perhaps your expectations of taking short term profits will not be easy. In Bitcoin it is the same, but trading Bitcoin for a short time when your fund allocation is still minimal will not make you feel the benefit therefore there is something called a hodler to avoid what you cannot take in a short time on the market.

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Quote from: Pandu Geddon on January 24, 2024, 01:37:44 AM

Therefore, some traders do not make just one target in planning their trades. If there is planning for target 1, if it is achieved and has the potential to reach target 2, the trader will not release his trading position. and wait for target 2 to be achieved...

It depends on which strategy the trader follows. Of course, you can take profit in parts when the price approaches the next one resistance, but you can also not take profit, but move the stop loss higher. In this case, if the price starts to roll back, your order will be closed with a profit.

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Quote from: kentrolla on January 27, 2024, 01:51:43 PM

Quote from: Dr.Osh on January 27, 2024, 09:26:26 AM

Yes, he's right. after all, no one goes bankrupt from taking profits. However, people sometimes don't know when to stop. In fact, when they have made a profit, the feeling of wanting to hold back to get a bigger profit will always be there. This will be realized when prices start to fall. However, this method will work when we have a strategy in determining the minimum profit, so that when the profit we have approaches the minimum limit, we must immediately make a decision to make that decision.

You have called out the major problem which is people still don't follow take profit as they wait and expect for more profit but they don't realize that market cannot keep going on upward trend and once the market fluctuates they either cashout for lesser profit or sell off when the start incurring loss. They need to plan one being a proper strategy about the percentage of profit and number of trade to set take profit. Most of the experience traders do have short profit margins with multiple trades but amateur fall for trap of higher profit thus losing it.

When greed kicks in then there's no such thing about discipline trading sessions would really happen. Wink

Greed isnt really just that playing on gambling but also in trading as well or any activity or dealing that would really be connected with spending money then it cant really be that
avoided that greed could really be able to kick in on which it is really just that part of human nature that we would really be asking for more if we do have the chance or having that kind of opportunity. This is why
it would really be that best that we should really be considering on taking profits if ever we do see up those gains because if you dont then expect that you would really be going
better in terms of this career.

Profits is profits and dont ask for more.Somehow it cant really be avoided because who doesnt really love for more profits? None, right? it is really just
that when it comes to trading where prices could go make some full u-turn then you are really just that basically wasting up such opportunity.

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Quote from: $weetne$$ on January 19, 2024, 04:37:32 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.

Best advice!

The problem we tràders tend to have is trying to be selfish with the markets, when it comes to a trade we initially wanted to get profits at 1:3 RR we try to now push for 1:5 without any partial profits and when markets reverse and hits our stop loss we are now in negative without any profits after all the analysis and waiting.

Quote from: $weetne$$ on January 19, 2024, 04:37:32 AM

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.

I like your mentor, the lesson here is don't be greedy pay yourself while you trading

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Quote from: Dr.Osh on January 27, 2024, 09:26:26 AM

Yes, he's right. after all, no one goes bankrupt from taking profits. However, people sometimes don't know when to stop. In fact, when they have made a profit, the feeling of wanting to hold back to get a bigger profit will always be there. This will be realized when prices start to fall. However, this method will work when we have a strategy in determining the minimum profit, so that when the profit we have approaches the minimum limit, we must immediately make a decision to make that decision.

You have called out the major problem which is people still don't follow take profit as they wait and expect for more profit but they don't realize that market cannot keep going on upward trend and once the market fluctuates they either cashout for lesser profit or sell off when the start incurring loss. They need to plan one being a proper strategy about the percentage of profit and number of trade to set take profit. Most of the experience traders do have short profit margins with multiple trades but amateur fall for trap of higher profit thus losing it.

God bless u

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Quote from: $weetne$$ on January 19, 2024, 04:37:32 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.

Holding is the best thing we can earn a lot of money by holding, the main reason is that if you sell a coinat a low price, you will not be able to make as much money as you can by holding.
Take the example of Bitcoin, how low its price was, and see how high its price has become. Bitcoin has given profit to many people even all currencies up their prices that every coin is talking to the sky, so those who have a hold of it are very profitable. They will be very happy. Who they are sold out in low price they cannot do anything except regret, so what your teacher has told you is to hold, which means that there is benefit in holding, but it depends on you how much the person will benefit in the end. It is also important that as much benefit as you get, the person should accept it.

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Quote from: kojektea on January 27, 2024, 09:55:56 AM

The trading that your teacher said is only focused on bitcoin trading, it cannot be applied to many altcoins

I disagree, as long as you're trading, you're just having the same activity but with a different choice. Now, it's up to you on how you're going to cope with the market and how you make things well by providing yourself with info. At the end of it, what matters is you know when to take profits and the ins and outs of it.

Quote from: kojektea on January 27, 2024, 09:55:56 AM

altcoin price movements are very volatile so we even have to sell them even at a loss

They're volatile and that's the same as Bitcoin which is also volatile. You are only going to sell them at loss when you think that you should stop loss already. That's what matters with trading and the point is still about taking profits and no one is gonna be broke with that and that's a true thing.

Quote from: kojektea on January 27, 2024, 09:55:56 AM

and even in your strategy it will not always be profitable unless you can hold for a week, a month or even years, I think a trader will not be able to hold for more than a week

A trader is a trader and if it means to them that they have to hold more than a week, they will. There's no time limit in trading as long as they know when to sell and if it's the right time to buy. That is what's the good thing in trading, you don't have time limits but you need to be aware that the market is changing and the liquidity of these altcoins and projects aren't controllable.

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Quote from: $weetne$$ on January 19, 2024, 04:37:32 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.

Your teacher ought to have clarify to you the differences between investment in Bitcoin and trading of cryptocurrencies they are two different ball m game being a profitable trader you won't get broke because your profits would be exchanged or converted to fiat for other purposes and have funds to spent, however to attain the feat of becoming a profitable trader it takes a lot of personal effortsl, sacrifices, learning the skills, charting time, leaning both fundamental and Technical Analysis, meanwhile as an investor of Bitcoin you might get broke if there is no backup to finance other personal needs because it takes time before earning some decent profits as cryptocurrency hodler that is only during the bull run

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The trading that your teacher said is only focused on bitcoin trading, it cannot be applied to many altcoins, altcoin price movements are very volatile so we even have to sell them even at a loss, and even in your strategy it will not always be profitable unless you can hold for a week, a month or even years, I think a trader will not be able to hold for more than a week

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