Topic: No one has gone broke taking profits, always take profits. - page 5. (Read 921 times)

Any trader or market participant that doesn't take profit especially when they're in a really good position to do so, doesn't, then it's most likely that they're greedy. The concept of talinfg profits have been an important habit in my investing and trading career so far. Back when ICOs were red hot, I did a couple of investments and some trades even without being well grounded in technical analysis, I still managed to make some profits. But it was short lived because I wasn't that big on the concept of taking profits and it came back to haunt me.

I learnt something that year: the market can give and it can also take more than it gave you.

I do not really agree, there are two different philosophies when it comes to every trade you make, the first one is to have a goal in mind before you make a trade, so for every dollar you risk, you want to earn a specific amount in return, this is called Reward to Risk ratio and it is a very common way to trade.

The second style is to let your winning trades to produce as much profits as they can, by keeping the asset as long as it is going up in price, both philosophies have their merits and you can use the one that fits your style the most, however taking profits just not to lose a trade is a mistake, as the reward does not really match the risk you took and your win rate is too low to profit from such trades, something that will cause you over the long term to go broke.

That is one lesson I've learned. If you have to sell, do it and don't get any validations from the other people just because you haven't sold or you have sold already.

Know your needs and when the right time to sell because it is only you that can determine when you have to sell or not. But most likely if it's about taking profits, all of us need to have it.

Don't wait to a point of your life that you'll think about regretting that you haven't sold during the bull run even at least a bit of your holdings.

Regardless of what someone says, don't rush to believe it, but check for yourself to see if it's really the way they are conveying it. I don't think OP's teacher stated a right/wrong point of view, and it's the OP's ability to apply it that matters, theory is just theory, practice more. There's any problem even sharing about the problem of criticizing the teacher's point of view, because each person's different interactions will yield different results.

In this case it can be applied correctly, and making a profit from an inexperienced person is a better outcome than taking a loss. But if you have contact and experience with the market, profits are not important, the plan you have determined needs to be achieved, not just a few percent, but it is the story of turning the initial investment into success a big profit, but there are obviously risks that need to be planned.

Your teacher is right, always take profits as no one has become broke doing that. What situation had made someone broke is when they just pass things and missed making the profits. That's why whenever you're trading, always prioritize to profit. There are good times to take it and there are times that you have to be patient, regardless of how long your wait is still at the end of it you need to take profit. Learn from your own experience if you ever missed a lot of opportunity of taking profits and use that as your motivation every time you trade.

That’s right, it’s not hard to be in profits but the question is if you are really satisfied with your gained profits. Sometimes, we get FOMO because others are already selling for profits, that’s why we also sell so we won’t be left behind. That is certainly a wrong practice. If you are a good trader, you will always set a target price when to sell and make profits, and not easily fall on hype and FOMO. Otherwise, you will end up trading and miss big opportunities to be in high profits since you already sell even when the time is not the perfect time to sell.

It also depends on the potential of the coins we are trading. If we are seeing bigger profits in the next days or months, and we are not actually in a bad financial situation, then I don’t think selling just to make profits is advisable. Sometimes you also have to weigh things out, it’s advantages and it’s consequences so that you won’t be regretting later on.

I’m not against on selling your coins, but always know when to hold and when to sell. That way, you will be able to make a wise decision that you won’t dare to regret in the future.

Trading can be good if you have the knowledge of trading and are using a good strategy to trade. However, don’t follow what your teacher said to you. That is not how trading works because you cannot be getting profit all the time in trading. Whatever expert you reach, losing is natural in trading. Although you can trade to earn bitcoin, if you really know how to trade, you can use some amount of money you can afford to lose in trading, and if luckily you get profit, you will just divert the money to bitcoin investment.

But for you to say you want to trade to earn bitcoin I believe it will not be easy for you because even if you get a gain from trading BTC, you will still use it in trading because you will be thinking that since you have gained from the first one, you will try the second time again, and then from there, if you don’t take your time and study it well, the market may go another way for you, which will make you lose all your bitcoin. But if you earn them from trading and then hold them for a long time, you will definitely be successful when the time comes because we are expecting a huge profit from bitcoin.


Selling your investment money is not a bad idea at all; it is your wish and nobody can stop you from doing that. What the forum members emphasise is that you shouldn’t sell your bitcoin when you haven’t made any profit from it, or if you want to make a huge amount of profit from your bitcoin investment, you should hold it for a long period of time. However, don’t think of selling your bitcoin when you haven’t made any money on top of what you invested; that will be a terrible investment for you.

It's just wonderful that you shared the secret you got from your teacher here. But this secret is not a secret, as every trader knows about it and similar tips have been repeatedly voiced here. Perhaps your post would be more relevant in the "Beginners & Help" section, since there are many beginners who may not know this secret.

Hodling is not a bad move either. It only gets bad if you intend to hold your coins forever without thinking of selling anymore. However, I agree on the part that one really needs to sell even if the profits are just small, as long as its profits. Because if you keep hodling your coins, you don’t hold guarantees that your coins will keep on rising its price, suddenly when it’s value drops so low then you lost already the chance to sell in profits. Hence, hold but sell at some point. Know that your main goal is to make some profits and take advantage on it, and not that you’re going to keep your coins for a lifetime.

It would really just matter on your own self control on which we know that this is really that on personal based on which it would really be just that normal that you should really be that having those kind of
emotions along the way that you would be able to feel on that you could really be able to make more money if you've decided to have some holding. Yes, profit is profit and this is something that your main
priority on the time that you do deal up with trading on which this is really that indeed crucial for you to have that kind of target on which this is something that you would be needing to consider it first
on the time that you do step your foot into this market. Dont make yourself greedy and you should really be that getting contented on the things that you are dealing with.

This isnt a race or sprint on which you are really that hurrying up yourself on making profits but rather this is a sprint on which to those people who would really be that disciplined
enough on taking up their trades are the ones who could really be able to sustain in longer runs.

When you are trading, nobody will say what you have done is wrong by taking profits. I think there is something you are getting wrong, you don’t really know the difference between trading and investment. If you are investing in bitcoin, people do recommend you hold it for the long term because they believe bitcoin is still kind of low and that in the future, bitcoin is going to go higher. That’s why people are recommended not to sell their bitcoin cheaply. If you are selling your bitcoin, then nobody is going to stop you from doing that, people are just giving advice, and you can’t be forced to hold.
 
If you are trading, then it’s better you take your profits. Your analysis might be wrong sometimes, so you won’t always hit your take profits. When you notice things are not really going well, then you can just cut your trade and take the little profits you have.

First, I did like you to understand the difference between investing  and trading, the two are not the same even though the terms are both used in the financial world.

Investing has three different terms which are

• short term
• medium term
• long term

All of this terms requires the investor to buy and hold a crypto asset for a specified period of time, or until a target price is reached or achieved.
In the nutshell, investing requires holding, which is why CZ of binance said, "if you can't hodl, you can't be rich".

Trading on the other hand is the act of buying low and selling high for profit, and the trading market are of different types as well,

• we have the spot market
• we have the futures market

There is also the derivative but the two I mentioned above are the major ones, if you are trading the spot market, you can easily become an investor since you can decide to hold a coin you bought and intended to sell it for profit, you can decide to hold such coin if the price goes below your entry price, and you don't want to sell it at a loss.
But in futures market, there is really no much room for keeping a position open for a long time, you get liquidated and all your money gone if the price of the coin goes against you, your chosen direction.

So, in trading, there isn't much room for holding most especially, it you are trading the futures market.

Though the ability to take profit is open to both traders and investors alike, it is always up to the investor whether to take profit or allow it compile and grow overtime.

Very situational indeed on which there are those people who are really that liking on holding their coins for long term and there are ones who doesnt really like on doing such thing or simply making up some shorter
trades on which it would really be basing up on what kind of trader you are because not all would really be sharing up with the same idea that having in mind.Always take profit and this is something which is really that recommendable thing to have on because you wont really be having those regrets on the time that you have secured up profits even if those trading positions would go south.

This is the primary rule when it comes to investing or trading on which always secure out profits if you do see greens or gain.
Dont tend to look back with your missed opportunity because this is something that could really make yourself that stressful.

Your teacher's advice makes sense. It's like securing wins as you go, not just dreaming about what could be. But hey, holding seems to have its fan club too. It's like this ongoing debate – trade vs. hodl. What's your take on it? And seriously, taking profits is like picking low-hanging fruit; it's right there, ready to be enjoyed. What's your strategy so far? Any cool wins or challenges you've faced in your trading journey?

Do you know what the best option is here? On a trading platform, create two different trading accounts. The first account is for storage, where you will put your initial capital for trading, and the second one is for trading. Simple, because you shouldn't put all your capital in one account. You might overuse your capital and not have enough liquidity in your accounts, so better allocate only the funds you need in a trade based on your analysis. Don't put your funds in one place; only then might they be affected, and from there you can keep the money you have earned through taking profit. I always use this strategy, and so far it is great because I will not use all of the liquidity in your account; it might be gone all. Know when to take profit and, of course, stop losing. It's not always a good or profitable trade in crypto trading, so you should always be ready.

everyone has their plans for the assets they own. including to keep holding or selling it for a certain time when you get a profit.
Actually, the goal remains the same, profit. but those who trade, have to be observant to look for profits if they trade in a short time.
If you sell now and have made a profit, then it doesn't matter as long as you get the satisfaction you are targeting. and people who hold assets for the long term have their satisfaction.

Professional trader will always have their target price and will not be fooled by any FOMO or FUD as they are more focus on their own analysis.
For long term holder of course this can only apply depends if their target profit already hit or they are still willing to hold for more.
The market is very unstable, you have to know your target so you can take advantage of your paper profit and turn it into real profit. Take profit once you're happy, and what ever the amount is, that is still a good profit.

Which perspective does this depend on? If the goal is trading, taking profit is an obligation and that is normal because trading is seeking profit. However, if the goal is holding or long-term investment, of course there is an achievement point or investment/holding target, where if the investment or holding target has been met then profits will be withdrawn.

In trading, profit is the most important, therefore taking profit is highly recommended. It would be best for the OP to understand this.

Charitable works or thinking about donating? This is something that 1% of the overall world population would really be doing and the rest would really be securing themselves on the money that they are making
and would really be that cherishing it out for themselves. As for taking profits then this should really be your main priority on which you would really be that having that assuring that you are really that making
money. No one has gone broke if you do really just know on how to secure profits and this is why it would really be that important that you should really know on when to take profits.
Dont make yourself that too greedy when it comes to asking for more profits.

Regret do really always be at the end and if you arent that careful then you would really be that missing out those opportunities on making money on which you should have made it out earlier.
There are really just those people who cant really be able to control themselves when it comes to money and risks management on which on the time that they are
seeing huge green candles then this is where greed do really kicks in and would really be that so hard to control.