No one has gone broke taking profits, always take profits. - page 6.

Davidvictorson

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Quote from: Oshosondy on January 19, 2024, 04:58:27 AM

Do not mind your teacher if he or she is talking about trading cryptocurrencies. It is better to hold coins like bitcoin (not shit coin) and wait and be happy later after the price go up. If the price go down, you can wait until the price go up.

From a personal perspective, consider taking profits selectively, prioritizing essential needs like medical emergencies or contributions to your favorite charity, if that aligns with your values..

Beside this, stick to the advice above, hold your bitcoin and take profit on your shitcoin. It would be illogical to take profit on bitcoin and then converting the best money the world has ever seen into a weak fiat that you then need to immediately pay taxes on. Understand that bitcoin is hardest currency ever created.

If you want to follow the advice of your teacher, an alternative way to do it, is to take profit on your eth, xrp , cardano, stocks, Euros, Yen or Canadian dollars or US dollars and strategically invest it in bitcoin.

hd49728

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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.

It is true but to take profit, you must be taught to cut loss and to exit your position if the market goes bad. Because in trading, with a trader, initial capital is most important. If you can not protect your initial capital, you will not be able to get profit and soon will get broken from trading.

With discipline to enter and exit the market, and with priority to defend initial capital, you are on a safe trading way to gain profit.

One of best weapons in trading.

AicecreaME

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No, your teacher is wrong, don't listen to him.

Either he's just looking for someone who will do the same thing he did which he regrets until now or he just like to drill that kind of mindset in your brain. Holding for long term is much better than taking profits every single time you feel it's good to sell to get some profit, and I'm sure it is not that big. Don't waste the opportunity you got when you bought your Bitcoin in the lowest price just to apply your teacher's experience.

MIner1448

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Certainly!!! Taking profits can be especially useful in volatile market conditions. When you fix it, you can save the achieved result and reduce risks in case of a possible trend change. The interference of emotions in the trading process often leads to unjustified decisions, and the ability to take profits helps to cope with this challenge.

ultrloa

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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.

Yes actually that is actually what we need. Being greedy for thinking about more will just lead us to encounter such unwanted losses that's why for newbies they should not expect more especially if they don't know a lot yet on trading. Much better is they take their profit once they feel it and don't regret those decisions especially when you see the coin you already sold still pumping since we need to think about our profit gains and there will be next time for that and we should take profit for another round again.

Nothing wrong with holding and that actions has been done by experience trader who have strong belief that there are more from the coins they bough especially for bitcoin. It will be wrong if you hold a shitcoin and think about having it until it pumps then reach what bitcoin hit for to many years since for sure this is far to happen the would rather get higher chance to lose with that.

Lanatsa

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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, then sure.

Yes, this is true on which there are really that projects which are really that worth to be hold and there are ones which are really that good for short specially on trading up some meme coins or projects
which arent really that good when it comes to its overall use case and relevance. This is why it would really be that just depending on someones preference on which path they would really be planning to take.
This is why i do really make some partition when it comes to trading funds and to those coins which are really that meant to be hold up. When dealing up with degen and short term trades
then it would really be just that right that you should really be that taking profits even into those spot trades on which profit is profit.

Those profits that you do made then it would really be put up into those long term projects that you are holding. This is what im really that doing on which im really that
able to accumulate profits in my short term trades and those profits would really be put up into my long term holds. Rinse and repeat!

kojektea

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what your teacher said is very true, but you have to take action first when you start trading with bitcoin indirectly you will look at many other coins and suddenly the price rises, in this position you will feel jealous and want to move to buy other coins, what your teacher said is bitcoin trading but cannot be applied in other trades

Oshosondy

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Do not mind your teacher if he or she is talking about trading cryptocurrencies. It is better to hold coins like bitcoin (not shit coin) and wait and be happy later after the price go up. If the price go down, you can wait until the price go up.

It is easy to say take profit but trading is not like that. You can open a position and not see profit at all for a while and some people will use the leverage that will cause their trading asset to get liquidated fast. Trading is more than just that, you have a lot to learn. See trading as risky as gambling than seeing it as taking profit.

mk4

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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.

$weetne$$

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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.

Topic: No one has gone broke taking profits, always take profits. - page 6. (Read 831 times)