Take Profits! Its important! - page 10.

Maslate

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Quote from: Beparanf on March 07, 2024, 10:21:51 AM

Quote from: Joseph-P on March 07, 2024, 10:13:08 AM

I've seen this happening each cycle.

We all need to understand that 1st priority in crypto is surviving. Profits are in 2nd place. Yes that sounds counterintuitive, but it's really simple. The real skill is not in making money. The real skill is in keeping it.

I hope you found this useful. Keep up the flow, and may the force be with you.

You shouldn’t invest money if your priority is keeping it. Just put in the bank and wait for the annual income if your goal is survival of your asset rather than profit.

You should invest only what you can afford to lose so that you are free to take necessary risk to make profit. Taking profit is always a good idea since any form of profit is good. But your suggestion of prioritizing the safety of your asset first before the profit will just limit your earning potential since you will keep early selling when there’s price volatility that is normal in crypto.

Invest to make profits, not to safekeep your future profits. Otherwise, you will definitely keep missing opportunities to make profits because you are being greedy while waiting for the perfect opportunity to sell until you end up selling at a loss. I have been doing this way back then but I have only made little profits and the rest are just missed profits. So I don’t want to repeat the same mistake again most particularly that the market is unpredictable. Sell when there are potential profits, hold when there’s still none.

famososMuertos

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What you mention is something specific and it works at a certain moment, it is not the whole, obviously without money we do nothing, there is a phrase that is more assertive than a very misused one that is proclaimed as a "drug" to risk, and it is: "Do not invest money that you can afford to lose," it is the loosest phrase there is, since many confuse it with its true reality of use in investments. Anyway, the phrase that replaces that is "there is a tomorrow to invest, don't spend it all today."

(It is a vague essence of your idea in the OP)

What you mention is a circumstantial idea or strategy, it is not something that eliminates profit as an objective.

Since if you maintain that idea over time you will not allow yourself to eventually have a tomorrow to invest, so profit is in fact fundamental, so you have to have yes or yes, profit and loss phases, but stay in "safe" mode It will not always save you from losses.

kentrolla

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Yes we need to have a strategy because I am someone who has been around crypto for a while but I have made this mistake numerous times as greed take better control over us and after a while we don't even start applying SL and I have lost huge amount in the past just because of difference of few points I think we need to aim for smaller profits with multiple trades and set up a smaller profit range and if the market is good like it's now we need to be active and play with multiple OCO range in order to avoid losing and maximizing the profits. I am not much into trading now but will be back to trading and decide an strategy like I will keep aside certain ratio of profit separately.

crwth

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I think we are not yet at the hype of the actual bullrun because I think the people surrounding me, who are not that hyped about cryptocurrencies, are not yet asking me who has an idea with crypto. Before, when it was the bulll run, I experience that but now, I don't think it has that kind of impact yet even if we are near the ATH.

It can be a sign that it's not yet the peak but we can, however, see that we can take advantage of the green market. I agree that it's good to take profits.

snowpega

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Quote from: Joseph-P on March 07, 2024, 10:13:08 AM

In my opinion, we should book some ratio of profit here as the market is in extreme level of greed, and Bitcoin already has broken its last all-time high, Well i have not booked any amount from any altcoin I am still holding them because any of them has not hit even single of my fixed target. I have booked some ratio of profit from two points first at the time when bitcoin was at $60K and second, when bitcoin was at the price of $68K all these profit bookings were done with the intention of buying back so that I can accumulate more bitcoin well till that time I am just watching the market to make it happen (correction of the market.)

Booking with the rasing of price is a very important thing as I remember one incident of my friend he had invested a good amount in one project and these days the market was in greed he did not book any profit using any booking strategy he just fixed to a certain point if the market will reach here I will book then market made a big down move and he has to face a good lose haha. So, I recommend bull season is on the way to make one good book strategy to overcome loss problems. in my case, I am using the DCA technique for booking profit. DYOR!

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When greed takes over us because we want to get bigger profits, we may have lost the opportunity to take advantage of the profits that we should have gotten. However, many traders still make this mistake because they think the coin price can still rise so that their profits can increase.
They don't remember that market conditions can change immediately after rising high so they have to be wise in responding to it. If they want to profit, they must sell their coins immediately.
If they believe the coin can rise high, they can hold the coin to sell at a higher price. But once again, they need to know whether this can still happen or whether the price will experience a correction after reaching its highest price.

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Yes greediness really impact a trader’s profits. Due to greed, traders often forgets to cashout or sell the coins, for which they miss the potential profits and at last they end up making losses. The solution for this can be, if they set profit targets for each coin, then definitely they will sell at that profit point. In this manner you won’t be taking more risk and will be making at least some profits. Traders need to understand this concept clearly.

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Ah, the classic take profit vs hodl.

There are simply some trades that are meant to be made in a short time span(hence taking profits early), and there are some trades that are made to be held for longer periods of time. There is simply no one-size-fits-all advice for this industry.

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Quote from: Joseph-P on March 07, 2024, 10:13:08 AM

...We all need to understand that 1st priority in crypto is surviving. Profits are in 2nd place. Yes that sounds counterintuitive, but it's really simple. The real skill is not in making money. The real skill is in keeping it.

I would still change priorities, because if you can't make a profit, then you will have nothing to keep) Obviously, we are talking about how, as the price increases, it is necessary to fix part of the profit, which it is desirable to withdraw to fiat, so that life is more fun.

mindrust

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"No one went broke taking profits."

Your profits are all on paper unless you realize them. By "realizing" I mean converting them to FIAT. It may sound weird to many people but we still live in a FIAT world. People still price their stuff in FIAT because it is somehow predictable unlike crypto. Yes FIAT sucks and it makes you poor in the long term but the thing is, you exactly know what you gonna get.

With crypto, there is too much uncertainly. Too volatile. So don't forget to take dem profits every once in a while.

Majestic-milf

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First of, you made mention of "extreme greed' levels and this means by my understanding that traders will possess the ability to want to benefit from the market at all costs, not minding that it can crash at any moment, so what do you expect?

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We all need to understand that 1st priority in crypto is surviving. Profits are in 2nd place. Yes that sounds counterintuitive, but it's really simple. The real skill is not in making money. The real skill is in keeping it.

the essence of trading is to make profits but that should not over rule the need for survival, that is why it's important to not have Bitcoin trading as your only means of investment, diversifying will help take your eyes off constantly checking the charts because sometimes it's when most of your money is in one basket that you will get greedy.

SamReomo

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When someone opens a position whether it's a long position or a short positron that person wants to earn profits form that position. Some people want to earn so much profit from their opened positions and when they see some green PNL then they get happy and wait to see some more of it. That's the worst mistake a trader makes and such traders often end up losing money rather than making any profits.

A good trader on other hand will try his best to get as much profit as he possibly can and such traders really don't care much about earn huge profits in one trade. A good trader wants to earn some profit from each trade and overtime the profit gets higher. A good trader take low risk and believes in good rewards, and that's why such traders always set take profit and stop loss on the trades.

So, I guess whatever you said in your thread is somehow correct and actually I also believe that a trader should take profits as often as possible. No trader can keep a 100% win rate and if someone shows that he wins 100% then that's more like a fraudster or a gambler, not a trader. A trader has to face both wins and losses because without losses a trader can never learn trading fully.

Beparanf

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Quote from: Joseph-P on March 07, 2024, 10:13:08 AM

I've seen this happening each cycle.

We all need to understand that 1st priority in crypto is surviving. Profits are in 2nd place. Yes that sounds counterintuitive, but it's really simple. The real skill is not in making money. The real skill is in keeping it.

I hope you found this useful. Keep up the flow, and may the force be with you.

You shouldn’t invest money if your priority is keeping it. Just put in the bank and wait for the annual income if your goal is survival of your asset rather than profit.

You should invest only what you can afford to lose so that you are free to take necessary risk to make profit. Taking profit is always a good idea since any form of profit is good. But your suggestion of prioritizing the safety of your asset first before the profit will just limit your earning potential since you will keep early selling when there’s price volatility that is normal in crypto.

Oshosondy

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Quote from: Joseph-P on March 07, 2024, 10:13:08 AM

When we are at Extreme Greed you need to be taking some profit off the table. Most people in crypto fail to keep the money they've made. They either sell too late or they selfishly watch all profits fall back to zero.

It did happen to me countless number of times. The last one that I remember that caused me significant loss was when I was winning $45 already but I set TP at $50. The market later went down and I lost money a lot. As a trader, it is good not to be greedy.

Joseph-P

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When we are at Extreme Greed you need to be taking some profit off the table. Most people in crypto fail to keep the money they've made. They either sell too late or they selfishly watch all profits fall back to zero.

I've seen this happening each cycle.

We all need to understand that 1st priority in crypto is surviving. Profits are in 2nd place. Yes that sounds counterintuitive, but it's really simple. The real skill is not in making money. The real skill is in keeping it.

I hope you found this useful. Keep up the flow, and may the force be with you.

Topic: Take Profits! Its important! - page 10. (Read 1599 times)