Take Profits! Its important! - page 8.

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To the Moon

Quote from: Joseph-P on March 07, 2024, 11:13:08 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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Top Crypto Casino

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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Burpaaa

Quote from: Joseph-P on March 07, 2024, 11:13:08 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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...gambling responsibly. Do not be addicted.

Quote from: Joseph-P on March 07, 2024, 11:13:08 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 8. (Read 1249 times)