Topic: Taking Profits on Altcoins Strategy - page 4. (Read 1071 times)

As long as you're content with the profit then take it out and have it cash if you want or remain it as a stable coin. So in times of drop again, you'll be able to buy those coins that have dropped a lot and that's what most of the traders in long term does. They wait for the plummet of those coins that they want to hold again and make a profit by holding it. The strategy is very easy but to spot on those coins that you're about to buy at their possible lowest is hard. You need to be more active in the market and check out which of those have dropped significantly and if you think that coin is worthy to buy at its lowest then you just repeat the strategy.

Yes,my friend but I don't really focus on the target too if there is a chance to sell I will definitely do it even though in the short term I don't waste a profit opportunity if I find lucky time when I see a green market

Stable coins is not moving that much but crypto due to it's volatility the value against usdt is really good if you are into
day trading, you can pick which assets that's expereincing downfall,

Buy and wait, then convert it back to usdt once the market rise up, short term profits is far better than waiting for long
time but missmanaged your timing.

Depending on how trusting you believe the blockfi platform is, personally I won't trust my coins in such places I  have no control over,  besides I don't know what is the interest rate they give on stablecoin staking but I feel it is not worthy keeping your entire crypto funds because of some miserly interest, the best idea while taking profit is either sell to stablecoin and hold yourself until when the market correct enough to buy in again.

My take on this is that, yes, buying and holding BTC for the long term is a strategy that many turn as it is believed that it will pay off in the future. But I'd also not sell the crypto market short and would also suggest considering a few strong alts like ETH.

With Serenity on the way it looks to me that buying and holding ETH for the long term could increase your odds of success.

I agree, as for tax, there isn't much way around it, unfortunately, you'd have to pay it as capital gains whenever you're converting your original coin for that profit within the current tax year.

Taking the profits from altcoins seems simple for me all I need to do is to exchange the altcoin to ustd and hold till the dump comes to buy back and wait for the next pump to sell again.

You can still be profitable as the market drops, since dropping every weekend is a new trend. Thing has not always repeat but last 2-3 month trend on that way. Money takes the weekend off then buy back from the weak hands. I'm expecting good days still left, instead selling just holding. Anyways, No one knows for sure what happens next DYOR!

With convert it into a stable coin, he can buy again when the price is down or he can select the other coin which will have potential and have a chance to increase later. As long as we know when we should sell and take profit, we can sell it and do not wait for more or become greed because we will be too late to sell at a high price. We should use the chance to make a profit while we see it. Otherwise, we will regret not selling at a high price because the price will not stay at a high price for a long time.

I prefer the strategy after selling altcoins into fiat currency and then entering the stable coin I chose usdt because it can secure profit and take a chance when usdt goes down when altcoin goes up and when altcoin goes down usually usdt goes up and then sells it to buy other altcoins

after the bull, and you get a profit from the investment you make it would be better to keep it in a stable coin and you can stop for a while to enjoy it.
usually, I do that when I get a big profit from the bull run. like this year because I came out of the market at the right time.

After the correction, I bought some for potential altcoins in the market improvement, but this is not for the long term because the potential for the down market is still very large. so when we get a profit we can get out of the market quickly. don't ever think the bulls brought the asset to break the ATH in such a short time.

i have my own taking profits strategy to accumulate my balance, it is very simple and every one could do this. don't ever take high expectation if your single trade could give us profits more than 100%, its greedy and be main enemy for our self. personally i am prefer to take around 5 to 8% for daily trade, its small amount for some people but if we do this consistently , in a month we will get more than 50% from our balance. Its bigger than return in bank saving.

In the beginning, you no need to sell your alts for fiat then buy stable coins using it, just directly buy stablecoin with alts since crypto to crypto conversion also going to be taxes as per US regulations so just avoid multiple conversions to cut the tax paying then you can invest on blockfi or simply hold the stable coin into your wallet then reinvest back after years so you are going to pay less taxes as well due to long term capital gains.

Then never take any loans, just take your capital amount and keep the gains as an asset so you no need to pay any taxes until you convert the assets into fiat.

if you want to profit from cryptocurrency the strategy you have to do is patiently wait for the right moment to buy coins at low prices and sell them at high prices, when a dump occurs then we must be able to buy as many coins as possible after the price rises then we can withdraw profits, do not sell it at a low price even though you are stuck at a high price. implement this strategy I'm sure you can get a profit.

this way will be very profitable when the market is in very good condition as well as in very bad condition.
but in a fast-moving market situation, I prefer day trading. trading BTC or assets that have high trades will be profitable for day trading.
but staking stable assets is also good because we will not lose the value of the money even if the market is in a bad state. but staking with other altcoin assets will be different because profits will be largely determined by market conditions.

I will go with this strategy, it is better to hold an stablecoin and put it in some exchange that has offer staking at least while you wait your money get some percentage of profit.

I echo most people here, if you think your alts have topped I would cash out into bitcoin but I wouldn't go into fiat.  Yeah once you trade out your alt it's a taxable event so if you don't want to get the tax hit only way is to stay in your coins and hold out.

yes that's right, we can apply a benchmark, we only sell when the price is low and sell it when the price is high, as long as there are many corrections like this, we can use the right time to buy the coins we are researching at low prices, we just have to wait current pump and take advantage of it.

1- If I sell then I go buy BNB because most of the time I am investing something in BSC and that means BNB is the king there, plus I believe BNB will go up to 700+ dollars or even to 1000+ dollars eventually so it is not a bad investment.

2- I do not like the interest rates on stablecoins because there is nothing that can gain you interest by default, those places are either ponzi scheme or use your coin to gain profit in which case they may end up failing and losing money so its going to turn into ponzi eventually when they lose money.

3- I would say btc and eth is a good decision, but keep some BNB because like I said before I like BNB and see a future in that as well.

4- It depends from nation to nation, some nations do see it as something you still have to pay, whereas others do not even recognize any tax burden until you cash it out to your bank account so even if you made millions in crypto as long as it stays in crypto its free (but this is only some nations, check with an accountant in your nation to learn the answer).

5- Investing into real estate is always a good idea because you already spent your money and now people have to work for you, finding proper people to rent your estate is a very very very difficult job and I would advise against that, but the building itself will gain value thanks to inflation so keep that in mind. Remember you can show your profits as collateral and get even bigger loan to buy something even bigger if you trust you can make money from it.

I would suggest this; that once the bear market starts, invest part or most of your portfolio into DeFi.
But not rugpulls, something stable and secure like aave or compound

One simple thing what I am similarly doing like you is, converting my profits from altcoins into stablecoins and then waiting for dips to buy more of the same altcoin. Please note I'm trading only highly reputed altcoins so I'm having confident about bouncing back of those coins always. Do not do the same for random coins as they may never get pumped again.

Do not trust any third party services for your money; there are a lot of such services are offering attractive interest but I never listen to them; keep your coins in your computer/mobile because only when you are holding privatekey, those are your coins.