What is your profit taking strategy?

SOKO-DEKE

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

I have only been in crypto 14 months and it is only in the last 3 or 4 weeks with Bitcoin pumping that I have seen some profits.

I took out my initial investment in two of the altcoins I hold once they 2x so now have free money in them that I am hoping will see some good returns in the next bull run.

It got me thinking what is the best way to take profits and if taking out my investment at 2x was a clever move or if I did so too early?

Just wondering what everyone else does when it comes to taking profits?

I have planned myself that I will not be taken anything profit expect doing bull run period, so no matter how the percentage of the profits I may make I will not take it, because I have promised myself that any profit I make from Crypto industry after four I will invest it in physical things and I believe that it is only doing bull run period I can make huge profits that can do tangible things.but with this my strategy I only invest in Bitcoin,I don't invest in any altcoins because I don't believe much in them.so I always feel myself that I am in a saver side for long term crypto investment and free my mind from worries about what I don't much.

dansus021

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I actually already post like this before hahaha. But I will give my answer again I'm going to take profit when I think is enough, some of traders will take profit 2 times from their stop loss 2:1. i saw a lot of it on youtube . but don't be greedy there is always a feeling not enough but is bad for you.

Partially take profit and hold it and if you scare of losing then place stop losses above the entry line. It can make sleep you well at night. but if you are long-term holder like warren buffet just buy and forget and take profit when crypto reaches their new ath 4+ Cycle.

Jon_Hodl

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

Just wondering what everyone else does when it comes to taking profits?

I work a job and buy bitcoin with the profit I earn at my job. That's the best way to take profit. Everything else is likely to end up to get you less bitcoin in the long run.

It's easiest to just stay humble and stack sats.

boyptc

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If you just want to settle with your profits then choose bitcoin after selling those altcoins and just keep it from there for a very long time if, you're a long term holder.

Otherwise, just convert it to a stable coin so that whenever a dip comes, you're prepared for it and you'll use it then eventually everytime you see an opportunity that knocks with some of those that's part of your choice to be added into your portfolio.

It might not that be encouraging sometimes but you'll get there and you just have to get used to that style.

Sanitough

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Quote from: cryptoaddictchie on February 20, 2023, 11:27:52 AM

Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

Just wondering what everyone else does when it comes to taking profits?

Ive failed on taking much profit last bull run so my goal now is typically hold my major alts and btc and stake some of my stakeable asset while waiting for target price to sell. Its really a hard discipline if you are a long term holder, but I am sometimes cashing out my asset if I need some extra funds for my leisure and trips. Or if needed emergency money.

As long as you never sell for unreasonable basis, I think you are still profiting from it on the other part. But if you want to accumulate maximum profits, then stay focused on bitcoin and major altcoins as they can be highly profitable if they are hold long term. And only sell then when bull run comes which means time to reap what we have invested long term.

Finestream

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Quote from: mk4 on February 20, 2023, 11:02:47 AM

Bitcoin/Ethereum: Pretty much long-term holds. Not taking out money unless I really need to.

Everything else: Sell when the hype dies down, or when the token reaches fair value. Might take the risk and hold for longer if in an explosive bull run.

Right. Stick with bitcoin and ethereum, they can be high-yielding investments in the future. A lot have proven it and become successful investing from them. As long as you don’t panic everytime the price crashes, then you’re good enough. And stay away from unestablished altcoins as they can never sustain their value in the long run and still end up worthless of our money.

Botnake

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

I have only been in crypto 14 months and it is only in the last 3 or 4 weeks with Bitcoin pumping that I have seen some profits.

I took out my initial investment in two of the altcoins I hold once they 2x so now have free money in them that I am hoping will see some good returns in the next bull run.

It got me thinking what is the best way to take profits and if taking out my investment at 2x was a clever move or if I did so too early?

Just wondering what everyone else does when it comes to taking profits?

Focus on bitcoin, that way you are getting more chances to win from your investment and be highly profitable when it’s price has reached another peak. And don’t sell when you don’t badly need it, accumulate more instead and keep them hodling until you find the market profitable enough to sell. Stay away from altcoins, especially those who are new in the market as they can be good for nothing and you’ll only lose your funds trusting them.

NicNacCoin

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

I have only been in crypto 14 months and it is only in the last 3 or 4 weeks with Bitcoin pumping that I have seen some profits.

I took out my initial investment in two of the altcoins I hold once they 2x so now have free money in them that I am hoping will see some good returns in the next bull run.

It got me thinking what is the best way to take profits and if taking out my investment at 2x was a clever move or if I did so too early?

Just wondering what everyone else does when it comes to taking profits?

Good thing you got profit by investing in cryptocurrency but one thing seems very risky to me. Since you have invested in an altcoin, it is important for you to invest in Bitcoin from your altcoin investment as soon as possible. Investing in Altcoins is very risky and Altcoins can be dumped out of the market at any time. So your investment should be Bitcoin focused not Altcoin focused.

GigaBit

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

I took out my initial investment in two of the altcoins I hold once they 2x so now have free money in them that I am hoping will see some good returns in the next bull run.

You are 100% safe here as you get 2x profit on two altcoins and withdraw your invested money from these investments. If you think those two coins are potential then you can hold them and if not then reinvest elsewhere as per the current condition.

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It got me thinking what is the best way to take profits and if taking out my investment at 2x was a clever move or if I did so too early?

It will mainly depend on you and market conditions. If you think you can get more than 2x profit in next few days then you will keep it and if you think you can get better returns by investing your assets elsewhere then i think it is worth investing. I usually take 20% or more profit from any asset. It basically depends on the investor what he wants to do.

Peanutswar

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Its all depends on your strategy there are some people doing holding for a long term and short term for me top 5 coins like the bitcoin and eth could be a good thing for over a years for holding but if you want to get ride with the market volatile better to take a ride with the short term trading making a small profit every time the price of the coin goes up and down but this takes too much time and must need to keep an eye it depends on your capability to watch the current market movement, at the end of the day profit is profit still always do the basic. Cut the loss and take the profit.

Razmirraz

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

Just wondering what everyone else does when it comes to taking profits?

Set targets and adjust them consistently, investment knowledge is also required in order to be able to calculate when to buy and when to sell schemes. It's not easy to achieve success in investing in crypto assets, be a non-greedy investor. When you get a profit, don't expect bigger profits and don't use emotions when the goal hasn't yielded results.
There are many ways you can take profits depending on market conditions, you can change your plan if you feel that the profit generated is sufficient and come back when market conditions are not healthy.

libert19

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Idk about you but my mind feels free once my initial investment is out so i'd say it's always good idea to take profits (2x seems good choice) and let rest ride it's own course.

jeraldskie11

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

It got me thinking what is the best way to take profits and if taking out my investment at 2x was a clever move or if I did so too early?

Just wondering what everyone else does when it comes to taking profits?

Actually, it depends on your perspective and your trading plan. Some people has a fixed 2x take profit every time they trade because they find it to be profitable.

But, waiting for 2x gain before taking profit is not working for me, I backtested it and will only hurt my emotions because most of my trades almost hit the tp but end up hitting the stop loss. That's why, I decided to change the way I take profit.

Every 20% gain, I will close 25% of my margin and move my stop loss into my entry price so that I will not get loss incase the price hit my sl.

isaac_clarke22

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

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Usually I take profits when Bitcoin pumps at least around 20% and then just keep it again. Those holdings are just like my sideline to earn from and I do have a separate "mother" hodling that I don't entirely sell or touch at any point. It is just there to be a long-term holding nothing else.

Back then I bought altcoins and whenever the increases looked so unrealistic, I would sell it right away. I do not want to end up in sharp red line. To answer your question, no it is not just 2x nor it is too early. It depends on the urgency on how you need the money.

GiftedMAN

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Quote from: Nheer on February 22, 2023, 09:21:07 AM

Quote from: mk4 on February 20, 2023, 11:02:47 AM

Bitcoin/Ethereum: Pretty much long-term holds. Not taking out money unless I really need to.

Everything else: Sell when the hype dies down, or when the token reaches fair value. Might take the risk and hold for longer if in an explosive bull run.

I have lost interest in altcoins as well because u can see a coin pump and when you wake up its going down and that might probably be the end of it. Though i am planning to hold some few altcoin as well when bull run is around the corner like eth, bnb, sol and some few. I will keep holding my bitcoin no matter the market situation.

Just so you don't end up hoping for profit and get disappointed when all your funds are gone, altcoins have no future, sell them all and focus your investment in bitcoin because for what has been seen in the past, we are close to entering the next bull and the amount of bitcoin you hold now will determine how much profit you stand to get. ETH could be a good investment too but the rest that you mentioned here are all shitcoins and can't be matched with bitcoin.

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

I have only been in crypto 14 months and it is only in the last 3 or 4 weeks with Bitcoin pumping that I have seen some profits.

If it is about Bitcoin, I am taking profits from Bitcoin for a long-term period, which means that I am still waiting for the bullish era of Bitcoin to take the profits. This will be worthwhile for me because I am no longer a high-risk taker for Bitcoin investment, so, this will not really give any big influence for my portfolio with this current pump.

Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

I took out my initial investment in two of the altcoins I hold once they 2x so now have free money in them that I am hoping will see some good returns in the next bull run.

If that is about altcoins investment that is for a short-term investment, this will be worthy if you take the profits right before the price probably dump again right? But if you want to make it as long-term period, you must also be able to consider if the altcoins are able to survive until the bullish era or not.

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Quote from: JamesDaniel90 on February 20, 2023, 10:52:52 AM

I took out my initial investment in two of the altcoins I hold once they 2x so now have free money in them that I am hoping will see some good returns in the next bull run.

Still, it's not yet "free money" until you've sold off. Profit seen on screen isn't profit taken. I've seen several instances where tokens rise in price only for them to slump and in some cases, become worthless in price value.

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It got me thinking what is the best way to take profits and if taking out my investment at 2x was a clever move or if I did so too early?

Just wondering what everyone else does when it comes to taking profits?

Well, I think taking profit is something that's subject to individual disposition and. For instance, I like to take profit by piece meal on the average of 25% on my investment or I do something like 95% if I think that token is going to scam or abandoned. I do not sell just for the fashion of it.

Getmon

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It depends on the coins you have in your possession. If you own Bitcoin and Ethereum, you should not anticipate a minor crypto pump as what happened in recent months to double them. You were fortunate to double your investments; I have gained recently but have not nearly doubled my capital. You are earning more and doing well during your lengthy wait, so I have no right to claim that my strategy is superior. I am just being cautious in the market because I think we are a long way off from the next big market pump, like in 2021 and 2017.

JamesDaniel90

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Quote from: Kasabus on February 24, 2023, 07:08:39 AM

Quote from: AakZaki on February 21, 2023, 01:02:02 PM

Make sure bitcoin is your main investment and only for the long term, don't suggest selling too fast. now is a good time to keep buying bitcoin before it reaches a new ATH. But if the altcoin you hold, after seeing it becomes 2x selling it will be better. Altcoins don't last as long when bitcoin is on the move, taking profits faster on altcoins when the hype is better. Diversify your portfolio, using bitcoin as the main investment and altcoins as a short-term investment option.

If you want to see maximum profits when bull run strikes, then stick with bitcoin. Or maximize bitcoin accumulation through DCA, and maybe purchase some Ethereum to diversify your investment. Some other top altcoins can also be profitable but you can never guarantee that they will continue to increase their value even if you will hold them for long term. So once you see them in profits, you can start selling them at their peak price and then focus on bitcoin accumulation and consider them as long term investments. You will be highly profitable if you know how to deal with bitcoin volatility and keep them as long as you want.

Bitcoin is safe profits not maximum profits.

Bitcoin will maybe 6x next bull run at best? some altcoins I have been following in the last month have done 6x in a week.

I am investing in Bitcoin but I am also in low cap altcoins and putting all the profit I make from them into Bitcoin. Yes some altcoins will go to zero but a lot will see good pumps in the coming months.

Kasabus

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Quote from: AakZaki on February 21, 2023, 01:02:02 PM

Make sure bitcoin is your main investment and only for the long term, don't suggest selling too fast. now is a good time to keep buying bitcoin before it reaches a new ATH. But if the altcoin you hold, after seeing it becomes 2x selling it will be better. Altcoins don't last as long when bitcoin is on the move, taking profits faster on altcoins when the hype is better. Diversify your portfolio, using bitcoin as the main investment and altcoins as a short-term investment option.

If you want to see maximum profits when bull run strikes, then stick with bitcoin. Or maximize bitcoin accumulation through DCA, and maybe purchase some Ethereum to diversify your investment. Some other top altcoins can also be profitable but you can never guarantee that they will continue to increase their value even if you will hold them for long term. So once you see them in profits, you can start selling them at their peak price and then focus on bitcoin accumulation and consider them as long term investments. You will be highly profitable if you know how to deal with bitcoin volatility and keep them as long as you want.

Topic: What is your profit taking strategy? (Read 319 times)