What is your profit taking strategy? - page 2.

summonerrk

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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?

In no case do not start investing more in your deposit. 14 months is still a very short time for a trader. I am sure that you are a smart person, but even the smartest need about 2.5 years to start showing stable financial profits from the cryptocurrency markets. Yes, it may seem to you that you have already made all the mistakes, and you have experience. But be patient for another year and only then invest additional funds. So far, you are still learning.

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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? ..

If the price of the coin has increased by 2 times, then it would be reasonable to withdraw the initial amount that you invested. In this case, regardless of the further movement of the coin, you will retain your initial investment amount, which you can re-invest in another coin that is being adjusted.

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Quote from: GigaBit on February 22, 2023, 10:29:56 AM

Quote from: bounceback on February 22, 2023, 01:32:18 AM

Quote from: pawanjain on February 20, 2023, 11:32:15 AM

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 made many mistakes myself by not taking out the profits while it lasted.
Trusting a project deeply is one thing and taking out the profits on regular basis is another thing.
I think other than bitcoin and ethereum all other projects are those where we should take out the profits on regular basis.
For bitcoin and ethereum it can be a good thing to hold for long term.

If investing with altcoins, it might be better if you immediately take profit when the price of the altcoin experiences a price spike that exceeds the price at the time of purchase, it is not recommended to hold altcoins for a long time, especially if the coin is not popular in the market because altcoins are usually the ones that less attractive will not have a better value in the future and the price is also easily manipulated so my advice to take advantage of it when the price is rising is the right thing to do but it is different with bitcoin because so far it has proven to be able to provide more profit by holding it.

Except Bitcoin and Ethereum, investing in altcoins should take profits regularly. In the last bearish market i got good returns in some altcoins but I didn't take profit and therefore i faced big losses in all those coins. Some of altcoins are dead. So learning from that mistake, now i try to hold Bitcoin and Ethereum for long-term. The rest of the altcoins will be sold regularly as soon as i get profit. The crypto market is having a good time right now so I'm not worried about my altcoins. I will try to withdraw my return in due course. But what an investor should do that depends on himself.

It will be a mistake you will never forget. Had a lot of profit from altcoins but didn't take those profits, so the market was bearish and all was lost. If you have to hold on and believe in the altcoin, then you have to hold it until a return will occur without having to cut losses which of course will cut your losses and lose some of your money. some altcoins that are dead and abandoned are of course hopeless, you only need to focus on altcoins that are still being built by developers and of course you hold bitcoin and ethereum as the main coins.
The profit taking strategy is actually very simple, get it and then sell it, but in practice it won't be as easy as saying words.

GigaBit

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Quote from: bounceback on February 22, 2023, 01:32:18 AM

Quote from: pawanjain on February 20, 2023, 11:32:15 AM

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 made many mistakes myself by not taking out the profits while it lasted.
Trusting a project deeply is one thing and taking out the profits on regular basis is another thing.
I think other than bitcoin and ethereum all other projects are those where we should take out the profits on regular basis.
For bitcoin and ethereum it can be a good thing to hold for long term.

If investing with altcoins, it might be better if you immediately take profit when the price of the altcoin experiences a price spike that exceeds the price at the time of purchase, it is not recommended to hold altcoins for a long time, especially if the coin is not popular in the market because altcoins are usually the ones that less attractive will not have a better value in the future and the price is also easily manipulated so my advice to take advantage of it when the price is rising is the right thing to do but it is different with bitcoin because so far it has proven to be able to provide more profit by holding it.

Except Bitcoin and Ethereum, investing in altcoins should take profits regularly. In the last bearish market i got good returns in some altcoins but I didn't take profit and therefore i faced big losses in all those coins. Some of altcoins are dead. So learning from that mistake, now i try to hold Bitcoin and Ethereum for long-term. The rest of the altcoins will be sold regularly as soon as i get profit. The crypto market is having a good time right now so I'm not worried about my altcoins. I will try to withdraw my return in due course. But what an investor should do that depends on himself.

Nheer

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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.

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.

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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?

A very clever decision for Altcoin investment. We can never trust those shitcoin in which majority are pump and dump. It better to take profit at 2x pump because not withstanding Bitcoin is pumping many projects will still dump in the process even before the bear market sets in. So consistent profit taking in altcoin investment is the surest way to stay in profit else the breeze of ill-luck can just strike and everything goes down to zero

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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?

Everyone has their own strategy and what might work for me, might not do same for you and what really matters is that we stay profitable at the end of the day which you did so I wouldn't say you did anything wrong to have taken your actual capital invested.

What truly matters is how much knowledge you've gotten about crypto for the period of time you stayed and not how long you've stayed.
So I will advice that you get the necessary knowledge about crypto before diving into it to make profit and there are several ways you can make money in crypto which includes
~ trading
~ farming
~ Mining
~ staking and some other ways and which ever way you choose, always price risk management.

ajiz138

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If the altcoin is invested but already has a profit of 2x or more than that then I will take the capital while the profit will be processed again on another altcoin with a short-term duration to take the same profit faster even though it only gets 2x as long as I trade altcoins.

But unlike bitcoin it has to be long term for me because the prospects will be different from altcoins so I believe in investing in bitcoin as a long term or even myself after getting profits from altcoins then moving to bitcoin then it will be much better.

While there are opportunities in altcoins, make good use of them, the most important thing is don't be greedy because that will get you stuck in a downturn.

bounceback

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Quote from: pawanjain on February 20, 2023, 11:32:15 AM

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 made many mistakes myself by not taking out the profits while it lasted.
Trusting a project deeply is one thing and taking out the profits on regular basis is another thing.
I think other than bitcoin and ethereum all other projects are those where we should take out the profits on regular basis.
For bitcoin and ethereum it can be a good thing to hold for long term.

If investing with altcoins, it might be better if you immediately take profit when the price of the altcoin experiences a price spike that exceeds the price at the time of purchase, it is not recommended to hold altcoins for a long time, especially if the coin is not popular in the market because altcoins are usually the ones that less attractive will not have a better value in the future and the price is also easily manipulated so my advice to take advantage of it when the price is rising is the right thing to do but it is different with bitcoin because so far it has proven to be able to provide more profit by holding it.

AakZaki

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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.

kamvreto

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Quote from: Don Pedro Dinero on February 21, 2023, 01:39:40 AM

My strategy is similar to the one outlined in the thread. Mainly accumulate, especially when the price is low as it is now, although I do not resist from time to time to make some transactions, but spend more in the next bull market, although for the next bull market I hope to continue accumulating despite increasing the level of spending. I still don't think I have reached an amount of bitcoin that will allow me to stop worrying without accumulating more.

You could say the stacking strategy as you mean is the DCA strategy that is usually applied to those who want to hold for the long term. Continue to make purchases so that later you will meet the buying average, and sell at the upper price target, that will give you a bigger profit. But the capital needed is also more, because every time the price drops you will continue to buy it. if you have not reached the number of bitcoins that you specified, then continue to buy would be better. this will be good for the long term.

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My strategy is similar to the one outlined in the thread. Mainly accumulate, especially when the price is low as it is now, although I do not resist from time to time to make some transactions, but spend more in the next bull market, although for the next bull market I hope to continue accumulating despite increasing the level of spending. I still don't think I have reached an amount of bitcoin that will allow me to stop worrying without accumulating more.

Charmekkd

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in my opinion, if our investment already makes a profit, it's better to just take it, especially if the investment is in altcoins, because altcoins usually have a high risk.
so we have to remember that investment is looking for profit so if there is already a profit it is better to just take it and enjoy it.
and it's usually greed that makes us broken.

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Quote from: hatshepsut93 on February 20, 2023, 07:51:38 PM

My strategy is to sell when there's a huge bull market that comes after the halvening, and I do it when it's clear that the market is very hot but starts running out of momentum. So selling now would be bad, because this is a small bull market that can go unpredictably.

And I never sell all my coins, I only take out enough to diversify my portfolio or achieve some goals. The rest are there for the long run. I also plan to reinvest some of my future Bitcoin gains back into Bitcoin when it will crash after the big bull run.

The bull season is always good times for traders and investors to triggered the sell actions on trades, not talking about small bull traps, rather when every projects in the market starts becoming green long candles. Buying during the bear and selling when the bull comes is a good trading strategy that have work for me in years, but required enough time before your target will be reached, more of patience is exercised. Bitcoin is the main target for the bull season, many traders and investors have pieces of bitcoin which they're timing it on the bull season.

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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 you need money for spending things in life, you can take profit with part of your Bitcoin and use it. If you don't need money, don't take profit, Bitcoin is still in a bear market and you will have higher price to take profit in 2024. If you can wait, wait one more year and take profit.

Quote

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?

With altcoins, it depends on what are altcoins you own now.

If you own Ethereum and BNB, you can treat them like Bitcoin.
If you own other altcoins (not ETH and BNB), treat them differently and if you already saw like 2x profit, take profit immediately and don't touch them in next 5 to 6 months. Those shit coins will be dumped soon.

Jatiluhung

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because it's in altcoins so I think even 2x is decent enough to take profits. considering the risks that await are indeed greater. but back to the fundamentals and potential that you have seen in the altcoin project.

But personally, if it's an altcoin, I will take my capital first. and leave the rest if the altcoin project still looks to have higher upside potential. and then sell everything when the hype dies down.

hatshepsut93

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My strategy is to sell when there's a huge bull market that comes after the halvening, and I do it when it's clear that the market is very hot but starts running out of momentum. So selling now would be bad, because this is a small bull market that can go unpredictably.

And I never sell all my coins, I only take out enough to diversify my portfolio or achieve some goals. The rest are there for the long run. I also plan to reinvest some of my future Bitcoin gains back into Bitcoin when it will crash after the big bull run.

Fara Chan

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Not all Altcoins are the same, and it really depends on the Altcoin of choice, the problem when using Altcoins to get profits in the short term really depends on someone's choice, there are Altcoins that have good quality to get results, and vice versa, there are many projects in the market, thus determining the choice of someone who wants to make short-term investments.

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?

It depends on your main target in investing, do you want to get results of 2x or more, but what we know is that most who invest in Altcoins they take from every profit they get not only based on how many multiples are produced, but there are also those who are waiting for the price to 3x to 5x to take advantage of the return on their investment assets. Apart from all this, it also really depends on the chosen Altcoin, some of them determine the target, and some determine the multiple, depending on the person and their goals.

pixie85

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I can tell you what my strategy used to be.

Once I realized most altcoins were going to only cost me money, I turned to bitcoin. I bought some and caught the 2017 rally. It went so fast that I didn't even think about withdrawing at 2x, I let it roll. At 10x I withdrew my first investment and let the rest grow. At 12x I withdrew 10% and another 10% at 15x. I held the rest of my bitcoin all the way down from 20 to 3000 and I still have it.

I later spent some of that sold 20% to buy ETH when it crashed to $300. I also bought ADA in 2019. In 2022 I didn't touch my bitcoin at all, I sold only some of the coins saved up from signature campaigns and half om my ETH. That gave me enough money to be set for years without being forced to sell my bitcoin investment.

I plan to maybe sell some bitcoin when it breaks 100 thousand dollars and another part at 200 thousand. I have enough money and enough time now to be slow and steady with my 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.

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?

My profit making strategy is that,I sell when the price hits the bull market or at my target price as long as it is more than what I bought, if it is important for me to sell.

The best time to sell is when bitcoin price hits ATH,but for you to achieve this,you have to be patient and hold for long without panic. Some of those altcoins are not to be trusted but there are still good altcoins, ethereum is doing good in the market.

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