Noob question: how do you take profits?
I think the hardest thing to do in crypto is to hodl, even when everything is melting. Then the second hardest thing is to take profits. Because we will always feel greedy that it can go higher.
Is there a strategy for this? Do you decide on a certain fixed exit price or do you DCA out? How do you decide what the DCA targets are - just based off the last ATH, or percentage based? E.g. every 10% pump, I sell x portion
How do you know when to take profits and when to hodl? Also, am I supposed to take profits now and then when there's a pump? Or would it be better to keep it staked all the way?
Is there a strategy for this? Do you decide on a certain fixed exit price or do you DCA out? How do you decide what the DCA targets are - just based off the last ATH, or percentage based? E.g. every 10% pump, I sell x portion
How do you know when to take profits and when to hodl? Also, am I supposed to take profits now and then when there's a pump? Or would it be better to keep it staked all the way?
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HoodedxGOON : I’m hardly a seasoned investor. But I think it’s helpful to VERY FIRST thing. Decide if your playing the long game or not. I’ve Come to reality that the more I fuss and move and try and shave some profits. The more you’ll pay in transaction fees. Little as they are, it’s by design and they add up. Invest and park it, and instead of taking profit at a certain price point. HODL until a certain date. Otherwise you’ll be pulling ur hair out trying to “cash out” at just the right moment. But again I’m hardly a professional. Just my own approach.
Tesla-55 : Set trailing stop loss and decision making is easy.
If you are exit early buy back and reset stop loss.
Simple.
LuxNova : It's 1000% self-discipline. Get a journal for your trades and start logging all of your trades and reasoning behind each trade. Sometimes we forget the number we first had in our minds when we are thinking logically. Then see something rocket and fomo replaces all logic.
Robert Mita : CZ is over so am I never ever again blockchain explorer is over being used by CZ and all the exchange stole all my money never paid me threaten me and my little girl use photos of me to try to extort me 5 years of hashing and building up an industry for people and I get f***** at the end
Nase : I always screw up
So this is what I do
1) after it goes up few days or 20% or so I self 1/3
2) the rest move to break even and sell 1/3 from original size around 50% the rest I keep it float
So I usually buy 3 in pairs
But after 2y I know this is not easy even I made this rules I keep on making mistakes
Sg-Jin HoodedxGOON: Always have a hodl bag, and a trading bag.
That works for me.
My hodl bag is meant for 10-20 years hodl and my trading bag is what I trade during a 4 year halving cycle.