This is my long-standing question - How do you make Trading profitable?
Now let me explain the point:
I am doing trading in shares, stocks, commodities and cryptocurrencies since last few years. Most of the concepts related to trading such as Trend Analysis and Fundamental Analysis were part of my professional course which made me interested in trading since I was student. Over the years I have been able to read trends accurately many times and bought cryptocurrencies at times immediately before upward trend. But one thing is still mystery to me, when to sell?
For example, around 10-12 days ago, I accurately predicted the upcoming rally in bitcoin price and long 0.50 BTC at the leverage of 25x @ $9150. Two days later, price rose to $9350. I already made 56% return on my investment in just 2 days. Now this is critical point where I always become blank. Once I made profit, I couldn't predict whether it is good to sell or hold for more profit. No matter what I do, I always make wrong choice. Actually I sold my futures at that day but imagine if I didn't sell, my investment would be up by 538%!! Imagine the profit of 538% in just 10 days!!
Same things happen opposite too. Lots of times, I keep holding coins due to FOMO and lose the chance of making profit. Suppose if I would still be holding my futures and didn't sell them today, price may fall again tomorrow and I may have lost the chance of making 538%.
Let me rephrase my question again for better understanding: Which signals, what techniques, which movement do you consider while making selling decisions so that you always make best possible profit in the given scenario? If I chose right time to sell my futures, I would have made 10 times more profit.
Hello webtricks,
Happy to share my opinion with you
Many times I be in the same place as yours and I often get confused whether to sell or not but from my experience I have realised that it is always better to follow your targets. If your target is to sell at X price then just sell it and don't regret.
I know how it feels when the price increases more than you expect and then you regret that you could have made more if you would have hold.
But the thing is that we must be happy with what we have and never have the greed to earn more.
Selling at the target price would already get you the profits and the market always gives you the opportunity to buy back.
So the ideal thing according to me would be following your target price.
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