Newbie - when to take profit

[TheUltraElite]

OP, if you are new to trading stop thinking that you are making silly questions because every doubt is a doubt silly or not does not matter.

Coming back to topic, if you have made a profit, book it and sell the coins. That will ease your mind. This is important because the fact if not sold would plage your mind every time the price dropped. This leads to a vicious cycle of anxiety and depression which is deadly. Hence take a profti out when you can and tell yourself that you did a right thing. Then decide when to buy back and get into the market again. Recycling your money is important here.

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[kennen1113]

OP, if you are new to trading stop thinking that you are making silly questions because every doubt is a doubt silly or not does not matter.

Coming back to topic, if you have made a profit, book it and sell the coins. That will ease your mind. This is important because the fact if not sold would plage your mind every time the price dropped. This leads to a vicious cycle of anxiety and depression which is deadly. Hence take a profti out when you can and tell yourself that you did a right thing. Then decide when to buy back and get into the market again. Recycling your money is important here.

Well, most newbies often ask when to take profits but they don't realize that this job is something they should do right from the moment they start buying, they need to set an accurate and appropriate rate of return for their investment because time and greed factor is always cause us to miss the opportunity to take profits, so we need to prepare everything. And after being successful in a fight, the best thing is to rest, finding an opportunity quickly is impossible, emotional excitement will deceive us.

[Salauddin1994]

Newbie looking find profit only If they think of losing, thinking only of profit will solve all the problems In fact the opposite happens more often In that case, there is nothing new to think about Keeps It is only natural for them to make mistakes when their profits are the main thing And they get hurt because of these mistakes.

[shoreno]

Newbie looking find profit only If they think of losing, thinking only of profit will solve all the problems

agreed . as a newbie thier mind is mostly compose of profit or on how to earn and simillar stuffs like that but they dont know how dangerous they are going to venture  .  this is should be corrected asap . 

OP, if you are new to trading stop thinking that you are making silly questions because every doubt is a doubt silly or not does not matter.

i dont find that a silly question but its okay to ask question like this since he is still a newbie  .

@op yes , that right  .  you can take the profit and leave your starting capital to be able to earn again  . thats what most of us are doing right now  .

[asyakashi]

save your bitcoin friends, and sell in 2020,
do not rush into the profits now, because future profits are many times greater than now.
and precisely if you have cold money, and you can reinvest, but I'm not advocating, just giving ideas.
it's all up to you.

Everyone says the same thing, what exactly is there in 2020?
is this because of halving bitcoin or related to some issues about coin libra that will make bitcoin prices go up?
I believe but need a reasonable reason.

[Mpamaegbu]

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

Of course, it's really difficult to give a cut clear answer on this since man in insatiable in nature. Greed will always be there to want more. I rely on the advice of Warren Buffet on this - take profit when people are rushing in to buy. Whenever you're in profit and you see that spike in your favour, that's when to take profit to safety.

[ethereumhunter]

If I were you, I will take £50 and will wait for another time to see bitcoin is down, and I will buy bitcoin again if the price can get down from the first time I bought. Then if my order filled, I will wait for a while until the price can increase back and if the price suddenly can increase for more than £50, I will sell it again. I don't want to wait for a long time to sell because I need to make a profit and if necessary, I want to make a profit every day.

Can be possible but a tough and risky moves shorting can trapped you up from the market as there's a continuous dumped that may happened and not the expectations that you are waiting, but for those who are willing and have that sense of responsibility who can manage to adopt in every situational instances then gaining can also be escalated.

At least, I already take the profit so I can wait for another dump of the price and I can buy bitcoin at a low price. I don't mind to take a small profit than never because, in these situations, we are difficult to make a big profit so small profit will be better than nothing.

You can use little calculation like this, you buy bitcoin at $10,300, and you can sell bitcoin at $10,350-$10,500. I think that is enough for you because you can get a profit from the trade. Although the profit is not too big, if you can repeat many times, I am sure that you will be able to get $100 of profit in a week.

[pratik009]

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

If you think about short term then i think you should take profit and again wait for the deep. But if you think about yhe long term investment then €50 is nothing as per view of profit. I think you should wait until your investment will be double.

[TGA24]

Taking profit depends on what your objective is. I think something to take into consideration is what your downside is. In another words, what are you risking.

If for example you want to take 50 pounds out of the market, how much is it that you can potentially lose. I'm not making any forecasts here, or suggesting where Bitcoin will go, but let's say it drops back to around $5000. You would have lost 400 pounds. Is that really worth it to make 50 pounds?

Most professional traders call this risk to reward. In determining this, you have to assess how volatile the asset is that you're trading. In this case, bitcoin is quite volatile, so you have a lot of exposure. But that volatility can also work in your favor.

If you're into technical analysis, you might be better off just choosing a spot that you want to sell based on your analysis. This way it has nothing to do with your PnL. Actually, that is how it should be. It's generally not a good idea to be too focused on your PnL, but rather watch and see which direction it is heading. If it's heading up, why would you want to sell? If there are signs that its reversing, it makes sense to get out and try again at a later date.

[TheUltraElite]

Well, most newbies often ask when to take profits but they don't realize that this job is something they should do right from the moment they start buying, they need to set an accurate and appropriate rate of return for their investment because time and greed factor is always cause us to miss the opportunity to take profits, so we need to prepare everything.

Its possible that the OP is just trying out a simulation to know our responses. It is not mandatory to start trading.

It could be that they are genuinely looking for a point of selling in which I agree with you that this is something that they should have decided on before buying. In any case I think the point is selling should be closer or more than 10% profit, if you manage to get that margin. If not you could sell at lower profits but thent he next trade should be carefully done. Besides smaller profit traders are possible because the market is slower these days.

[Bunsomjelican]

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

I don't see any wrong with your idea and plan. You can remove if you want, or you can still apply
compounding system formula, with this method you can easily get more profit and faster if the price
is movable in the market.

[ololajulo]

This is the basic decision venue of every crypto investors and traders, it separates the successful from the failures in the space. Experience had help most successful traders and investors, Technical analysis are good when the market is good but do fail also, so it is difficult to trust, so you need to adopt a lot of avenue to make your decision: technical analysis, news, market trend/cycle etc. The rich are satisfied with little pump while the low capital investors desire a higher ROI. risk taking capacity of every individual is different and it also different for bitcoin and other altcoin.

[izanagi narukami]

IMO every people seek different profit.

Personally I just take the profit because I believe btc will keep increase eventhough it's downtrend for example
For who sell all their capital because they afraid and still not fully trust on it

[Ridwan Fauzi]

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

Actually I still distinguish between investing and trading, I mean when I choose investing the short term target that I must sell my bitcoin is around six mounths and depend on my profit desired. I'll sell them when I got profit such as a half in my capital or one-fourth on my capital. And also I'll update the latest information actually in fudamental side tk decide between still hold or sell.

But when I choose trading I'll take a time for almost one week in long term for strategy to gain profit. If my money has been added whatever its amount I'll sell it and buy back again depend on my analyst when I use strategy to see the technical analyst. But I often to use the short time frime such as one day or even an hours if the profit that I got is big then I'll sell it.

[SirLancelot]

Trading is not for a newbie , they should have taken their time to understand everything about cryptocurrencies and how the trading is being done, instead of jump straight into it and losing their money. When I was a newbie I never took interest in daily trading because based on the experience I have had with binary trading and forex, I knew that this one isn’t going to be anything different.

Even till now I hardly trade when I’m alone. I prefer to trade when I’m together with my friends , cause they are the experts in this . I just follow their trade and whatever option they put just do the same thing. It’s not an easy thing, that’s why I don’t stress myself to trade when I’m alone, cause several times I have tried , it’s mainly loss, but I was saved by the Stop-Loss ( thanks to whoever that introduced that ).

Even as a newbie I was only doing HODL and that’s how I was able to make all the money I have made in Bitcoin (Bitcoin is what I trade mainly, started with ETH just recently). I invest my money and I have patience for long time to see what will be the outcome. That way I was able to make lots of profits uncountable times , more profits, more than what I have ever invested in this crypto market.

So, newbies should only focus on long term and not rushing into daily trade because of quick money. If you rush it , you end up losing.

[jostorres]

IMO every people seek different profit.

Personally I just take the profit because I believe btc will keep increase eventhough it's downtrend for example
For who sell all their capital because they afraid and still not fully trust on it

You know that the moment you take your profit, you already taken out of the quantity of what you have and I agree with you that bitcoin will continue to increase even if you take profit, but since you believe it will continue to increase then don’t you leave the profit also to continue to yield result, and if I ask, how many profit do you want to take till your bitcoin quantity becomes zero, if you keep taking profit and reducing the quantity of your bitcoin, then what will be left to take later.

If I am going to be a short term trader, better I be, and if I want to be a long term trader which is the most profitable, it is better I be. That profit would have yielded another increase for me and that is what I canny turnover.

[TheUltraElite]

You mean he or she should sell to whenever Hus adversaries move to buy their portfolios? OMG, if you do that, it may mean your lost or your gains either way you have executed you plans. To me, I would rather keep them for a long-term and sell when I have made a lot of profits and not to do it because of my adversaries.

A lot of profits is often not possible in this market. I saw bitcoin move down to 9.9k mark and then rise back 10.1k mark. If someone had booked this range then they would have made a lot of profit. Otherwise I dont think it is possible to get such trades on a regular basis - you would have to be doing TA pretty precisely and without making a wrong order you would have to buy and sell.

Long term or short does not matter as long as you stay in the game and not back off. Use you own style of playing and you should be fine.

[LogitechMouse]

Short answer. As long as you sold your coin above your buying price (fees for buying and selling has been removed), you have a profit already.
You said that you are a newbie, I think the best thing you do is to just hold Bitcoin for the long run. You can try trading too and if you are successful then continue it but if you don't then stop.

[princerepon]

This may be a silly question - Ok so I now have £700 invested in bitcoin . Let's say it goes up by £50 - do I remove the profit and leave the working capital( £700 )in bitcoin ? Or do I take the lot?

If I take the lot then when I buy back in It may pay a higher price. What do you suggest?

I don't understand it's your money and you have to decide how much percentage you want. And if you profit 100$ it's up to you to keep going with capital or not. But yes the more you earn if you more invest (if everything going in your way). I mean if you invest 2000$ and gain 5% that's mean your profit is 100$ other hand if you invest 20000$ and gain 5% that's means your profit is 1000$. Same percentage gain but different profit because of investing much money. So try to invest good amount if it's possible.

[Al-e_x]

My advice is you better take a small profit but consistently if you have profit £ 50 then go ahead and wait for the price correction, because if you are greedy by waiting for a large profit then you will lose, that's my experience