Newbie - when to take profit

[pieppiep]

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

Yes, I agree. With take a small profit consistently, he will get a bigger profit in the end. Besides that, he will improve his skills in trading because he always searches for a way to enter the market and buy a low price. By doing that, he will be able to know when the time to buy and sell and he can analyze better than the other people. But of course, that will need time before he can improve the skills and that will not happen in a short time. I think that will worth for him to try as much as he can because with the volatility of the market, he can get the right time to trade and in a long time, he will make a big profit.

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[Ararbermas]

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 don't need it then let it grow.. because if you have big amount in your portfolio and once the growth rate of your investment  keep progressing the amount of profits that will enter to your portfolio  will increase as well. So keep it as long you don't need it.  And suggest don't dump the entire balance wherein just remove the profits or small amount that you want.  because if you do that  You will pay for another fee on it.  

[sana54210]

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.

I was a newbie when I started trading bitcoin, when I was introduced to it, I got introduced to it from the aspect of trading because I was already into Forex trading, and then we were having a group discussion when we talked about binary option, and then he told be abut crypto, it was new to me but it did not take me more than just a week for me to get used to it because of my experience in trade, so not all newbie does not really know how to trade.

If he knows how to trade, then he can start without having to be an investor which majority of them belongs to the class of long term holder like you suggested, long time holding can really be tiring, it is only best when you want to make it your second choice of investment, so more like trading and holding.

[Arkann]

I even felt amused when I read the table of contents on this topic, since almost only two years ago, newcomers could more or less normally earn money, because even trading was easier than for this period.  Before a beginner earns money and also does not lose his investment, he needs to study a lot of information.

[SARA ISLAM]

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?

Hello trading is a pure business and you need to learn first then invest your capital into trading otherwise you lose any time.
Moving Average Crossover Strategy, I think this video help you for starting to learn https://www.youtube.com/watch?v=jnDRgk9GKWo

[Jating]

I even felt amused when I read the table of contents on this topic, since almost only two years ago, newcomers could more or less normally earn money, because even trading was easier than for this period.  Before a beginner earns money and also does not lose his investment, he needs to study a lot of information.

I would not consider trading as easy for newcomers two years ago. You may consider it easy that time because we are in the final leg of the massive bull run, so obviously the price keeps pumping months and months. So there's a lot of beginners who earn by just buying and then shorting it. But now it is very different and I'm sure that those newcomers are already out of the market in 2018 because it didn't satisfy their goal to be a crypto millionaire year because the market chance a lot.

So beginners today are not that lucky compare to two years ago. Conversely, it could be a good time to trade though in this kind of hostile environment, as least you learn a lot and become reliable and responsible for your trades.

[Oilacris]

I even felt amused when I read the table of contents on this topic, since almost only two years ago, newcomers could more or less normally earn money, because even trading was easier than for this period.  Before a beginner earns money and also does not lose his investment, he needs to study a lot of information.

I would not consider trading as easy for newcomers two years ago. You may consider it easy that time because we are in the final leg of the massive bull run, so obviously the price keeps pumping months and months. So there's a lot of beginners who earn by just buying and then shorting it. But now it is very different and I'm sure that those newcomers are already out of the market in 2018 because it didn't satisfy their goal to be a crypto millionaire year because the market chance a lot.

So beginners today are not that lucky compare to two years ago. Conversely, it could be a good time to trade though in this kind of hostile environment, as least you learn a lot and become reliable and responsible for your trades.

This is actually true,i have seen lots of newbies that do trade up those previous years that getting some enourmous profit because it was just tied up with the bull run event.

They are indeed somehow lucky into those times yet even how newbie or new you are on crypto trade you would still have high chances on making money on just holding up
without doing anything and as you said those good old days had passed and it isn't similar on the current situation we are facing now.

[samcrypto]

I even felt amused when I read the table of contents on this topic, since almost only two years ago, newcomers could more or less normally earn money, because even trading was easier than for this period.  Before a beginner earns money and also does not lose his investment, he needs to study a lot of information.

Now it requires a lot of sacrifices and need to have more analysis, newbies should know when to trade. Taking profit is a must even if you are a hodler, and i usually do this when the market recovers from the dump price. Trading is about buying and selling but you still need to analyze and know when to do that, that’s the hardest part of being a trader.

[Wonder_woman]

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?

When I m a newbie before I started to get my payment after the compaigns end. It's really exciting to have a first payment. I really must have a chance again to be a bounty hunters so that l can have again my payments.

[hahay]

I think he bought when the price of bitcoin was around 8k at the time and even though at the moment the price is declining but it's still a good profit from what was expected. So, now it is up to you to make a decision how much profit you want to get from your investment.

[Herry Toms]

Taking profit is not that easy as you are saying. Until you are not making 3x of your stops loss then you are not going to make money on a consistent basis. The best way to make a profit is to let the market decide where to exit, sometimes we miss bigger trades because of fear, so it's important to overcome your fears and observe the market from a natural perspective.  Taking big profits when the market makes it available is important.

Cut your losses short, let your profits grow.   (Simple is that)

[Yamifoud]

Taking profit is not that easy as you are saying. Until you are not making 3x of your stops loss then you are not going to make money on a consistent basis. The best way to make a profit is to let the market decide where to exit, sometimes we miss bigger trades because of fear, so it's important to overcome your fears and observe the market from a natural perspective.  Taking big profits when the market makes it available is important.

Cut your losses short, let your profits grow.   (Simple is that)

How long that you've been in trading? I've never think that you are just new in here cause you know a lot at your position (Newbie).
And you are right,  we should take advantageous in every opportunity we've seen through.  Conquer those fear and doubts to have a comfortable trading life. Will not be enough,  we have to focus of what we are doing and keep learning while trading.  We can surely gain more knowledge base in our experience.

[lixer]

I'm really interested in knowing the answer to this as well.  When do you take profit?  How can you tell?

Nobody will be able to tell you when you should take your own profit, if you are to get advice, you will get different answer because we all have our own different goals, expectation and strategy. You are the one trading and you will be the one to personally know which profit will be enough for you after you have put into consideration all the risk that are in the market.

It is believe that every trader must set a goal, you either set that you will take profit when you see 1%, 5%, 10% or any other percentage that you feel deem fit, but it is always advisable that you set percentage that you will be able to take on time and not lose out of greed. One of the easiest way is just for you to make use of the stop loss and take profit tool, set your profit not to be too high so that you don’t always miss that opportunity, it is better you take little and trade many times than to wait for big profit and not make any on time.

[mrBTCman]

I would join Xampeuu's words and agree that profiting depends on how you plan to invest — long or short terms. And also, from myself, I would recommend using tools that may help you in your trading path. No, I'm not talking about trading bots (there are different opinions on using them for now). Currently. my trading tool is a bot that allows tracking market situation and price changes. Like CEX Info Bot — https://t.me/CexIoInfoBot. I think it's quite a practical and helpful bot, and it has become the number one for me.

[muhhentuhhen]

Taking profit is not that easy as you are saying. Until you are not making 3x of your stops loss then you are not going to make money on a consistent basis. The best way to make a profit is to let the market decide where to exit, sometimes we miss bigger trades because of fear, so it's important to overcome your fears and observe the market from a natural perspective.  Taking big profits when the market makes it available is important.

Cut your losses short, let your profits grow.   (Simple is that)

The most common mistake of novice traders and investors is that they want to take profits at the maximum price movement. They want to take from the price and sell the crypt exactly before turning its rate down. This kind of desire usually leads to the fact that the trader misses the opportunity to sell at a good price, and is forced to observe how the price rolls more and more down, taking with him all the earned profit.

[bitcoinst]

First you need to decide on your strategy. Trading is now a very dangerous business, study the charts. You will quickly understand how the market works, with what periodicity they knock out stops, and in both directions.
All you need to do is learn to predict the next action of the market, and it is very difficult.

[tadpole_bitfrog]

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?

This is exactly what trading experience will solve for you. I believe that everyone has questions like you but if you only guess about the trend, it is really a gambling game.
To be clear on this, you should really read about the trading documentation and there will be some tricks on resistance and support. It will help you a lot in making decisions.

[maydna]

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?

This is exactly what trading experience will solve for you. I believe that everyone has questions like you but if you only guess about the trend, it is really a gambling game.
To be clear on this, you should really read about the trading documentation and there will be some tricks on resistance and support. It will help you a lot in making decisions.

Without learning, someone can't make a profit unless he always gets lucky in the trading. When we can learn from many tutorials, we will have the skills to analyze the chart which will help us to get the right price to buy, although we need more practice to get a higher chance. If you can practice every day, then I guess it will no need to a long time to improve your skills because you get the experience with practicing trading.

You should also know that the market will not have the same pattern in every day, so you need always to analyze it before you decide. If you can see the price start increase, then that is the time for you to prepare in the sell order and place your price to sell.

[Lanatsa]

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?

This is exactly what trading experience will solve for you. I believe that everyone has questions like you but if you only guess about the trend, it is really a gambling game.
To be clear on this, you should really read about the trading documentation and there will be some tricks on resistance and support. It will help you a lot in making decisions.

Without learning, someone can't make a profit unless he always gets lucky in the trading. When we can learn from many tutorials, we will have the skills to analyze the chart which will help us to get the right price to buy, although we need more practice to get a higher chance. If you can practice every day, then I guess it will no need to a long time to improve your skills because you get the experience with practicing trading.

You should also know that the market will not have the same pattern in every day, so you need always to analyze it before you decide. If you can see the price start increase, then that is the time for you to prepare in the sell order and place your price to sell.

I cant deny that we do need some sort of luck when we do trade but it isn't a dependable thing for you to rely on because its totally different when you do trade according to your knowledge rather than relying on luck in terms of results because it would really act just like you are making some gamble.Learning would really take some time and it cant be achieved overnight.Success will vary on how you do hardly work on it and if you do make yourself learn all the possible things you would able to obtain then expect for you to somehow able to survive this very unpredictable market.It wont be easy but at least it is possible it depends on how hardly you work for it.

[PuertoLibre]

First you need to decide on your strategy. Trading is now a very dangerous business, study the charts. You will quickly understand how the market works, with what periodicity they knock out stops, and in both directions.
All you need to do is learn to predict the next action of the market, and it is very difficult.

How to read the charts if the newbie doesn't have seen 5 charts together since he started the crypto trading? Before thinking about making money with crypto trading, learning the market patterns and using these patterns for predicting the next market trend is crucial. It is difficult to trade the volatility in the crypto market wihout the proper background and money management skills in my opinion. Without the trading skills, the trading experience will turn to the survival game which will lead to the starvation in case of wrong trade series.  Predictions can be traded by the experienced traders, the newcomers have to go through the market patterns before they start to trade based on personal forecasting.