Newbie - when to take profit

[Jellachrist]

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?

Business is all about risk likewise trading the higher your risk in most cases the greater your profits so it all depends on individual decision either to a higher or lower risk but trust me high risk takers are always on top while the rest follows. Although am not too vast in trading just using the idea of centralized businesses.

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[ufaiz50]

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?

Take profits and leave it, looking for lots of profits will only give you more anxiety over the market, you can also still hold bitcoin and do market trend analysis that will increase your knowledge rather than waiting for the market. my advice is more to take profits because newbies need good experience on the market this will spur you to trade ( isee in terms of psychology).

[Ewox]

When I started doing trading a few years back what I usually do is I take the profit and leave the capital behind and just hodl. But I made sure my profit increases at least 90% or at least the same amount of capital I placed on the trading site. And a few years after it’s still there, didn’t even withdraw the rest of the amount. we traders do have different tactics on how to go about our trading, and I do hope you make the wisest decision too.

[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.

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.

Of course, we need luck in trading too like what we need in gambling

Luck will come at the right time, especially if we can analyze when the market changes the price. It is possible to take the profit even for a newbie who was still learning about trading, but they still need to have the experience to make more profit.

By trying more and more in trading, slowly they will know when they need to make a profit and when they need to wait for a while to get a bigger profit. Besides that, they will know when they need to leave the market if the market is not moving or seems to get stuck on that day. So they can save their money for another trade.

[Bitcoin Seller]

When I started doing trading a few years back what I usually do is I take the profit and leave the capital behind and just hodl. But I made sure my profit increases at least 90% or at least the same amount of capital I placed on the trading site. And a few years after it’s still there, didn’t even withdraw the rest of the amount. we traders do have different tactics on how to go about our trading, and I do hope you make the wisest decision too.

Probably, newbies should better hold crypto and learn more about the market before. In order not to miss a profit, it’s enough just to own the basics of technical analysis of financial markets, which will allow you to choose the right benchmarks and calculate the transaction for the maximum efficiency of your investments. Take profit is the thing you should do at the nearest resistance level or near it.