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Author Topic: Your strategy in taking profit  (Read 780 times)
gbrendeh
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October 03, 2020, 03:48:44 PM
 #81

My own strategy is that there is no danger in taking small profit along the line when the market is moving in my favour. Greedy always tends to be harmful in any market situation.

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October 06, 2020, 06:03:52 AM
 #82

You can't make profits from stable coins, you should choose the volatile coins depends on how long you will take for your trade,if it is long term then you should go with Bitcoin like ones,for day trading you can go with trending shitcoin or just with bitcoin as well.

For tax purposes it depends on where you are from.
Stable coins can be good to hold your money. I always convert my money into USDT at the end of every trading window like once my orders are filled and trades are completed I usually convert my bitcoins and all profits into USDT because I know that I actually ended up in profit today and if I leave them in crypto itself I might feel that I am in profit but the price change might swing it tomorrow into loss.

I always love the fact that we can convert out bitcoins in fiat now (USDT I mean) and then whenever needed we can convert it back into bitcoins for trading at no major cost apart from the minor Binance trading  fees which you can reduce further by paying in BNB coins.

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October 06, 2020, 05:00:00 PM
 #83

1. What coin are you taking your profit?
I usually trade with with solid pairs or some new pairs that I believe have potential like I was one of the early believers in TRX and still believe it will grow a lot more.

Quote
3. What is the strategy to pay tax?
Well, I usually calculate my profit at the end of the financial year and whatever my profits are, I pay my taxes based on that because they are not fixed and they are not massive so it is like if I make good profits, I pay tax otherwise I don't have to at times when the profit is low and even negative at times.

Personally I believe that trading with coins daily is more profitable than holding them for long term, which can be good though but only if the team is actually working for the product.

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October 07, 2020, 04:31:46 PM
 #84

Quote
3. What is the strategy to pay tax?
Well, I usually calculate my profit at the end of the financial year and whatever my profits are, I pay my taxes based on that because they are not fixed and they are not massive so it is like if I make good profits, I pay tax otherwise I don't have to at times when the profit is low and even negative at times.

Personally I believe that trading with coins daily is more profitable than holding them for long term, which can be good though but only if the team is actually working for the product.
This is something many in the market forget or they do not want to mention, one of the big disadvantages of day trading is that each day you are generating taxable events that together with your fees can be enough to reduce your profits to zero or even making you to lose money.

This is why my personal preference is to only make a few trades for year, this reduces my fees, the complexity of my system and the taxes that I need to pay to my government, obviously compared to other systems the one I use may seem boring but unlike many traders I am not trading on the markets to get excitement I am there to win.
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October 07, 2020, 09:43:04 PM
 #85

My strategy is simple and it is to trade with proper plan and method. I feel comfortable via FreshForex broker, where they have highly supportive features including low spreads, fast execution of trades and many more such benefits. It all combines very well for me and enables me to gain.
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October 09, 2020, 09:19:05 AM
 #86

buy low and sell high is one of my best strategies. but I prefer to use technical analysis for it.i also use proper stop loss at my trade, because without stop loss a coin can dump a lot and i may lost all of my capital or stuck at one coin. also it is very important to do fundamental analysis before taking any trade. I also follow some top trader at tradingview and take knowledge from there chart. in this way I tried to stay risk free at my trade or i take very low risk at per trader.
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October 09, 2020, 09:45:08 AM
 #87

I agree that everyone must have a different strategy for taking profit. I like coins with strong fundamentals for trading
and I choose a short-term period for profit taking. Usually I take profit is done daily as much as 3%, and for the profit
I got, I immediately saved it in stablecoins so that it would not be affected by the volatile market.

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October 09, 2020, 05:24:15 PM
 #88

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.
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October 10, 2020, 06:49:22 AM
 #89

everyone has their own strategy, many choose to trade in the short term to buy coins and sell them even if they get a little profit, it's just that this strategy is targeted by many people but only a few are lucky to be like this.

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October 10, 2020, 10:48:06 AM
 #90

I have the specially way how to get much profit with trading, waiting moment where bitcoin and altcoin get bad news like hack, bad tweet from world economic to buy bitcoin during price is going down. Many investor will sell their assets after get bad news like bitcoin hacked, bitcoin banned as currency transaction payment but I brave my self to buy and invest with bitcoin, after recovery and get good news I will sell my assets of course with higher price and take much profit later, never worry to buy and invest with cryptocurrency during get bad news and sell all your assets after get good or positive news, repeat this way if you wanna get lucky and much profit on cryptocurrency investment.


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October 10, 2020, 11:37:10 AM
 #91

My strategy is simple and it is to trade with proper plan and method. I feel comfortable via FreshForex broker, where they have highly supportive features including low spreads, fast execution of trades and many more such benefits. It all combines very well for me and enables me to gain.

All the features you have mentioned are all good but what about there withdrawal process? How difficult or easy it is? Some brokers provide these features but they frustrate you when you want to make withdrawal of your profit. Some you never get to withdraw. You need to research on the area of registration. I have seen some telegram group helping new traders and guiding them on broker to go with.

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.

This is very possible with good money management, patient with time. The capital in the account can determine how fast you can achieve it though..

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October 10, 2020, 11:48:59 AM
 #92

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.
If you have million dollars as capital then you can make 30K in a year easily but if you have 1000 dollars as capital then its nearly impossible to make the amount you expecting.

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October 10, 2020, 12:04:53 PM
 #93

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.
If you have million dollars as capital then you can make 30K in a year easily but if you have 1000 dollars as capital then its nearly impossible to make the amount you expecting.

Futures are your friend....but a very risky friend indeed and that's logical as the more you want to win quicker, the more you have to risk.
For example, I invested 1000$ on binance futures just 3 days ago and now my wallet is almost at 5000$.....but obviously, to achieve that, you have to do almost hour by hour trading, it's like a second work (your prices alerts and stop order need to be updated almost every hour)

Personally, I mostly played on Yearn (YFI)'s recent huge variations of price to make those profits but obviously you need to be on alert almost 24/24.
Conclusion: you very rarely win that amount of money in such short time (relatively to what you invest) without working hard.
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October 10, 2020, 12:19:15 PM
 #94

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.
If you have million dollars as capital then you can make 30K in a year easily but if you have 1000 dollars as capital then its nearly impossible to make the amount you expecting.
We must aligned our goals into reality so we don’t get too much stress if we fail to achieve it. In trading, there’s no shortcut for success, everything will be based on your skills and strategies. I don’t have any specific coins/tokens on my trading account, every tokens is an opportunity to make profit so if you see a good reversal sign, better to grab it. Taking profit is so easy, but waiting for that is not, it will need a lot of patience honestly.

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Mpamaegbu
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October 10, 2020, 01:12:07 PM
 #95

Taking profit will differ with individual traders; base on period (long term and short term), coin type etc. I dont consider it to early to know the strategy to stay beyond the bull market and rather thrive through the bear.
Yes, the strategy to taking profit does differ among traders. For me, I rely on TA which is usually from support and resistance. But I must admit that sometimes one gets carried away with greed and begin to shift the parameters when take profit is about to be hit.

1. What coin are you taking your profit?
Any coin that is worth trading, I trade and take profit.

2. If stable coin, When do you plan to shift to it?
I tether whenever I sell off and suspect that Bitcoin (base crypto) is going to crash.

3. What is the strategy to pay tax?
The government of my country doesn't really care about this. We only pay stamp duties and other bank charges whenever we make crypto transactions through banks.

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StephenJH
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October 10, 2020, 01:49:28 PM
 #96

Taking profit will differ with individual traders; base on period (long term and short term), coin type etc. I dont consider it to early to know the strategy to stay beyond the bull market and rather thrive through the bear.
 
1. What coin are you taking your profit?
 2. If stable coin, When do you plan to shift to it?
 3. What is the strategy to pay tax?
 4. Will your Lambo come before the parabolic market if your acquire certain profit?
 5. If the cycle in the space is really 4-5 years, what is the plan to cater for the long period of bear market?
Every trader has different techniques for taking profits because the price action dictates which way the trade will swim. For swing trading, I usually put R:R of trade 1:3 but for day trading I prefer to take whatever profit the market brings. Unpredictable markets is dangerous in day trading due to the high level of volatility, learning the long term trading will clear the useless daily noise in market graphics. For stable coins, I usually prefer to trade USDT pairs because both liquidity and depth of the market are at the desired level. Lambo dreams are far away from this point. For the last question, if the trader doesn't close the trade all losses are on paper.

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October 10, 2020, 03:08:38 PM
 #97

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.
If you have million dollars as capital then you can make 30K in a year easily but if you have 1000 dollars as capital then its nearly impossible to make the amount you expecting.

Futures are your friend....but a very risky friend indeed and that's logical as the more you want to win quicker, the more you have to risk.
For example, I invested 1000$ on binance futures just 3 days ago and now my wallet is almost at 5000$.....but obviously, to achieve that, you have to do almost hour by hour trading, it's like a second work (your prices alerts and stop order need to be updated almost every hour)

Personally, I mostly played on Yearn (YFI)'s recent huge variations of price to make those profits but obviously you need to be on alert almost 24/24.
Conclusion: you very rarely win that amount of money in such short time (relatively to what you invest) without working hard.
I won't recommend futures trading for someone who wants to make money for their living and its really a gambling in my opinion, spot trading is the traditional way and we can use our skills to make the money we wanted.

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October 10, 2020, 03:36:49 PM
 #98

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.
If you have million dollars as capital then you can make 30K in a year easily but if you have 1000 dollars as capital then its nearly impossible to make the amount you expecting.

Futures are your friend....but a very risky friend indeed and that's logical as the more you want to win quicker, the more you have to risk.
For example, I invested 1000$ on binance futures just 3 days ago and now my wallet is almost at 5000$.....but obviously, to achieve that, you have to do almost hour by hour trading, it's like a second work (your prices alerts and stop order need to be updated almost every hour)

Personally, I mostly played on Yearn (YFI)'s recent huge variations of price to make those profits but obviously you need to be on alert almost 24/24.
Conclusion: you very rarely win that amount of money in such short time (relatively to what you invest) without working hard.
I won't recommend futures trading for someone who wants to make money for their living and its really a gambling in my opinion, spot trading is the traditional way and we can use our skills to make the money we wanted.

And there comes the old adage which is even more true in futures market: only invest what you're willing to lose.
And yeah it's a sort of gambling but with some parameters you can control especially if you're good at mental calculus and you are rigorous with your strategy when it comes to put reasonables stop orders.
death69
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October 10, 2020, 04:12:21 PM
 #99

Taking profit will differ with individual traders; base on period (long term and short term), coin type etc. I dont consider it to early to know the strategy to stay beyond the bull market and rather thrive through the bear.
 
1. What coin are you taking your profit?
 2. If stable coin, When do you plan to shift to it?
 3. What is the strategy to pay tax?
 4. Will your Lambo come before the parabolic market if your acquire certain profit?
 5. If the cycle in the space is really 4-5 years, what is the plan to cater for the long period of bear market?
1. I take profit from many different sources
2. There is no coin that is stable. It will change its price somehow, if  it does not change in a day, it will be a month. If it does not change in a month, it will change in a year. Stable coin is the most safest coin in general
3. Avoiding tax is my strategy, not paying tax Wink
4. I guess not because i aim for a long term investment rather than a parabolic profit. I will be pleased even if 20 years later I will have had a lambo
5. Try different sources of making money with trading. Understand both fundamental analysis and technical analysis will give you enormous change in financial world. So, dont be afraid of trying something different, you can try even gold, binary option, futures, or even commodity

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ChronoLite
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October 10, 2020, 10:23:21 PM
 #100

what about you guys who want to make enough to trade for a living but dont need that much profit a year to do so?  Imagine thirty thousand usd for example.
If you have million dollars as capital then you can make 30K in a year easily but if you have 1000 dollars as capital then its nearly impossible to make the amount you expecting.
that is not true, yeah by investing 1000 dollars there is no way to actually reach that point. i mean 300% up is really rare nowadays. but if you can get stable or rather really good profit as the time going, you will reach that point. unless you are gambling to some new altcoins to actually make that money which is really difficult at this time.

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