Profit Taking Strategy

[Ararbermas]

I myself see that the current market situation is very volatile and I am invited to think. For conditions like this, I only apply the pattern to always buy at the lowest price and sell at a price that is considered reasonable.

its actually not safe to excess especially if you are not really good on hodling for long time. For me despite of the situation its always better to take all the profits while theres a chance instead of assuming something more because there's always a chance it will plunges without any sign. And yes buying at low and selling when you have enough profits still works and a good idea especially when it comes new project it only supports for gaining quick profits not for long term..

[bamb]

There is no hard or fast rules to taking profit in Cryptocurrency.  Profit taking is a skill you acquire over time and sometimes,  you do miss it.  And for those that like to blame themselves for not taking profit , you should know that only few people take the top and most time,  majority only take few profit!

[kram31]

We hear it from the best time and time again...

"Take profits on the way up"

But how do you do that, is there a formula or strategy to do this.

I have a goal in mind, and when I hit that number I said I would take All profits out and leave the rest in.


Let's say for the sake of ease one coin is 100% and it's £1000 profit... All in all £2000 in that project. Let's say my target is £2000 profit or 200%.
We are 4 months away from the date most people seem to think the bull run might end (though 2020/2021 is no normal year with corona).

Should I take 20% of profits now, and then see if it dips back and if it does spend that £200 buying back more of the same coin, or just simply bank that £200?

Or just take 20% / £200 of the £1000 current profit (or whatever) and bank it 'safe'.

Like ADA for example, I have noticed that when it peaks, it trundles on top for a while then will drop to usually a higher low, which is good, but I missed an opportunity to buy back more coins or simply take advantage of a pump.

Hopefully you are still with me

I don't see any wrong with your thoughts, besides having a goal target in terms of profit is very much important for the individual traders as well. Moreover, we all know that all traders here in cryptocurrency are earnings due to the volatility of the coins actually and I am happy with things honestly speaking.

[NorvsGanda]

There are a lot of profit taking strategies that is applicable and effective at this moment because we are on a bullish market. Hugr chance or possibility to take profit because most of the coin especially altcoins are pumping and going green almost everyday. But hoe about when the market is on bearish? Is there any profit taking strategy that can use if the market is on dump?

[paxmao]

We hear it from the best time and time again...

"Take profits on the way up"

But how do you do that, is there a formula or strategy to do this.
...

There are a million ways, but at the endo of the day is up to you predicting how the price is goind to move and that is something that very few people can do and possibly no-one can do for a sustained period of time.  If you want to try, you should be considering the technical indicators such as mobile averages, 52 week averages, etc.. or simply say "I will buy only 15% under the ATM and sell if I make at least 20%". Be aware that this would only work while the general trend is up.

[Rengga Jati]

There are always formula and also certain strategy done by every trader. 
But those will probably different from one to another.

However,  never greedy with the profits. Sometimes we have reached our target and still hope that the price will be increasing again.  And here,  we can see because of greedy,  the price is not continue rising but dropping. 

So. Just set your target and percentage,  personally,  I always distinguish taking profit in 2-3 steps reaching target. So,  if the price drops,  at least I have secure my initial fund at the first taking profit.

[Hannahanto]

Every single person has his/her method in trading.
The fact is we don't know the point which is more profitable to sell, you can sell at 0.1 and in 24hrs it hits 0.5 and you later say "had I know".
I think another good method to help track your profit is by making use of stoploss. Because in every trade they is always 2 options either you loss or make profit so you have to take the risk, by setting a stoploss you won't lose a lot of money and you'll also keep track of the percentage of your profit when once you get to the limit you withdraw out of the trade.

[tanjiran]

You can trade as you like. You don't have to listen to other people. I personally fix the profit in parts, or move the stop loss up when the coin grows. As they say, it is better to earn less than to lose

if we do not have the basic skills of market analysis, then we will always rely on analysis from other people. that's not good enough because we'll just be adrift, and not be able to make decisions according to our needs. start with simple techniques to read charts, such as determining support and resistance, if possible then learn directly from experienced traders, many of whom share them on YouTube.

and yes I totally agree, it's better to have a little profit than loss. so don't ever regret anything if after selling an asset then it flies high. be thankful.

[ElmedoRator]

If you feel right then test to see if it goes according to the plan you are thinking generally comes with risk, so allocate it properly, I offer to sell 20% of any coin when it reaches ATH, and will look for a chance to buy it again if it is possible. There is still a certain amount of money left on the coins I invested in from the beginning.

[xianbits]

I don't know if I am being a bad trader here but I don't usually take profits most of the time. I only just like, pinch some on my holdings when it is necessary and then leave the rest in the wallet for another holding period. That could be the reason why my portfolio didn't grow that much even in this bullish market. Most of the time, when my coins reaches to ATH, I still don't sell and then the coins drops. Well, I really don't know but I am still good at what I am doing as long as I still have my funds for future uses.

[Smitty Werben Man Jensen]

You can trade as you like. You don't have to listen to other people. I personally fix the profit in parts, or move the stop loss up when the coin grows. As they say, it is better to earn less than to lose

if we do not have the basic skills of market analysis, then we will always rely on analysis from other people. that's not good enough because we'll just be adrift, and not be able to make decisions according to our needs. start with simple techniques to read charts, such as determining support and resistance, if possible then learn directly from experienced traders, many of whom share them on YouTube.

and yes I totally agree, it's better to have a little profit than loss. so don't ever regret anything if after selling an asset then it flies high. be thankful.

What is clear is that we cannot depend on other people's analysis continuously apart from sometimes not being in accordance with what we need it also makes us not develop,
so I think we are starting to practice at least a little bit to analyze the market,
it is not easy, but if we want to try, we will definitely succeed

[southerngentuk]

Be careful and don't be too greedy, or you will have to turn your profit strategy into a loss strategy

Even so, the market situation is doing very well, and if you believe in what you do, then just stick with it and don't change your plans arbitrarily.