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Author Topic: Don't lose your profit unnecessarily  (Read 626 times)
michellee
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October 31, 2021, 07:01:54 AM
 #21

I am trying to take my profit when the price increase to the high price and although I only sell some portion of the coin amount, that is still my profit and I do not mind holding for more to expect of making the other profit. I do not mind losing the profit that I might get before because I believe that I can make another profit from the other coins.

You need to know when you should take profit. Otherwise, you only hold the coin without enjoying your profit. Maybe the important is when the price can start to jump double from your bought price, you can sell all of the amounts or sell step by step to take your profit.


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October 31, 2021, 07:07:57 AM
 #22

Missing the opportunity to take profit usually happen if you don’t have a target price and becomes greedy in holding your crypto, I see this as a normal situation for every newbie. I always take profit and reinvest it in other projects that is about to rise as well so by this, I can be more profitable without having any emotional attachment on every cryptocurrency that I trade, because I play according to the plan.
This kind of stupid mistake of not taking profit appropriately had once happened to me due to greediness having reached my target I didn't close the trade unfortunately the price reversed and I ended up in a loss, however I had learnt my lesson, I now ensured that I take profit irrespective of how small the profit is having knew that another opportunity will avail itself and I also ensured that I prevented any form of emotion while trading because emotion has also been one of my drawback or obstacle when I was a newbie trader.

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October 31, 2021, 07:29:03 AM
 #23

I know it's hard to say that what the next move of our coin will be like whether it will grow or tumble.But whenever there are satisfactory returns i usually cash out the profits without being any further greedy to loose all of them in one big crash as i have experienced it in the past so don't want to go that way.So like if i have made 20-30% profits i take out my profits and hold the investment for long term.

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October 31, 2021, 08:11:39 AM
 #24

to take profit I usually divide it into several targets, where if the first target is reached then some of the coins I sell, so that later there are a small number of coins that I have for fun in the sense that I might speculate to hold until I have a fatast profit because of the pump, but if there is a crash at least I already have a profit from the previous sale

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October 31, 2021, 08:32:56 AM
 #25

You are right that profits once gone are lost and those profits as well as that time won't be back again. Whatever comes will be the future profits and the past profits once lost can't be justified. I take 50% profits plus the capital, and let the remaining profits run - that's my way to keep the trade going and even if I lose a bit in the trade, I'm ultimately the winner because I already took out my capital and some part of the profits. I support your thoughts on taking out profits on time so not to regret later.

Yeah I understand what you mean and also understand how you can do that. It is nice not to lose all the profit made in a particular trade just when we are expecting more profit to be filled and that greed can come back to hurt us when it runs to lose.

And for traders wondering how to take some profit while your trade is still running, you adjust your order . You do that by adjusting your entry price above (if you are buying) to a point that you have taken some profit and adjust below your entry if you are sell (also to a point you have taken profit).

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October 31, 2021, 08:55:38 AM
 #26

As newbie I have not bothered about the profit that I have missed taking out just because that I believe another profit will fill up for me. I have been on this for some time but with my growing knowledge in the trading business, I now seeing it differently that the profit I didn't take was gone and another profit that got filled is a different profit entirely which means I may have been made more of profit in the account and lesser losses. Lately therefore I take profit as it comes and this has worked for my trading experience. It is not scalping if you see your profit going down the pit.

What way do you take your profit ?

Or you feel the regained profit is same profit that you lost  Huh Roll Eyes
it's very good I also take profit at any time with a certain target and return to choose coins that have the potential to get other profits. because in my opinion, with fast price movements, it is very regrettable if we miss the profits we have earned when prices are high.

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October 31, 2021, 09:26:38 AM
 #27

I think we should book and respect our profits because profits has been come from great attention and hard work or thinking. Some trader has the tendency to play with profits may be their own money, they can do anything but we should calculate our profits and go big in life. thank you

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October 31, 2021, 02:16:36 PM
 #28

Taking profit on your trading and investment is another game entirely,  profit taking require another skills set different from trading profitably!  What I like to do is to speculate valuation of an asset in advance, if those speculations value are met,  I sell immediately.  Another profit taking method is scalping!
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October 31, 2021, 03:46:30 PM
 #29

to take profit I usually divide it into several targets, where if the first target is reached then some of the coins I sell, so that later there are a small number of coins that I have for fun in the sense that I might speculate to hold until I have a fatast profit because of the pump, but if there is a crash at least I already have a profit from the previous sale
Instead of taking small profits and dividing so many targets, traders love big profits and impose a very thick and high target, even after old goals are accomplished, they continue to wait to associate happier, richer outcomes all at once and of course, a few times the market will respond to opportunities as an exception but asking for so many times is almost impossible. Children need time and nutrition to grow taller and there will be a time to stop, trading is similar, high to a certain level will stop and slowly lower, need to switch to a new form, so taking profits is the way to preserve the golden age, don't miss it

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October 31, 2021, 03:47:13 PM
 #30

If you consider yourself as a trader then its very important to take out your profits in the regular intervals which depends on your trading time period and invest the profits you made on something which has less volatility which can be gold or real estate and this may not work for traders with small capital so they have to approach differently by compounding their profits again and take such gamble.

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October 31, 2021, 03:50:13 PM
 #31

(....)
What way do you take your profit ?

Or you feel the regained profit is same profit that you lost  Huh Roll Eyes
Taking profits is not a bad decision ever. This is one of the major mistakes of traders especially those people who are just starting. They don't stick with their plan especially for those using risk management, like risk: reward ratio.
Huge or small profits, it is already considered profits. So never ever underestimate the profit you will get when closing your trades because there is very lot of trade opportunities.

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October 31, 2021, 04:22:43 PM
 #32

I take my profits and i don't hesitate because i believe the little i see at that period of time is mine.
If you keep accumulating profits,it might reduce over time e.g leaving profits during trading gold,since gold has high volatility,the profits might just run down to zero  and even begin to read on minus which automatically means you're running on loss.
What really makes people accumulate profit is 'greed',when you are looking at getting a bigger outcome from a smaller account capacity,then the funds are gone into thin air  Smiley

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October 31, 2021, 04:41:10 PM
 #33

The thing with trading is we have all kinds of trading platforms that have different take profit mechanisms and if you can find one that allows you to take profit automatically if a certain predefined price is reached then you should have your problem solved of missing out on taking out your profits. Because what's popular right now is most users buy and hold and if you not checking on price those profits don't get realized if you don't sell manually when price goes up.

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October 31, 2021, 04:41:44 PM
 #34

In trading my strategies has a little bit of changes than others, for example if I lost in some coins a massive amount then after that I prefer to invest in the other coin and get the profit and recovered the loss which I had made in the previous coin, Which must be better and can be a great way of getting your profit.

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October 31, 2021, 05:17:50 PM
 #35

I'm not a day trader, so I can only give my perspective of being a small bag holder who occasionally buys and sells some tokens, sometimes shitcoins. Unrealized profit means nothing. It's only good on your screen, but as long as you haven't cashed out, you haven't received any real profit. After the significant pump, I often react with selling significant or almost all portions of my bag. If the coin keeps pumping, you still end up in PROFIT from previous sales, so there's no reason to be sad (don't be greedy). In fact, most of the time, after I sold the token, the price immediately drop and could give me less profit if I waited for too long. The key here is to treat gain like "rarity." Let's say (depend on the market cap) 25% common, 50% common-rare, 100% rare, 500% super rare. So after you earn like 50% gain, you should understand that the chance to get 100% gain is way more difficult.

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October 31, 2021, 05:56:45 PM
 #36

What way do you take your profit ?

Or you feel the regained profit is same profit that you lost  ?
There were mixed experiences for me regarding profit booking and mostly with altcoins all my patience was not paid. Sometimes I waited and then those coins got delisted from exchanges as well. In my experiences, booking profits around 5% to 10% would be more appropriate than regretting later on. The problem with me is, I am too slow to encash my bounty rewards; one of my friend guided about holding altcoins as well for longer duration but I feel that must be a wrong recommendation for all the coins except bitcoins.

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October 31, 2021, 06:27:18 PM
 #37

The only way to lose profit is to not trade at all, you can always trade more and more and earn more profits than the losses incurred to survive in the Forex Market.
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October 31, 2021, 07:26:27 PM
 #38

In trading my strategies has a little bit of changes than others, for example if I lost in some coins a massive amount then after that I prefer to invest in the other coin and get the profit and recovered the loss which I had made in the previous coin, Which must be better and can be a great way of getting your profit.

This is  rather called chasing the market and this can back fire on you. If this happens you know it means you would be losing your two trades in a roll and your account starts going down drastically. It is not a good trade decision to try chasing the market when you lose except you see a good spot for a come back. Well if it has been working for you, best of luck in the trades of such that you do to get back your money.

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October 31, 2021, 08:04:58 PM
 #39

The only way to lose profit is to not trade at all, you can always trade more and more and earn more profits than the losses incurred to survive in the Forex Market.
I haven't traded in the Forex market so I'm not entirely sure how good or bad it is. That said, I am so happy that I am born in the age where we are able to trade cryptocurrencies, just think about it, we have countless options now and the best part, everything is decentralized and volatile. Many people hate volatility but I cannot imagine trading all day for a 1% gain.

The best way to NOT lose your profits is to learn because nothing will save you from losses but your understanding and learning approach. Also don't go all-in with your trades. If you have earned big from one trade, don't let it turn you into a gambler.

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October 31, 2021, 08:25:16 PM
 #40

The thing with trading is we have all kinds of trading platforms that have different take profit mechanisms and if you can find one that allows you to take profit automatically if a certain predefined price is reached then you should have your problem solved of missing out on taking out your profits. Because what's popular right now is most users buy and hold and if you not checking on price those profits don't get realized if you don't sell manually when price goes up.
You can do that on most exchanges. Basically, you set orders for buy and sell and let it work. There are even bots that will allow you to customize such trades even further. Gunbot (not promoting it) is one such bot of the many others in the market.

In trading my strategies has a little bit of changes than others, for example if I lost in some coins a massive amount then after that I prefer to invest in the other coin and get the profit and recovered the loss which I had made in the previous coin, Which must be better and can be a great way of getting your profit.
Glad it works for you because whenever I try and trade too many coins, I feel like my focus is lost and I am just trading based on my feelings rather than my knowledge and research.

The best thing one should always do in trading is - cash your profits because loss is imminent at some point.


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