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January 29, 2024, 04:58:59 PM |
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I started learning how to trade and my teacher just told me this advice that no one has gone broke taking profits when trading. I have always wanted to earn Bitcoin but I have been confused how to start then decided that I'll learn how to trade. I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits. My teacher said the profits you take is better than all imagining profits you'll think that you can get in the future if you keep holding. He didn't say holding is bad but I got advice not to neglect the profits that I can take. I got this advice and I want to share it with everyone, always take profits.
Determinations are different I must say, if you open a Bitcoin position at a particular price and you want to take profits, where I want to take mine might be entirely different from where you might want to take yours, so it's all about profits determinant because I don't think there is any trader that will trade and watch his profits hits his target and allowed it retrace back without selling. Let's say the trader wasn't aware when the price reach his target and when he check he found out that the price was below there, he is going to sell and take profits unless he is a greed type of person or inexperienced trader. However, to avoid problems of not getting exact target, you can build a Trailing profits on your trades by setting up a point where you will like to take profits. Like for example, you bought a coin at $3 dollar, you can set your Trailing profits around $5, $7 and so on depend on if the coin already has a support and resistance formed in the previous candles or how far you think the coin will reach and the allocation will be in percentages. This options is not available in all centralized exchanges but top exchange like Binance has this and you can explore it if you are a good trader.
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wxa7115
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February 01, 2024, 04:28:48 AM |
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The thing is, you can't apply that advice to every position. Some assets are meant to be held long-term, while some assets are meant to be shorter-term trades. But since you're saying this in the Trading Discussion section(which is more towards trades than investments), then sure.
Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually. Only thing I could really see this being applied unconditionally is in the world of gambling, and that is only because of the fact that you're literally playing with odds stacked against you so wins are harder to come by and when they do come, they pretty much come in hefty, which only makes it even more optimal for you to lock in prices. In the world of trading the only risks you have to worry about is the ones that control the market's opinion about your asset, and sometimes your propensity to take profit at every single pump. The advice is good in my opinion and it does come from a place of logic and wisdom, but as a trader you're pretty much playing with risks everyday so why not maximize how much you'd be able to bag when you're trading instead of copping every single dollar that comes by to your wallet. This is spot on, our winning rate is important as if it is too low it will be very difficult for a trader to keep their poise and trade as they should by following their strategy. But this idea of taking profits no matter what will severely impact the profits we may get with our successful trades, and in that case it is preferable to lose a few more trades and increase the money that we get than to do the opposite, which is what the OP proposes, because at the end we are trading not to be accurate traders but to become profitable traders.
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tvplus006
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February 02, 2024, 12:03:07 AM |
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Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually. ..
As a rule, a trader takes a profit when he sees that the price growth has already exhausted itself and the price has approached the resistance level. And the trader is faced with a dilemma, if he does not sell now, then the price of the coin may decrease. And this fear of losing profit makes him fix profits.
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Natalim
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February 02, 2024, 04:35:23 AM |
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Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually. ..
As a rule, a trader takes a profit when he sees that the price growth has already exhausted itself and the price has approached the resistance level. And the trader is faced with a dilemma, if he does not sell now, then the price of the coin may decrease. And this fear of losing profit makes him fix profits. But most traders do the wrong way, instead of selling as they already have the profit, they even wait for more until the hype is over. Losing the chances usually happens for greedy traders, and the more they trade, the more they lose. If all traders just know how to accept small earnings, nobody for sure will end up losing. Sadly, the common instinct is "What if the price increases more"? Contentment is a common problem that is hard to change and a reason for failure. Even though we have deep knowledge and skill about trading but we have a behavioral problem, that's still end to nothing.
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MIner1448
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February 02, 2024, 08:20:34 AM |
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It is clear that in the first training of the dealer, the neophyte needs to be trained oвaть пpибыль paбoтaть c cтoп лoccaми. There is another emotion in Berut's face, but it's in the same way, so you'll hear about it It's a good job for you to cut and cut, so you don't have to worry about it oдит.
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EarnOnVictor
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February 02, 2024, 08:36:07 AM |
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I started learning how to trade and my teacher just told me this advice that no one has gone broke taking profits when trading. I have always wanted to earn Bitcoin but I have been confused how to start then decided that I'll learn how to trade. I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits. My teacher said the profits you take is better than all imagining profits you'll think that you can get in the future if you keep holding. He didn't say holding is bad but I got advice not to neglect the profits that I can take. I got this advice and I want to share it with everyone, always take profits.
You are only confused because you are still new to the system and I don't think that your teacher is wrong but you are the one who couldn't differentiate between investment and trading. Trading and investment are not the same thing even though you are still investing by trading, and one is more risky than the other, and in trading, if you tarry too much in taking your profits depending risk you take, it might be catastrophic, which is what I believe your teacher was trying to tell you. Yes, it is good to take your profits, this is mainly because the market might reverse back against you and you might lose both the profits and your entire money if care is not taken. For this, while trading, you have to also use the stop loss so that you will know the maximum amount you can lose and this reduces fear and tension in trading. But for investment, you can buy the asset and leave it, it is less risky, and you may not even look at it for years if it is such that you trust that much. In that, you might not be bothered to be watching your profits to avoid emotions and bad investment decisions. You can continue to HODL it and you will be just fine. Do you understand now?
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Peanutswar
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February 02, 2024, 08:49:26 AM |
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Not all people have the same journey when they start trading It is good that you gain from the eco we experience to those people you've seemed idolized it's just a stepping stone with your journey. I'm not a pro but still have experience every person who earns a lot with trading has the basics, always cut the losses when you think already marked your SL or gain the profit already when you hit TP. Every basic step are signal to you sometimes having too much knowledge makes us overthinking every possible outcome.
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Lantind
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February 02, 2024, 12:23:08 PM |
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Not all people have the same journey when they start trading It is good that you gain from the eco we experience to those people you've seemed idolized it's just a stepping stone with your journey. I'm not a pro but still have experience every person who earns a lot with trading has the basics, always cut the losses when you think already marked your SL or gain the profit already when you hit TP. Every basic step are signal to you sometimes having too much knowledge makes us overthinking every possible outcome.
Everyone will of course experience different obstacles when trading and if we can learn from the experiences of those who already have experience in the field of trading, of course it would be very good if we could follow them and also we must have basic knowledge about trading, don't just follow other people. others, but we don't understand anything about trading, of course this will be a problem for them when trading. Too much consideration and thinking about what we will get in trading can make us miss every opportunity that is in front of us and to be able to get it back, of course we won't know about this, so it would be better if we were sure of what we know. then we can trade to make a profit and we also have to be careful.
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milewilda
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February 02, 2024, 02:50:19 PM |
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Exactly. Taking profits without maximizing them is just as detrimental as actually losing a position in some cases, so taking profits willy-nilly without gauging whether you can still push for more is going to be detrimental to your behavior as a trader and your holding eventually. ..
As a rule, a trader takes a profit when he sees that the price growth has already exhausted itself and the price has approached the resistance level. And the trader is faced with a dilemma, if he does not sell now, then the price of the coin may decrease. And this fear of losing profit makes him fix profits. But most traders do the wrong way, instead of selling as they already have the profit, they even wait for more until the hype is over. Losing the chances usually happens for greedy traders, and the more they trade, the more they lose. If all traders just know how to accept small earnings, nobody for sure will end up losing. Sadly, the common instinct is "What if the price increases more"? Contentment is a common problem that is hard to change and a reason for failure. Even though we have deep knowledge and skill about trading but we have a behavioral problem, that's still end to nothing. When it comes on taking profits then this is one of the most common rule that people should really be thinking off specially when they do touch up the area or space of trading on which it isnt really just that limited into this market but also in other things as well.If you arent really that mindful about taking up some profits and really that too greedy because you do have those kind of hopes that you could really be able to make more money and turns out that the market would really be going against on what you are expecting, then it would really be giving out that kind of regret that will really be that minded for the rest of your life. This is why it would really be that always best that you should really know on when to take profits and on when you should really be that holding your position. Outcomes and results would really be that different to each other on which there would really be those people who would be able to skip out on such decision because of those wrong hopes and dont stick out into their initial plans earlier.
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AbuBhakar
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February 02, 2024, 02:57:06 PM |
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Not all people have the same journey when they start trading It is good that you gain from the eco we experience to those people you've seemed idolized it's just a stepping stone with your journey. I'm not a pro but still have experience every person who earns a lot with trading has the basics, always cut the losses when you think already marked your SL or gain the profit already when you hit TP. Every basic step are signal to you sometimes having too much knowledge makes us overthinking every possible outcome.
All that you mention is correct in relation to properly trade. I think the main essence of this thread is by securing profits regardless of the size since this is always the part which many traders failed to become successful. I experienced this kind of dilemma before when I purchase Bitcoin at 30K and failed to sell at peak 67K because I’m still aiming for higher profits while I still have a lot of profit margin on my position. The end game for me is taking profit at 40K missing a lot of profit when peak just because I’m too optimistic that the price will go above 70K that time which never happened until now.
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| | | . Duelbits│SPORTS | | | | ▄▄▄███████▄▄▄ ▄▄█████████████████▄▄ ▄███████████████████████▄ ███████████████████████████ █████████████████████████████ ███████████████████████████████ ███████████████████████████████ ███████████████████████████████ █████████████████████████████ ███████████████████████████ ▀████████████████████████ ▀▀███████████████████ ██████████████████████████████ | | | | ██ ██ ██ ██
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|MINER|
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February 02, 2024, 04:52:05 PM |
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Profit taking is not bad but holding is better and should do market analysis and then sell. If you invest in BTC, then I will say hold. And if you have invested in alt coin or meme coin, then I will say to take the profit. It is better not to invest in alt coin and meme coin for long term, it is better to be satisfied with small profit. But if you invest in BTC, hold and wait for bull run.
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ScamViruS
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February 02, 2024, 05:08:27 PM |
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Profit taking is not bad but holding is better and should do market analysis and then sell. If you invest in BTC, then I will say hold. And if you have invested in alt coin or meme coin, then I will say to take the profit. It is better not to invest in alt coin and meme coin for long term, it is better to be satisfied with small profit. But if you invest in BTC, hold and wait for bull run.
Right. We have witnessed many top alts crash overnight and investors lose money. That's why it's important to book Altcoin profits, because the market will give you so many opportunities that the thought of doing something big with just one trade can often lead to losses. Keeping Bitcoin trades open is definitely less risky because even if Bitcoin goes down for a while, it will recover over time and bring bigger profits. And holding Bitcoin is a big investment for the future.
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Nrcewker
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February 02, 2024, 05:17:53 PM |
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When you do proper research and hold the coins then, it is very hard at that time to take out the early profits. A trader gives all his efforts to estimate the price of the coin and set a goal for profits. Now if he at this time cashout before reaching the goal, then definitely his hardwork goes into drains. I know it’s better to have little profits than losses, but sometimes you do have to take risk in order get the desired amount of profit from a coin.
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pawanjain
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February 02, 2024, 06:33:56 PM |
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I started learning how to trade and my teacher just told me this advice that no one has gone broke taking profits when trading. I have always wanted to earn Bitcoin but I have been confused how to start then decided that I'll learn how to trade. I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits. My teacher said the profits you take is better than all imagining profits you'll think that you can get in the future if you keep holding. He didn't say holding is bad but I got advice not to neglect the profits that I can take. I got this advice and I want to share it with everyone, always take profits.
That is the best advice by far because I have always regretted not taking profits while I could have. I am trying my best to develop the skill of taking profits but I often keep holding longer and then lose the higher price. That way the price keeps falling and I don't sell then the same cycle repeats the next time. These days I am trying to take small profits when the price is little higher while not selling the full stash.
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February 02, 2024, 07:08:52 PM |
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When you do proper research and hold the coins then, it is very hard at that time to take out the early profits. A trader gives all his efforts to estimate the price of the coin and set a goal for profits. Now if he at this time cashout before reaching the goal, then definitely his hardwork goes into drains. I know it’s better to have little profits than losses, but sometimes you do have to take risk in order get the desired amount of profit from a coin. Of course – it's better to gain a little than to lose a lot. This mindset is correct - but not all plans and expected profit targets will always be achieved. The market is very difficult to predict and trader must be fully aware of that. Traders must also have risk considerations and second plans - at least this can save them when prices do not worth what is expected. The second plan I mean is a trading strategy. A trader should consider a backup strategy before placing a trade - such as DCA so they can recover their position more quickly when the price falls. But whatever the strategy - risk must still be there, traders cannot ignore it.
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sulendra12
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February 02, 2024, 07:15:16 PM |
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I have been reading through the forum and I see lots of advice about holding and it's looking like if you sell you're not doing the correct thing. The first advice I have received is that I should always take profits
How come you want to take the profits but you think that if you sell you are not doing in a right way? That contradicts your statement. You are free to choose when you want to take the profits when the situation calls it, every traders have their own method to determine when is the best time to take profits. They might have some sort of threshold and deep research to make sure they have the best results.
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boyptc
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February 02, 2024, 07:20:05 PM |
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How come you want to take the profits but you think that if you sell you are not doing in a right way? That contradicts your statement.
It wasn't him thinking that but people's comment. You are free to choose when you want to take the profits when the situation calls it, every traders have their own method to determine when is the best time to take profits. They might have some sort of threshold and deep research to make sure they have the best results.
And that makes sense that everyone has to take profits whenever they feel that it's enough and right time. When times of greediness comes, you're going to miss that huge profit that you might get. While it is on the top, you're missing the huge money and when it drops down, that's when you start to take profits and many goes wrong with that timing.
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snowpega
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February 02, 2024, 08:26:41 PM |
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well dear it depends on the plan as Some of the projects are for long-term investment and some for the short term. In the case of the long term if we take a profit and the market does not allow us to buy back so we are disturbing our plan for the long term and for the short term we can take profit only at the best time when needed otherwise booking profit all the time is not a good idea at all as no one can predict the market 100% accuratly.
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suzanne5223
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February 02, 2024, 10:12:24 PM |
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When you do proper research and hold the coins then, it is very hard at that time to take out the early profits.
Taking profit may be tricky but is not hard as you said and the reason why people see taking profit in trading as something hard is because they never set a goal and the purpose of the investment/trading before they start. It's the goal and purpose that will trigger the right time to make a profit. Another thing that's like that is re-investing the crypto profit. This reminds me of when YFI was making waves, I aimed to get out of it and I set my goal when the goal was achieved I sold off and re-invest into BTC few weeks later when I checked the price of YFI it was in red while BTC is going green which I think some investors also the same thing I did.
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Sanitough
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February 02, 2024, 10:36:20 PM |
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Well, profits are need to be taken and not to be kept forever, otherwise the essence of having profits and being profitable will never be realized. While some investors or traders feel the need to chase more profits most particularly if they are still seeing potentials to gain profits, others would quickly sell for profits, and there’s no wrong with that as long as they are selling for profits and not at a loss.
But we all know everyone of us has our own preferences. Some may have set a bigger amount of profits before they will decide to sell, while others do not matter if it’s big or small as long as it’s considered profits. It’s actually a matter of individual’s mindset and preferences.
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