Why are you taking profit on bitcoin?

[EL MOHA]

Bitcoin reaching new ATH and with possibilities of multiple ATH to come again there will be some investors who will be taking profit from their bitcoin investment. This shouldn’t be surprising or be discouraged by anyone, we all have different strategies in this market, some are taking profit because they wanted just 2x from the market some more. For me bitcoin is still at an early/mid stage and will increase in price as the demand and adoption increases, but that doesn’t stops one from taking profit base on their strategy.

But the real question is why are you taking the profit:

Some are taking profit to actually invest into other assets which is what we call diversification or to build their businesses which is a great idea as profits from this business can still be used to invest into bitcoin yet again. But are you familiar with this investment or business, if not why take profit.

Some can take out profit to either help to Carter for their needs like building or buy themselves houses if what they have now is a rented property or to renovate the property if it is theirs, certainly there is nothing wrong with this.

Why you shouldn’t take profit is:

1. Using the money to actually spend it on unnecessary luxuries (emphasis on unnecessary, as there is nothing bad to get some luxury for your self).

2. ⁠It is wrong to take profit and abandon it on fiat currency, that’s going from an asset with a store of value to one with devaluing characteristics.

3. ⁠Taking profit to actually invest into altcoins because there is predicted alt season coming with some Altcoins been rumored to be able to do 5x or more is a capital gambling which mostly results more into losses than profits.
 
4. ⁠lastly Buying Altcoins are not diversification means so do not take profit from bitcoin to buy Altcoins.

[tbct_mt2]

Holding a long time is key to get profit with your investment in Bitcoin but people mostly shake their hands in corrections, dips during a bull run or in a bear market with panic sell. It is very easy to say hold while practically it is really hard to do with people who are newbies and lack of knowledge of Bitcoin market cycle as well as power of holding.

If you have profit and want to take it, is it bad action? I really don't think so but my advice is if you can try to hold your bitcoin over some market cycles like two or three, you can get very good profit and also feel less headache than trying to time the market within only one market cycle.

[goldkingcoiner]

Some are taking profit to actually invest into other assets

That is funny, I am using other assets for taking profit which I then invest into Bitcoin. But hey, to each trader his/her own...

There is nothing wrong with taking profit as long as your profits are then converted to Bitcoin, which in itself will bring even further profit. That is my plan, at least. I am in no position to be giving any trader advice since it is their money not mine, and everyone has their own strategies.

But if you are risky enough to put in some money into some pump and dump coin and actually make a profit, obviously the smart move would be to convert the profits into something more reliable and worthwhile... Like Bitcoin...

[Upgrade00]

One reason some people take profits is to lock in those profits. If you simply hold your portfolio builds overtime as we go through the different circles, but trying to time the market and sell at a high and buy low could let you lock in profits and grow much faster.

The obvious dangers is you could be very wrong in your attempt to time the market and could end up panic buying after selling and the price keeps rising. You also have to hold a stable coin during the period you're locking in your profit which has privacy and custody risks.

You can also lose discipline and try taking advantage of multiple rises and drops in price which brings more risk of getting burnt.

[Die_empty]

But the real question is why are you taking the profit:

Some people are taking profit because of the fear of the unknown. Maybe they have read materials from platforms that spread FUD, and they panic sell.

Why you shouldn’t take profit is:

Every investor can use their money how they want. Going on holiday in a country might be my lifelong goal. Selling part of my coin to embark on such an adventure could be worth more than anything. However, diversification of assets to other good businesses is good advice.

[Hatchy]

4. ⁠lastly Buying Altcoins are not diversification means so do not take profit from bitcoin to buy Altcoins.

Lots of folks think altcoins are a quick path to profit and hitting their financial targets. So, they often take their profits from Bitcoin and put them into these altcoins. Sometimes it works out, and sometimes it doesn't it all comes down to your risk management strategies.
If you're investing in Bitcoin, the first thing you need is a clear investment plan. This plan will help you make well thought out decisions, rather than panicking or making choices based on fear that the market is about to go down. And I totally agree with your last point trying to take profits by investing in altcoins often leads to losses

[pawanjain]

Why you shouldn’t take profit is:

1. Using the money to actually spend it on unnecessary luxuries (emphasis on unnecessary, as there is nothing bad to get some luxury for your self).

2. ⁠It is wrong to take profit and abandon it on fiat currency, that’s going from an asset with a store of value to one with devaluing characteristics.

3. ⁠Taking profit to actually invest into altcoins because there is predicted alt season coming with some Altcoins been rumored to be able to do 5x or more is a capital gambling which mostly results more into losses than profits.
 
4. ⁠lastly Buying Altcoins are not diversification means so do not take profit from bitcoin to buy Altcoins.

Your point number 3 and 4 are a little similar as to selling bitcoins to buy altcoins. May be you should consider combining them.
This is the exact mistake I have made in this bull cycle and I obviously regret making this choice.
I have learnt my lesson though and won't repeat this mistake again. Holding my bitcoin stronger now.

[mindrust]

Making investments is not the only way to live this life. Yes we shouldn’t be buying liabilities no matter how rich we ger but what’s the point if we keep saving like a monk and never enjoy the wealth we created? When we die our kids will be having a feast on what we have left to them. So, we need to have some fun too.

I don’t blame anybody selling his bitcoins for whatever reason for that matter. Lambos, girls, gambling (as long as he is a responsible player), buying a house, a car… These are all valid reason if you ask me.

Gotta enjoy what life has to offer sometimes. It is more fun like that

[Mpamaegbu]

Why you shouldn’t take profit is:

This really isn't good advice, technically. People should take profit when they deem fit. No one has ever lost out by taking profit. None. If you said one shouldn't sell at the moment, it could mean that one hasn't got to one's entry-level but to say one shouldn't take profit isn't right. Everybody should have their exit point. Everyone has their different levels they invested and as such will be in profit at different time. You can't tell someone who bought around $32k in late 2023 not to sell now that price is almost $120k if they feel they've realized their target.

4. ⁠lastly Buying Altcoins are not diversification means so do not take profit from bitcoin to buy Altcoins.

You may not see investment in altcoins as diversification but that's what's really happening, especially during the interchange of Bitcoin ATH to alts. It's funny how market acts at a time like that. Once Bitcoin soars so high to its peak, investors know how to sell off their Bitcoin to plough their profit into alts, firstly into large  capped coins and then it moves to low capped coins. That's why altcoins usually find their ATH after Bitcoin ATH.

[Ambatman]

Why you shouldn’t take profit is:

you gave the list of when you shouldn't take profit.
Well I believe to each their own and never considered myself a financial consultant.
Our goals differs
Our profits and target differs
Imagine telling someone that has been holding for more than a decade that it's wrong to take profit Now.

That's why I usually use personally or Imo because I ain't suggesting for others
Just telling what I'm doing.

[Despairo]

I opened Bitcoin Discussion, then I see someone created a thread about how life is more important than Bitcoin

Then less than an hour, I open Beginners & Help, I see someone created a thread about advising people to only sell Bitcoin to make more money

I would like to invite @Crypt0Gore to this thread and you both can fight with each other.

[Filicius]

I don’t blame anybody selling his bitcoins for whatever reason for that matter. Lambos, girls, gambling (as long as he is a responsible player), buying a house, a car… These are all valid reason if you ask me.

Gotta enjoy what life has to offer sometimes. It is more fun like that

I think that thinking about the really important things in life is far more important than these topics about taking profits or not. Instead of defending the ideal that selling is stupid or the contrary, why don't we use that time to think about what is my goal in life, and why?

Is my goal to buy a lambo? and if so, why? because someone has sold that lifestyle to me? I don't think a lambo will make anyone happy in their lives once the initial excitement has passed.

I don't blame anybody for that either, it is only that it is not my taste. What I really mean is that discussing about taking profit or not as if the fact had a value in itself is a sterile debate, if the underlying question of what and why is not first clarified.

[Davidvictorson]

Why you shouldn’t take profit is:

1. Using the money to actually spend it on unnecessary luxuries (emphasis on unnecessary, as there is nothing bad to get some luxury for your self).

This is the exact reason why I should take profit. After all my years of holding, I should be able to spend some of its yeild on some vanities that will make me a little happier. You know that anything can happen and it would be a bigger regret if something happens like I lose everything and didn't even get to spend a small piece of it on something that I love.

2. ⁠It is wrong to take profit and abandon it on fiat currency, that’s going from an asset with a store of value to one with devaluing characteristics.

Again, this is not wrong depends on what I plan to do with the Fiat. It is not white or black, you know. Our needs are different and so are our plans. So long as you don't withdraw everything to fait then, do what you must.

[MusaPk]

Taking profit is not a good strategy specially at a stage when we are seeing cases of how profitable Bitcoin is if you hold it for 10 years. Bitcoin price for last 15 years is continuously going up and we don't know how far it will go from here. Short term trading can give you few bucks profit but by doing so you will miss out bigger piece of the cake.

1. Using the money to actually spend it on unnecessary luxuries (emphasis on unnecessary, as there is nothing bad to get some luxury for your self).

This is the biggest mistake most of us commit i.e. spending money on unnecessary luxuries to impress the community. Even if we have huge money it's best to invest that money in Bitcoin to secure that money or increase it's value in coming days. 
 

[justinlamode]

Taking profits I Bitcoin is done when the investor have met his target. It's not everyone that want hold forever, some sell at the peak of each market cycle and start accumulating again in the follow bear season. I don't use this method though but is is not that bad. I like long term hold that is why I'm not eager to sell even now that we are in bull season.

[Findingnemo]

What's wrong with making money and living a luxurious life that is the only intention of making money isn't it? Or this is particularly for the ones who are retail investors trying to build something by investing whatever they can from their salary on bitcoin every month then it's not necessary to spend when they can be potentially increasing the profits more with the compoung effect. Whatever the concept of bitcoin is to let the money be used as they wish with no censorship.

[KiaKia]

Why you shouldn’t take profit is:

1. Using the money to actually spend it on unnecessary luxuries (emphasis on unnecessary, as there is nothing bad to get some luxury for your self).

2. ⁠It is wrong to take profit and abandon it on fiat currency, that’s going from an asset with a store of value to one with devaluing characteristics.

3. ⁠Taking profit to actually invest into altcoins because there is predicted alt season coming with some Altcoins been rumored to be able to do 5x or more is a capital gambling which mostly results more into losses than profits.
 
4. ⁠lastly Buying Altcoins are not diversification means so do not take profit from bitcoin to buy Altcoins.

Your point number 3 and 4 are a little similar as to selling bitcoins to buy altcoins. May be you should consider combining them.
This is the exact mistake I have made in this bull cycle and I obviously regret making this choice.
I have learnt my lesson though and won't repeat this mistake again. Holding my bitcoin stronger now.

This is too early to conclude right now, until dominance hit 40+range and ETH reaches a new ATH, you will be shocked, many people are not ready for what's about to happen.

Right from day one those who likes Bitcoin too much always hate on altcoins for some weird reasons, if they can eradicate alts with their mouth they would have but still, this is going to be the most hated rally ever.

Why? Because every piss of sh** are still going to pump anyways and people will make money, it is not the first time and it won't be the last time either, many alts already failed and people got f**k up but what will happen will still happen.

[Mia Chloe]

~snip

Sighs..... Well I hope you are aware that the idea of a forever holder is quite vague and naive and I think that is partially what your thread is pointing towards. Every individual or organisation hodling bitcoin is hodling to eventually sell off at a preferred price the only entity I believe could be left out is Satoshi else everyone will eventually sell.

There's nothing wrong with selling at $80k like philipma1957 did when we first entered the bull run. If people don't sell bitcoin people can't buy bitcoin. I think we should preach P2P usage as much as we do hodling besides it was Satoshi's dream for bitcoin.

[aylabadia05]

<snip>
4. ⁠lastly Buying Altcoins are not diversification means so do not take profit from bitcoin to buy Altcoins.

Sometimes with Bitcoin people can change their economy. Obviously for me it is not wrong if people's goals are to take advantage in their own patterns and ways.

It could be that with Bitcoin they can take profits on other assets and this is an advantage that we must recognize because when unwanted risks occur, each of them bears their own.
I'm sure there are those who have sold Bitcoin and they are trying to buy altcoins that are expected to make a profit due to price increases such as buying Ethereum.

It's not wrong even though he sold Bitcoin to buy Ethereum if his goal is to make a profit through altcoins.

[Stalker22]

Man, the whole "should I cash out or just let it ride?" thing with Bitcoin reaching new all-time highs, honestly, its a classic. People act like there is some universal playbook, but, come on, everyones situation is different. And honestly, theres no single "correct" answer here.

For real, when I see Bitcoin breaking new highs, its not just celebrating the gains. Its more like, "Okay, time to check my stacks, shuffle things around, and maybe skim a little off the top." Personally, I like to take some of those profits and pump them back into my real-world business. Gotta keep things balanced, otherwise you are just watching numbers go up and down on a screen. Right?