Why close position after a little gain? Is it also affecting you?

[Alphakilo]

You swing traded and that's okay for you to take that little profit. I think the best mindset here is about thinking like this "profit is profit".

Because not all gets that profit when they swing trade and instead, they're having losses. So if you want to have that thought of little profit and you're not content.

Just take that first and do better on your next trade. Much better to be content of having that small gains than having small loss.

It's more about the process involved in trading than anything regarding emotional responses in order to be successful at the swing trading and that may include knowledge of how to trade the chart and knowledge of how to use split exit strategy.
OP did well in trusting his analysis with a $50 position and took profit when he thought was right and while that shows discipline, it also assures one that if such process is being repeated in several other trades, it would help sharpen instincts and ensure capital is secure and no matter how little, profit is made.

[Dr.Bitcoin_Strange]

I assume that every trader has their pattern and your pattern is your edge in the market, if you are a swing trader and you always close your trades before time, then you need to work on yourself and kill that fear  but if you are a day trader or scalper, I can assume that it's actually how they do, take quick profit and set another entry if they see the chance to do so. Actually, I'm like you, I usually close my trade before it gets to the price I have predicted, I don't feel easy when the market starts reversing against me, that's why I close instead of holding the position.

[suzanne5223]

As bitcoin fall to $58040 yesterday, I opened a long position using $250 on an exchange and also using $50 on another exchange. As I gain little amount yesterday, I closed the position before I slept for the $250 which has been a problem for me because any little profit, I will close the position.

I saw the $50 long position gained more today as bitcoin went above $60000 again and it was around $60600 when I later closed the position because I do not know if bitcoin price will fall back.

This has happened to me in the past. Good examples was the time that bitcoin first fall below $60000, it later when above $70000 and even went to almost $83000 but I sold when bitcoin was $62500, it rose far more.

If you are a trader, are you able to successfully be a swing trader or you are like me that will only make small amount positive PnL and close the position?

Many traders are affected like me despite that only little amount of money is used to open the position in a way that I can still be able to average it up to $1000 if the price goes south.

You made the right decision by closing the long trade since the market is currently at the verge of a ranging trend, which goes against, and sad about missing an opportunity in the financial market because there will always be another opportunity for you to make through trading.
What's importnt is you not making lose since it always affect the psychology of every traders, and also causes wrong decision making in trading.

[DPHOR]

Trading is risky and should be handle with care so that you don't end up losing everything you have already profited from the market. You can't entirely understand the market, but whenever you secure a reasonable profits from that trade you should be able to know when you should be closing your position so quickly.
Remember had it mean you didn't close the position as you did and you ended up losing would you have to blame the market or question yourself for being greedy while trading that you have lose another reasonable amount you should be having as profits.

[Hamza2424]

If you are a trader, are you able to successfully be a swing trader or you are like me that will only make small amount positive PnL and close the position?

Many traders are affected like me despite that only little amount of money is used to open the position in a way that I can still be able to average it up to $1000 if the price goes south.

When you slept, your brain saved you from the discomfort of uncertainty because you were not sure if it was going to hold this range or dump. That's why when you slept you did not make any rational trading decisions, so in my sight, it is not bad luck, just a psychological pattern that you can fix with more than a trading strategy adjustment.

Also you made sure to close the trade with a high amount, $250, while your brain was at ease when you made a profit from the $250 trade and now you were ready to risk all the $50, so you slept. So basically you made profit from both trades but now you are not letting it go, which is another problem.

The fix is mechanical bro. Set your take profit targets before entering based on technical analysis, but at that time it would not have helped, I can understand. If $60k was your thesis then $63k or $65k resistance should have been your targets, decided in advance, not negotiated with your emotions at 3am.

But still you made money and now be happy about it. That would be better for your future trades, otherwise you will make mistakes.

[Ojima-ojo]

I assume that every trader has their pattern and your pattern is your edge in the market, if you are a swing trader and you always close your trades before time, then you need to work on yourself and kill that fear  but if you are a day trader or scalper, I can assume that it's actually how they do, take quick profit and set another entry if they see the chance to do so. Actually, I'm like you, I usually close my trade before it gets to the price I have predicted, I don't feel easy when the market starts reversing against me, that's why I close instead of holding the position.

Sometimes is not About fear but about self set strategy remember the ops said he close the position after making a few profits and th market have started finding a building decline momentum.


His action is normal just like what is expected of every cryptocurrency traders, the good thing is that he opened an opposite position that have put him on profits right about now.

[GreatArkansas]

(....) 
If you are a trader, are you able to successfully be a swing trader or you are like me that will only make small amount positive PnL and close the position?

Many traders are affected like me despite that only little amount of money is used to open the position in a way that I can still be able to average it up to $1000 if the price goes south.

I always have a plan before I enter a trade. For example, the target is x price, the stop loss is y price, and the entry price is z.
I'm always trying to stick with my plan, the only thing I close my position sometimes is if, let's say, it started to seem going opposite to my plan or already took too long, some indicator/signal changes.