Why you should take profits
It's the beginning of the year and a lot of people are defining their objectives for 2022. I've been doing that for quite some time and I learned along the way. In order to reach our goals we have to make sure to take some profits...
Check-out the video to understand what I mean by that
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Great video and you're right about taking profits from time to time. I don't to that as much I should but I try to improve that :)
I kind of "forgot" to do it in the past but I'm focusing on it now because I realized that it's necessary to reach my goals.
This is a problem you see because while you say staking helps you grow very little every community and token tells you to stake.
It is difficult for people that are learning to plan around confusion.
Especially cause they don't have all your knowledge and experience yet.
Simplify lay out some ABC so we can follow, maybe it's already been done, but people don't know where to look.
Just my bit mate appreciate and respect you brother😎
Thanks for the feed-back :-). I understand that it's pretty confusing when everybody says different stuff. I'm in favour of staking but I believe we shouldn't stake whatever we recieve. We should focus our attention on a list of tokens that we want to increase and use the things that we want less to fill them. Let's say you want to increase your CTP stake. Of course you would stake CTP as much as possible. From your posts maybe you get also LEO tokens, CENT tokens or POB tokens. You now have the choice what to do with these tokens. Either you stake them all or you stake only a part of it and you use a percentage to purchase CTP. If you do that consistently, you will be able to increase your part of the rewards in this token and you will reach your goals faster.
I hope this was understandable ;-)
Yeah i understand Now
@achim03
But my point is people come from all over and at first most people unless coached in have no clue what the hell is going on LOL
It took me time to realize that some tribes and tokens were even connected.
Someone new has no idea what token to collect, which is why people end up staking them all.
Some collect one token the sell it all.
People talk like we all have the same knowledge, we don't, we are all learning at different levels.
I may know some stuff but everything else is watching a video from you, or maybe reading a post from someone else snippets of information.
Don't get me wrong it's all great info, but it is not a guide if you get me.
I only just starting to come out of the i am just confused stage and then i would say that's debatable some days.
🤣
Think of this in two steps.
Step 1. Stake, stake, stake. Everyone tells you to stake. When you learn to stake and what staking is and about multiple projects and what each of them are about, you are ready for step 2.
Step 2. Stake selectively. Focus on your targets. This is where Achim's advice comes. But step 1 is important as well, because you can't set staking targets before you know and understand what staking is and what the projects that offer staking are. Some of them you might not be interested in anyway.
Thanks @gadrain
I get that buddy, i understand.
Just questioning😉
Now you answered simples.
Great video @achim03
Have a blessed and successful day😎
True as for now, I'm selectively staking too.
For now, I'm focusing on staking BEE token as it's a priority for me now.
SPS staked goal is done with 100+ SPS staked rn >< All SPS come from airdrop (No real money invested) :3
Other tokens sold and go to miner token or BEE :3 Tokens come from hive posts or other sources (No real money invested) :3 🤗
Learn projects one by one...
i haven't taken any profit out from the hive engine tokens. A few sells to buy starbits.
What you say does make sense?
I am going to do my hive goals today, will keep this in mind when defining the focus points. Thanks for the insight.
I wasn't doing that in the past but the more experience I gathered, the more I realized that staking everything didn't make much sense simply because I couldn't curate in all the tokens that I was accumulating. Now I try to focus on few goals and make sure that all the other income I generate helps me to reach these goals.
I agree that taking profits helps to manage the stacks of tokens. I currently struggle with Hive voting power and weight. In order to keep OneUp curation off 100% full I end up driving down the Hive voting power down. This makes my hive votes return zero many times. I am currently moving most gains into Splinterlands cards for my lvl 2 deck. So managing my goals to have one or two focused on and not spread around too far and wide.
Maybe it would make sense to create a second account just for oneup. Like that you could stake all your oneup tokens in one account and curate oneup posts and with your main account you curate hive stuff.
It might make sense if my hive power was enough to get a few pennies per vote. At .004 even perfect management would only be 4 or 5 cents per day. Not really worth the trouble for a seperate account. I am targeting 100 Hive by the end of the year but that would still only be .0072 at 100% vote.
As long as you don't have at least 150 HP it doesn't make sense to have separate accounts because on hive you can hardly make any curation rewards before that size. So you are doing well by mainly voting oneup since it's much easier to collect decent stake in it.
I understand what you are saying and it really makes sense, if some want to really help a token or Hive he needs to have a way of something to it so that worth more and that will bring more profits to the platform.
Posted Using LeoFinance Beta
It's nice to want to help a platform but in the first place you should be concentrating on helping yourself. If you manage to generate profits, then the platform will profit as well.
noted ✌
Posted Using LeoFinance Beta
That's what I do as well. More focused this year since I have a clearly defined Hive goal, but I've done it in the past as well. It is also why I prefer very few targets instead of multiple ones.
Exactly, I realized that with too many goals I ended up not being very focused and it didn't bring me that much. For 2022 I will concentrate on Hive and HBD and all the rest should help me to grow in Hive and HBD.
Great tip, @achim03 - and provides some solid food for thought.
Things began to speed up for me when I started selling off "zero-priority tokens" and putting the profit into my high-priority tokens such as INDEX rather than staking everything that came my way.
After watching your video, I think the next step for me would be to create a clearer "top priority token target" and then set some "take profit" targets for my other "high priority tokens". Then I would sell a percentage of my holdings when one of those tokens hits a certain price point and use the profit to invest in my "top priority token".
In the past I just staked everything I got and then over time tokens started to lose value and all the staking was kind of lost time and money. I think it's always good to take profit when assets take value and bring this value to the coins or tokens that are your first priority.
Nice sharing! Totally agree on the part about not being possible to focus on so many tribes with one account. For now my main focus is Hive/HBD, followed by SPT and ONEUP. I think HBD is sometimes better than Hive because its price is more stable and can be unlocked in 3 days, so I keep a bit of both Hive and HBD.
I also have Hive and HBD as my main targets. HBD for stability and Hive in case prices explode :-)
Yes, it's an important aspect to grow a concentration of 1 project until achieving a goal on that token 💪
Go to multiple projects is quite hard as the pool goes so focusing on one project first is a good choice.
My staking based on priority:
250+ HP - All of it as investment from my blogs to my blogs (100% HP rewards) as HP is needed for RC
Source: Hive posts
10+ BEE - See it as an opportunity of growing my blogs too.
Source: Hive posts and workerbee ph-pool
Goal: Reach 100 BEE
4 WORKERBEE - See it from the workerbee ph-pool which gives me an interesting way to grow with a low amount of miner token.
Source: Other tokens
Goal: Reach 86+ WORKERBEE (1%)
20 LENM - still in queue for more while I'm seeing some of the holders already selling around 4 Hive 🤤I'll get it when I reach some amount of hive later
Source: Other tokens
Goal: Reach 35+ LENM (1%)
100+ SPS - reached the first goal of 100 SPS and growing steady without I need to invest anything.
Source: SPS airdrops
Next in queue:
It's pretty important I believe to have a nice game plan. Also it's good to have several priorities to start with. You can always narrow it down and concentrate on some things more than others. I like your goals ;-)
These are such great points, and I especially appreciated when you pointed out it's what you make compared to the market. It's an easy point to overlook!
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Thanks a lot for the feed-back and your curation efforts! Appreciate it.
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