Book profits when it is the right time | Nothing wrong in booking profits
Even though I participate in Hive Power up day event and do a small power up when it is the first of every month, I also do not hesitate to book some profits. I have been doing that in recent months. I have some plans from the profits I book from Hive.
Still, all my curation rewards and post rewards are getting powered up. I only take out the half Author rewards I get from posting. I use them for paying my bills every month and the remaining to invest in other things. I have been experimenting with this for the past few months. In spite of taking some Hive out to the market, I have also been saving a minimum of 100 Hive every month to participate in the Hive power-up day to power up a little more.
We all know how posting rewards are a kind of gambling here on Hive. Some posts get better rewards and some posts just end up in cents or a few dollars. It is quite rare that we usually get a big vote on our posts. At least this has been the case for me.
I have been maintaining my consistency in posting for the past year. On average I make at least a minimum of 1 post per day. There were at times when I get sick or have health issues, I'm unable to do some posts. Otherwise, I usually make it 1 article per day minimum sharing my thoughts and progress in the form of an article.
Booking profits is important
The reason why I say this is because there have been instances where I have seen the price of tokens I hold pump but I would have thought that I should wait for some more time to close it and book profit. By thinking that I have missed lots of opportunities. A few days back I missed a similar opportunity where the price of TELOS pumped and I watched it when the price of the token was at its peak but I didn't bother to book any profit.
I should have at least sold partially and closed my position so that when I see an attractive value, I would be happy to book a profit and exit. I have to train my mind on this. If the price of that token goes far higher, I shouldn't worry about it and if the price of the token falls down again, it is a good opportunity again to purchase more tokens for the same price.
This is one of the biggest reasons why booking profits is important. In the last few weeks, I noticed the price of some of the tokens were fluctuating between a low value and a high value. If I had been wise enough to purchase low and sell high, I would have increased my portfolio value to a great extent.
I'm planning to take some risks by booking profits on the tokens I hold for the long term and see my luck. I shouldn't worry so much as long as the price of the tokens is higher than my bought price.
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BEER."We all know how posting rewards are a kind of gambling here on Hive. Some posts get better rewards and some posts just end up in cents or a few dollars. It is quite rare that we usually get a big vote on our posts. At least this has been the case for me. "
Same here too,but i know it can only get better.
I agree on you. We have to sometimes take profits off the table and we should ideally do that when there's greed. Often times we get caught in the greed ourselves as well and that's what hurts.
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I thought you were doing something like that for Dot...
I also noticed the peaks of many coins...but I am not used to booking profits to buy back dips... if I had done that would be having more coins that I could have got back at the dips.
You are doing well, noting down all this...to become more profitable trader good luck on that journey.
The only control we have over the price is to sell and buy coins...we do that and not be bothered about price action volatity, no control over it.
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Greed often get the better of some that's why they don't do this.
On the sighting of a pump, I usually grab some profits so as not regret my action when the prices fall.
If the price falls after taking taking profit, I grab some more with part of my profit. Rinse and repeat
Yes this requires a lot of experience and patience to do it. When price falls most people only go for panic selling. Recently I have learnt to appreciate both good and bad times of the market.
Yeah. Which lead to short changing themselves. Both times are great windows if only maximized well
Its not wrong to do so. Just take a little bit off the table and I find that at least getting back your initial investments makes things go a lot easier.
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Absolutely. Taking the initial investment back is the key.
Booking profit is a very vital skill everyone should have. A lot of people are sentimental when it comes to certain coins, for example, I am sentimental with xrp and cub. I had xrp since 2017 when it was 0.2 and it got to 3.2 and I didn't sell.
Nowadays, when I buy into certain cryptos, if I get a 100% profit, I take my capital and see what the future holds for such projects.
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Yes I miss this on other coins too. Only on Hive I'm religious about booking my profits. As you said I missed it for XRP as well. Booking profits is definitely not very easy.
when you guys are doing a lot of other things with your hive I am only buying cards :/ am I mad or what some knock my head please
I know you are mad. That's entirely a separate topic to debate about. 🤣 JK
But I guess your strategy is also good Xawi. After all the card's value is also getting better from what I see.
But it is always good to diversify. Get some funds out and purchase a few top coins for long term.