Do You Take Taking Profit Seriously?
Every time you look at your crypto portfolio, you feel great and that puts a smile on your face. Now when you look at your portfolio, you feel the opposite. Crypto prices can go down, but maybe you did not expect the price would drop that low. Do you take taking profit seriously?
Most of the time, we talk about buying and accumulating crypto. This is indeed a good time to accumulate crypto. Taking a profit is very important and there is no way you can overlook that. Now you wish you would sell your crypto and take some profit.
That time has gone. It would be ridiculous to sell your cryptocurrency at this point. You might have a lot of plans in a bull market and this bear market just ruins everything. Bad news in crypto comes one after another and it shakes the crypto market.
There are huge ups and downs in the crypto market. Many cryptos will turn into dust in a bear market. Seeing some crypto turn into dust makes you feel terrible. The truth is, many altcoins will follow in the footstep of LUNA and FTX. There are frauds, scams, and regulatory crackdowns. It will create FUD faster than you think so far.
In a bull market, selling some altcoins and exiting from your position is the best thing that you can do. If you don't take taking profit seriously, you end up losing not only gain but also the capital that you invested there.
You plan for the long term. You only want to accumulate crypto. If you intend to accumulate crypto, I think it is better to take some profit in a bull market. Cash acts as the king in a downtrend market. You can invest your profit in a bear market to accumulate more crypto. It will help you to achieve your goals faster.
A bear market cannot ruin your financial plan if you plan ahead. If you depend on crypto to make a living, you have to take advantage of the bull market and book your profit. You can put aside money that will support you and make plans about how you are going to use the rest of your profit to make investments.
We all make mistakes, learn and get better. Accumulating crypto is as important as taking a profit. There is no way you can underestimate one of them. Make your plan and execute it when the time comes.
So what do you think about taking a profit? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Posted Using LeoFinance Beta
It’s important to take profits. Some people think when you say accumulate it means just buy buy buy. The real thing is to buy but when you make profit take it and set a target for when it dips for you to buy again. Let’s say you buy 1 BTC at 16k and it pumps to 17k, the best thing to do is to take profit and wait for it to fall back down to 16k and then you buy again.
In this regard you will be having more than 1 btc now and even if it dips a little more you are okay. You keep on doing that in a bear market and things will look good in your portfolio.
Posted Using LeoFinance Beta
You can follow your strategy to take a profit. In case you do trading, you should consider how much risk you are taking and set the profit target based on that.
If you make investments, you have a plan about how long you are going to hold the assets and make your move based on that. There is no way we can underestimate profit taking whether we do trading or investing.
Posted Using LeoFinance Beta
I agree, profit taking is very important. Especially when you believe in a project.
When leofinance was pumping last year and people were talking about $5 Leo, I sold about 60% of my stake for up to 7 hive per Leo token.
This year I’ve bought back into Leo often 7 Leo for 1 hive.
I still regret not taking profit when splinterlands was pumping. At the peak my cards were worth $4300 and I’ve recently sold them for $1200. It could have been a lot more.
But I was in time before the ftx crash and I’ve now got $1000+ hbd in savings earning 20% interest. It would’ve been a lot less if I waited a few weeks before selling my cards.
You did a pretty good job taking profit and later buying back LEO.
When the price hits an all-time high, we see people make crazy predictions about how high the price would go. I think if you don't take a profit, it is difficult to survive in crypto. A bear can be a very tough time where you have to survive and accumulate crypto at the same time.
Posted Using LeoFinance Beta
I agree
Very good point. My plan is to sell at least 20% of my coins during the next bullrun when we have 10x and more for certain investments. Taking some money off the table once you earned it is important. The more cash you have to invest further. 👍🏻
We are going through a learning curve in crypto. What we learn from this bull run and bear market can be very useful next time.
Posted Using LeoFinance Beta
I didn't take profits much in the start but I have started to take it more seriously recently. It never hurts to have some extra cash to buy into good deals when they show up.
Posted Using LeoFinance Beta
Yes, no one has ever broken taking a profit. Whatever your goals are, taking a profit helps you to get there faster.
Posted Using LeoFinance Beta
This is an extremely important point. Some of us are so focused on massively expanding our portfolios that we forget to take profits. Any investment without a profit plan is a bad one. So, we all need to rethink our crypto strategy
We usually don't talk much about taking a profit, but it is as important as accumulating crypto. Having a strategy gets you on track and you can stick to your plan.
Posted Using LeoFinance Beta
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