Take Investment. Take Profits. !Take Off.
I teach cryptocurrency trading and blockchain. I get bombarded with so many random questions on decision making. One of my ex-students is the PA to the Africa ambassador on the Skey project. Some months ago, during the bearish of the market, he asked for my opinions on BNB - If he should sell off or hodl. He was already on the loss so I advised him to hodl. After some weeks he could not watch his hard-earned money dwindle, he sold off and stayed on BUSD. That is a wrong move at the point, especially on an asset like BNB. He is one just of many that reached out to me for advice on cryptos.
Coinmarketcap lists over 60 tokens every 24hours and many of these tokens are just from people building tokens, not for an actual solution but to get some trading volume and make some dosh out of the project. Back in 2017, ICO was the easiest way to scam people. Many projects will promise to deliver the things they can not achieve in 20 years, then when people invest, they move with people’s funds.
The same is still happening in different aspects. so, not all projects are viable. That is why when some coins pump and dump, they will remain down for many months or years. Imagine you invested $10,000 on a project because of the promises and the quality of development and within the first 7 days, your $10,000 turns $20,000. This is the part many people have issues deciding whether the $20,000 will still turn $200,000 and some will leave their investment to grow more.
One thing you should think first...
You do not have the power to control the market
Therefore, you should be careful with your decision if the amount of token you hold cannot determine the market. Also, a lot of factors determine the rise and fall of the market.
To make it simple, you can follow these three ways to stay on the profits side on most of your investment. They may not be the ultimate solution but they will work for you at least in 50% of your trades/investment after you understand the long and short time value of the asset. Assets like Hive, Leo, Bitcoin, Eth, Bnb, some Defi and others with greater values have proven viable no matter the condition because they have long time values. But there are assets with fewer uses that don’t deserve to be "hodl".
To be on the good side always, learn to...
#1. Take Investment.
This is the first I advise people. If you invest in an asset and the asset goes bullish that you have the chance to take off your investment, smartly take it out. Then, leave some for the future pump. The market is volatile and many factors can drive down the market, no matter the bullish fundamentals.
#2. Take Profits.
This is like the first, but instead of taking out just your investment, you take out your investment plus some profits. This set you better and you may not be emotional with the remaining funds you have in the assets again. Hodl is good, but not on all projects. As I wrote, some projects create tokens to search for problems or use, while some have actual use before they create the token. Identify these before making your decisions.
#3. !Take Off
!(not). This is taking off the entirety, and it is not the best thing to do. Some people practice this, but in the cryptocurrency sphere where tokens of $0.0001 can become $1,000, it is important to always have some behind. Don’t just sell all off no matter how unclear a project might seem. Shiba of $1,000 once turn $2. The move from $2 to $1,000,000. So, do not take off.
There are many trading strategies and what works for me might not work for all, but we all have one aim which is to make money. Taking out your investment or profit while you leave some assets for future pumps keeps you on the winning side always.
My name is @tykee (Barlogun Michael), a web developer, Civil engineer, content writer and the founder of Meshboc Technology & Digital Services Limited. I am using my content to share my opinions on tech, lifestyle, and finance, to promote myself and impact my readers. I like to learn. Education is the most thing I cherish.
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