Shrimp
(A lil big Shrimp in the rough crypto ocean )
1
I hate to admit it but I suck at taking profits from my investments.
I wish I would have taken my initial money out around the peak but I didn’t and it sucks.
So now I want to use the bear to think about profit taking a bit more and create myself some sort of rules when to take x % out of the position.
My current thoughts are that as soon as my position would double would take out 50% of initial invested money. If it does a 4x I would take out the rest of my initial investment…the problem with this is that the potentially of missing out is just very big…so it is for sure not ideal
I would love to hear how others are doing with taking profits.
So let’s assume Radix does a 10x which would be crazy. How do you take profits?
You are not alone, had two or three chances to take 10x a few months ago and guessed what I did not , do you know why, same as your reason I was greedy. That is the simple truth. You get so much peace when you take out your initially investment then its just a free ride. Its good fore the soul, body and mind. I think if anything does a 10x take profit no matter what, unless tokens are being staked for long term rewards like say on ilvuim , were you get a profit of all the income from the entire game played by millions.
Radix will do a ten x I say if it gets close then unstake, I would say yes if something does a 4 x take profit, even if you just take half your investment out , the problem is we always think it wont go down again, but it WILL, for sure it will, its something you learn over time , but you know when its pamping like green for 3 weeks or something, take it, its something you will painfully learn over time when you feel the pain of not taking profit lol, I will never make that mistake again.
Regarding radix, I am holding a large sum staked in the Radix wallet, and I am not planning to move it out in the next future (looking forward to the pump after xi’an release).
At the same time, being able to take profits it’s essential, we all are here for the same reason: take profit. So my strategy is to keeping a 70% staked in the wallet, and another flexible 30% on Kucoin, ready to be selled during better days.
Love this sentence. It perfectly reflects how we all feel lol
Well, I have also problem with this, didn’t sell in November at all, and basically watched my portfolio going down until now (and still holding). I think i will set clear boundaries here, so if my investment did a few X, I will take profit no matter what. It is a bit different with Radix, since I truly believe that mass adoption will come with it at Xian, so I might hold to that bag.
Yes of course each project has their own merit , i will also hold radix long term, seems like we all been there, not taking profit, if you get stuck in the downward spiral when price crashes no use in selling just wait until next cycle when it will go even higher. I will neve make that mistake again!
2 Likes
Shrimp
(A lil big Shrimp in the rough crypto ocean )
6
thats some medicine for the soul!
Thx for sharing this.
It indeed is greed. And now we are all saying yes I won’t be greedy ever again but when the bull hits that is going to be way harder to say at least for me!
I like that strategy like this you can operate flexible and can kind of go around the unstaking time
Welcome on board we are exactly on the same boat XD
I will hold everything and won’t cut losses and if new cycle hits will sell several bag which hopefully won’t be as much underwater than
Maybe this will sound wrong but it is honestly great to read that I am not alone with not taking profits
Yes, to me this kind of strategy perfectly suit radix since I am planning to hold, but at the same time I want to keep buy and selling buy and selling so as to gain profits from this bearish period.
Shrimp
(A lil big Shrimp in the rough crypto ocean )
8
Ah so you are actually kind of swing trading with the 30% on kucoin?
Honestly the best strategy is to DCA on the way down and DCA on the way up
Shrimp
(A lil big Shrimp in the rough crypto ocean )
10
DCA is the way! You never will snipe the bottom or top unless you are really good and understand the market very well…
And than DCA out at some point? How do you do that?
Do you trigger your DCA orders based on time (every week I buy 100 bucks of radix) or on price action setting orders up following a downward trend or upward trend?
Depends when you brought really if you brought really low and its ath then yes see how much you made, I think in a bull run a good time to take profit is when btc hits ATH , like you could be something just before it hits ATH then no point in selling, but if you can get in at the bottom then yes if it hits ATH for sure, also like almost all my tokens are staked so if you see it going near ath you will need time to unstake , its very hard to make this decisions to be honest just try set some rules and do not break them no matter what . Download the ftx app , you can track the price so when you put it on the app and it will tell you how much profit you have made. Atm I am not doing that cause prices are so low and I will just kind of wait for bull run in 2024.
I would say if it 10x or near absolutely take profit , if it 4x maybe also depending on profit , if you just keep buying lowing , waiting for it to 4x, take out money you put in , what for price to drop , buy again with money you took out and just repeat this, then you will be getting free crypto id that makes sense !
1 Like
Shrimp
(A lil big Shrimp in the rough crypto ocean )
14
That makes a lot of sense
Hope I will be able to follow this advice!
I dont believe in taking profits depending on how much you made. personally for me a good strategy so far has been asking yourself the following:
Would you buy right now because you think its a good time to. Because even tho you might have started with an investment of only 1k, as soon as it turns 10k or something you have to think like you have 10k cash and you are looking to invest this.
1 Like
Shrimp
(A lil big Shrimp in the rough crypto ocean )
16
You mean asking my self would I buy this asset still after it did a 10x
Or can you explain what you mean with you don’t believe in taking profits?
I mean at one point you want to take profits or?