Take the Profits - Buy the Dip - Eat, Sleep, Learn, Repeat
I am not too good with the first one, though. Whenever I take profits from a certain coin, it mostly continues its path to the moon and all I want to do is jump back in the ship. Sometimes you have to wait a bit and be grateful for the profits because jumping back and buying higher than you sold is not how you increase your wealth. I read a great quote somewhere regarding the coins you sell but I can't find it now. It sounds like this:
Think about the coins you sell like your ex. Why do you want to know how she/he is doing?
Go on and enjoy the show while it lasts!
If this bull-market is to continue for at least a few months, buying the dip and profiting from it should be included in your daily routine. If you're not interested in trading, you must have strong hands and hold your coins until they give you enough profit to take some of it. What is considered enough? I guess it depends on your strategy and the coin itself. For Bitcoin, many are saying it could reach $100K before the winter.
Personally, I'm not sure when the bull market will end. I love waking up to a green portfolio with coins rocking hard all over the place but one day, the bear market will start. With guys like Elon Musk pushing crypto further than it has ever been, the bull market could reach the end faster than expected. But it could also go much higher than expected.
I don't like to speculate. I love to read and I love charts. Especially, when someone explains them to me. That's why I read this great article about Bitcoin HODL wave chart. It was really educational and concluded with the author saying:
Let the bull rage on.
Meaning - there's still time to stack your coins and multiply them at least a couple of times. That's, of course, if you choose the right coins. Or choose any coin because in the real bull-market, even a shit-coin pumps. Look at Tron and how high it is. It's silly. Stupid money is incoming. Smart money is slowly starting to take profits.
I also looked at the video from this guy and learned a new chart called Bitcoin Log Growth Curves. They seemed pretty legit. To sum up, the author is giving us two possible scenarios but either way, he says that from this day, the bull market will continue for a maximum of 6 months and BTC top will be about $100K. Then the market will turn into a bear.
Conclusion
When there's a top, nobody will give you signals, they will take profits. Either way, I'm pretty optimistic that we are about to experience the greatest bull run in crypto history. Even if it lasts for only the next few months, we are safe for a few weeks. Buy the dip if you have some spare fiat, take profits, and buy the dip again. One day, you will have to stop buying the dip because it will become a falling knife.
Peace. Boi.
Thank you for reading!
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https://twitter.com/bagofincome/status/1359990191839150081
Just sale fractions on the way up ... have some strategy as well .... like if BTC go to 50k I'm selling 10%, it it goes to 100k... 20% ... something like this for your major coins
Thanks! I'm trying to do that but whenever I sell, I find a new one to buy :D
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Yea I know ... I have the same problem at times :)
What I'm trying to do with both, with my crypto holdings and my stable tokens is trying to categorize them.
Like I'm buying this token only for the pump, if it goes x3, I'm selling 100% and by by remove it from my watchlist
Then, long term holding, that I'll sell gradually on the way up, but never all
Now with the profits/stables ... here as well I'm trying to categorize it ... like this share is my long term, I'll maybe use it in real life if I need it at some point, or maybe keep it for a bear market years down the road.... then I have this other share, that is play money, and those are for fast reinvesting, new tokens etc ...
That's a good strategy you got there. I'm doing something similar and sometimes it works, sometimes it doesn't. At least that's a strategy.
Thanks for reading, man!
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I relate to the profit taking issue. No matter what, the value of the coin goes up as soon as I leave it. I should start giving out tips on when I'm selling, people will get rich!
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Hehe, that happens but the good thing is - profits are taken. It's always better than nothing.
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thanks for the enlightenment. I think the truth is with crypto you have to get involved at one point and the trading coin will become the norms of all associated with bitcoin
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Getting involved is how you learn! Thanks for reading, man!
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Well, the "take profit that I practice" is "return the initial investment" (invest $100, goes up, sell $100).
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That's a good strategy! Thanks for reading and have great success!
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