When do you take profit?

in LeoFinance4 months ago

With so much going on in terms of price action in the Bitcoin, Ethereum and a couple of other alts including BNB, RUNE and numerous others, I feel it is time we start asking certain questions.

The first question that's on my mind and I'm.pretty certain it is on many other people's mind is when do we take profit?

I've been looking at the charts and I can authoritatively say that I have no clue what will happen next. Will it go up or down? Is this the much-awaited alt run that's akin to Jesus second coming? Or are we just preparing ourselves for a monumental heartbreak that will lead to a bearish market beyond understanding?

The top story for the past couple of months was institutional money seeping into Bitcoin. Companies like Microstrategy were throwing large stacks of cash into it and so seeing Bitcoin get to $35k and set a new ATH wasn't actually a surprise.

Ethereum's move on the other hand really stormed through crypto city like a flash hurricane and while many people predicted it, I doubt they knew it was going to run up this fast. We're here now and the money machine is spinning out of control, however, tracking this largely unpredictable money machine is the next step.

Part of the reason I really want to understand candlesticks and whatnot is that I want to be able to sell the top and I mean the very top. I can't count how many times I have sold too early, or waited too long and then sold later than I should.

For now, though, the market has turned into a game of chess, and I'm sure a lot of traders have their hands hovering around the sell button but at the same time, they anticipate even further positive movement in terms of price.

Since I don't have technical knowledge of reading charts I read a bunch of articles on Leofinance and Cointelegraph to streamline my thoughts but I still go with my gut anyway. So far so bad, my gut has failed me regularly but at least it is profit. What about you, how do you decide when it is time to take profit in a bullrun?




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I think one should have a target for which he is satisfied with his profit .. we can't predict the future to decide the peak of the bull run. But we all know it won't continue forever . the goal should be to achieve significant profit

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Well said, @weirdestwolf . Instead of trying to second-guess the market, we should set clear goals for ourselves. Is the aim to make a profit? How much and how often? Or is your goal to accumulate more Bitcoin? Another consideration is whether or not you want to look at crypto futures and learn to make a profit when the price drops as well as when it rises. Of course, there are risks involved, but the riskiest thing is to have no clear goals.

That's the truth ; it's safest having clear goals

Have hands so strong that you could never sell.

That's the downside for people like me who live off crypto. I hope I get a job this year

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I will properly never sell before I am retired if it goes like it goes now. I just dont need.

Thats why I just Hodl different coins in Celsius, so I earn interest ln them :D

I'll like to be like you one day. I'm going to hodl for as long as possible and hopefully get a job, so I don't have to depend on crypto

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Ye different situations I know bro.

Hopefully you get a job soon!

Well it's so enticing to sell right now. I wouldn't lie.

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I know right? Regardless of when you sell, you'll have made profit but the problem now is making sure you maximise the amount of profit you can take out of it

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As for people like me, I need all the money, I'm 26 and have a million plans money needs to solve. Chai, I wish I can see the future

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Same here brother, I hope I can make this money and provide for some plans I want to execute.

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The fear of not knowing the right time sha it can injure person. Hopefully it all works out

Fingers crossed brother. Some serious correction happening in the market now sef.

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The thing fear me man

Now to sell dey vex me. I wanted to take a little profit but e don fly me.

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Ah my same fears since the beginning of all this run. Omo. I don't know man, I just think most coins should at least cross their last all time highs before we sell out

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What about low market cap coins that are relatively new haven't experienced any real pump?

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I think the run is still affecting the legacy old chains more than the new ones...

By the way I saw leo at 0.4$ last night. Twas wow

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Saw it too man, my account value rose to $1k for a moment and it was beautiful. If we can just keep pushing till we reach like $1-1.5 range, e go too sweet.

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I'm even more concerned about a new floor price. Perhaps 0.2 leo is gone forever, new floor 0.3 😁 now that will be sweet

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Lol, it is spinning out of control indeed.
Some might not have estimated the bull to come this fast.
But then I don't know what I would have done cause I am still new to this whole thing.
Especially when it comes to charts. Seems you are working on understanding the charts lol

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Working is an understatement, I'm struggling to understand it. I keep taking profit either too early or too late. SOmeone suggested that I consider just taking a preset amount from when I bought into the token

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lol, very funny. But I know with time you will get to understand all about it. All the best.

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Thanks Zanoz

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The wisest thing is to observe those How Microstrategy if one is attentive and sees that they begin to sell is time to do so, since the rats leave the ship before sinking.

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Microstrategy claim that they're not selling for anything less than $100k per Bitcoin. How true this is, I don't know

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