Vlog 345: Taking profit too early - It happens!
Yesterday I took some profit on BTC at around the $6700-$6800.
While writing this BTC is $7400.
I took profit too early! O no!
Lol, this sort of stuff used to bug me so much when I just started out in crypto/trading.
Now it's part of a plan and it's much easier to handle.
I talk about it more in my vlog.
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My video is at DLive
Yeah I know the feeling, I sold my BTC when it was like $240 so don't feel bad. I did a little cash out of STEEM yesterday also right before the HUGE gains we've seen in the last 24 hours.
Haha, I don't feel bad. It happens when you take profit on the way up.
We broke the resistance of reversed H&S pattern, that might be the reason why it went up so quickly. Especially when buyers stepped up and at the same time shorts of btc futures got squeezed. It’s never wrong to take any profits, but you are right, it was a bit too early. I suspect btc to go to at least $7,800.00 based on the distance of reversed H&S.
I know only a little bit about TA. I'm not sure how far it will go this time. That's why I like to take profit gradually.
Too soon is better than never and then losing out i guess... like you said you did with Ethereum last time.
It's very hard to sell at the absolute top. That's why I sell gradually.
You plan and act based on holdings based on different cryptos. All of us do not enjoy such history. We have different mixes of asset holdings with different emotional attachments. Yesterday I was tempted to power down my Steem and go away. I did not. But it would have been profitable. Going broke is not always the primary issue.
Bad timing, but I'm sure you still have a lot to sell on this way up. I don't know if it will stop at $8K as it is supposed to do.
You can lose money taking profits.... it depends on what you do with the profit ;)
Like I say in the video. You don't sell everything.
The key word there was "profit"- at least you still walked away with extra money in your pocket even though it wasn't as much as you wanted.
You will really regret it when it hits 20 000 again
Haha! I'll be happy!
I bought in to BTC when it was about twice what it is now, so I am just holding on for the long haul. Awesome attitude that you can no let it get to you that much. I guess with the extreme volatility you need to go in with that viewpoint. Otherwise you will just end up kicking yourself all the time!
If you know you can hold it for a long time you will be fine!
For sure, I followed the first rule and didn't spend money I couldn't afford to lose when I bought in! I am very thankful for that!
And it's also ridiculously early in the morning! ;0)
What are you doing up!
Crypto never sleeps ;0)
Lol, up for work!
Way to take it like a champ! I hope your busy day is full of bucket fillings events. See you next time 💃🗻
Thanks!