Taking Pr0fit$ 101
vIDEO Works! N0t Sure Why It's Showing Up Like This. Just Click Play ;)
PT.2(SHORT)
CONCLUSION:
A lot of coins pump & dump quickly when during their infancy stage so, you MUST take profits along the ride. Believe me! I missed out plenty of times by telling myself just to hold long-term BUT the truth of the matter is, when your watching your assets on the daily such as i do, you would be a fool N0T to take profits. You'll be completely missing the point!
Although I got into Crypto in '2014', this is my first true actual year of understanding how to invest.
I learned a lot so far throughout this year and am still learning.
We have to be disciplined, we have to believe in the assets we choose, we have to know when to take profits, and we have to know how much to take off the table(shares) with the amount we invested B4 it heads back down to your initial entry and 0r against you!
F0r example: When I first got into 'D0PeC0in' I put in $10 then it started to rise a couple days later but not too much & so I decided to add another $10 just in case it decided to take off. Well, it took off and my $20 was not sitting around $70 and so, based off the amount I invested, I knew this was a great place to take profit instead of waiting to see if it would reach higher levels. I took $50 0ff the table and still had my initial investment.
You won't have as many shares but this is where you start to reinvest back into the asset(s) when prices start to dip. And besides, you still end up with shares to profit again when they reach higher levels(if did not reinvest)
If your in position to use the profits to place back into the asset(s), then more power to you as you will be in a great position when it reaches higher levels .
It's about timing, your position@those moments is all! and knowing how much to take. Some are in a position where they have money in they pockets so, they can afford to let it ride up/down for years without having to do the hard work of checking the account on a daily and what not. What I speak of here, is long-term holding. Day-trading is another story. I like to treat Crypto as long-term just taking profits along the way, it's much easier ;)
Day-trading I save for the Forex Beast(market).
Good realisation :D i have note down your points cuz im still learning on it.
I agree. Btw did you ever worked with a bot or something?
@markush
NEVER!
I am the b0t ha
And funny how I completely forgot to edit the vids lol I had planned on cutting the last part where I gave up due to a distraction and was suppose to bring the two together. Ah well!
What I do is simply check the prices everyday, throughout day. Simple as ppl checking their social media acc's.
I do want to start placing more sell orders so that I won't miss out on opp's. If my b0i @roncriss did not notify me, I would have missed out on taking profit where I did ;)
I should have transferred the $100 on over to my trading acc so that could have flipped it(double up). But for some reason I panicked thinking that the price of bitcoin could go down and so, hedged it by sending it on over to my 'bitpay' card ;)
Now I only have $30 in my trading acc to work with which is fine but the bigger the acc, the easier it is to trade.
If m0ney wasn't going towards my s0nnesS, I would place all back into dope/thc-coins SMH
More opp's on the way ;)
Oke maybe in the future I will try em. those bots must do something usefull, but i;ve read on the internet you have to know what you are doing..
lol yes it was a long vid. But stacking those dopecoins and "earning interest" is a great thing. Or did I understood it wrong?
peace
money to the little ones is always good. First thing first
@markush
Miners(software) I don't really consider b0ts but I understand what you are saying ;)
The 'Nicehash'-miner will automatically configure based off of your specs when you press on configure. It does all 0f the work in terms of finding cheap coins to then convert them into Bitcoin- again, based off of your specs.
Again I learned something. It's a pretty complicated world the crypto world..
@markush
lol
It's not so complicated. Very easy really! Just takes a bit 0f time to understand what's the whole craze about when first starting out. After you get passed tht, easy peezy!
It's more complicated to someone who is just starting because their hearing too much too fast!
Initially, I didn't really understand how it was set to disrupt basically ALL businesses but all I knew is that it was a good investment and I felt that it would be HUGE! I just kept reading, reading, and reading and then one day it really made sense. But along the way, I was representing this new money to the fullest and still am ;)
I tell my peers around me all the time that if they would just carefully listen to what I'm saying and if they watch me work, they will grasp it in no time compared to ME being the 0ne that had to read, read, read, watch videos upon more videos to fully understand BUT they don't listen and they obviously dont' wanna learn. You have to WANT IT basically ;)
Not f0r everyone but I tell you this, they will wish they had listened and learned when that times comes when they all see me 0r us in our big ass houses, nice rides, wit hot girls drippN sweat by our sides on a nice summer day haha .
And it's really not even about the money! I'm loving just being apart of the movement writing and talking with people alike. L0ve hearing how it's saving ppl in third world countries, financially including myself ;)
If it wasn't for crypto, I would be trapped in some wherehouse RIGHT NOW still complaining of my situation lol
Crypto brought LIFE to us all! To Crypto BEBE!
amen brotherI think i used the wrong words. I feel you big time.
Before I knew how to tranfer some currencies, damn reading and trying. Now I can explain it to a starter. It just like you said a lot of info and new info. But it is doable.
And due to the money, I agree also. Its the fun while making it. If i spended my time at mc donalds in stead of steemit. i even would have make more money.
Crypto is really changing my future plans, but i still focus on more things. But crypto is my hobby now, And if i can make my living from it one way or an other. ''That would be awesome...
I talk to you later. Im gonna smoke some..
sDZ nice ;) I decided to put smk on hold f0r a sec after that moon-r0ck session ha! I have my kid wit me and I'm studying so, I want to feel alive when I wake haha Moon had me deep in sleep!
Cnt wait till we can chill & smk one up together. That'll be the day ;)
EDIT:
aLSO, when I was working 9-5, crypto highly motivated me and gave me hope. so to those out there working tht 9-5, I feel your pain believe me and we gone be good if continue investing and believing ;)
@tradz Thanks for the shout out ..nice post and this is another lesson for me keep it up man
This is awesome!