WHAT TO DO WHEN THE COIN YOU ARE IN IS GOING UP
When you are in a winning trade it is very important for you to remain aware of your emotions. You can get very excited or disappointed depending on the direction of the price, based on the price you got in. To prevent bad decisions, it’s always good to put a framework into play.
Before getting into a position it’s always a good idea to calculate or adjust your downside. Be aware of your downside. Also, it is VERY important to pay attention to the coins support level. Meaning, what is your lowest price point threshold from the price you got in? For example: if a coin is trading at 6,000 satoshi’s and you buy at 6,000 satoshi’s and you also see SUPPORT of that coin at 5,000 satoshi’s, that would be a good way to calculate your downside. If the trade goes against you and the price goes down and passes 5,000 satoshi’s (like 4,850 satoshi’s) automatically close your trade. That’s a good way to measure your downside without thought. Move to next trade.
If the trade goes in your favor and it goes from 6,000 satoshi’s to 9,000 satoshi’s, it is a good thing to consider taking out your profits and keeping your initial investment in. For example: if you invested 0.1 btc at 6,000 satoshi’s and the trade goes in your favor and moves to 9,000 satoshi’s, you will see 0.15 btc. Sell .05 btc worth and keep 0.1 btc in the trade. That way if anything goes wrong you already took out profit and you can easily move on to another trade.
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