Vlog 335: Teach yourself to take profit.

in dlive •  23 days ago

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This morning I woke up to green markets!

Hurray, finally!

The first thing I did was sell some BTC to Fiat.

It might be a little bit to early to take a small profit on my sub $6k BTC but taking profit in general I have learned to do.

If it goes up from here I made less profit then I could have. (which I can live with).

If it comes down I can use that money to buy back in or do other things.

This time I was just lucky that my buy in target was spot on but in general this is not the case.

I was expecting it (and still do) that prices will go a little lower.

But I don't know where the bottom might be, so I'm buying gradually from sub $6k.

It's good to go to Fiat for another reason from time to time instead of Tether (crypto pegged to the dollar).

It keeps you grounded.

It really is true.

Money in a bank account is much easier to compare with real world work than crypto in a digital wallet I have found.

I talk about it more in my vlog.



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Good mindset and being flexible with your approach is growth.
BUY LOW, SELL HIGH.
Good riddance with the market.
Keep on postin'

Yes, finally green markets.
I think the bottom is in.
Slowly up in the next months.
I have noticed that when Steem is going up, the rest will follow. And the other way around.

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I hope you are right, but I'm not convinced.

I totally agree with your strategy of taking profits at frequent intervals. The focus should definitely be on taking consistent profits rather than erratic large profits and losses. At end of the day, money is not made by how complicated-looking your analysis is but whether it gets you in the right trade at the right time

Mark @exyle set your parameters and stick to your conviction. Stay unemotional in your exit strategy and you will do just fine.............

It's something I am slowly learning to do. I will never entirely trust crypto again after this dip!

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Some way or the other you will be right but you may know that self learning and ultimate success is the continuous process and is also the fruit of many failures. So I think you should think this way.

Have a nice day.

@syedaamir

Words I find 100% true but very hard to live by....I am very reluctant to sell despite massive gain

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What helped me is getting burned real hard by not taking profits. A valuable lesson.

Good luck with that business my friend!
Btw we are attentive to the results of the Bianca test :) wish success for both!
@exyle

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Thanks!

That is a great lesson from your video today, many people usually miss opportunities to gain from their crypto holdings. You are right- nobody ever knows the bottom even the so called "gurus". Good for you to take profit and not regret it. Hopefully the green in the market will grow further as we enter the second half of this year :)

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I'm all for a next bull run, but I'm not convinced this is it. I sort of expected it to go lower today but this was welcoming.

“ ... It's good to go to Fiat for another reason from time to time instead of Tether (crypto pegged to the dollar).

It keeps you grounded... “

We all know Fiat will implode though, @exyle (;

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At some point it will I agree. But I don't think that time is now.

Ha, ha, ha @exyle. I should have bought some more btc when I saw it really low last night before I went to bed but I was pretty sure it would go down further. Until this morning, it seems to always have gone down at the weekend recently. 😊

Anyway, I didn't, so there we are.

The amount I bought last time, .077, is probably not worth trading up and messing around with, but then again it might be good practice.

I'm one of those people who was waiting for Steem to go down below $1 before I bought it.

It was a good sell, even if it goes higher it won´t happen straight away. Crypto is volatile but it won't double prices over night, not that easy. If you are invested with your own money you really need to learn how to take profits, if you have already made lots of money then I think being a little bit more relaxed is fine.

ETH is your scar of the war, it is important to sell high because that´s the way markets work, sooner or later they will go down and correct themselves.

Great suggestions.

I would like to offer a bit if differentiation. You are referring to trading in the video. There is also another approach which is HODLing. Some might not be aware of the difference.

Those who think the blockchain and crypto market will be a lot higher can simply buy in and HODL. Yes you will go through ups and downs, but the attempt at timing the market is removed. This is a valid approach if one things that blockchain is a technology that will be implemented a lot more in the future.

As for the bottom finding, you nailed it. Scale in since finding it is impossible. Once you buy, it could reverse and go up...or keep going down.

Nobody can tell.

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Those who think the blockchain and crypto market will be a lot higher can simply buy in and HODL. Yes you will go through ups and downs, but the attempt at timing the market is removed. This is a valid approach if one things that blockchain is a technology that will be implemented a lot more in the future.

Good suggestion. Are you an all in kind of person? Buy once and forget?

Personally, I can't do it. It's not my style. I like to average myself in. Just buy gradually at intervals. I use the same tactic for bottom finding.

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I am a buy and HODL. I dont go all in at once but do add as fiat allows me to. I do cost average. My STEEM purchases range from $.80 to $1.30 with one batch at $2.

My BTS ranges from $.05 to $.30.

I did that with my holdings in LTC, BTC, and ETH although I lightened up on those three a while back.

That is just my approach....I guess need to have a long term optimistic outlook about cryptocurrency and the blockchains buying into.

Hi Exyle. You have to take profit when you can. If one just holds all the time you are missing opportunities and can't grow any more. If you buy and sell you at least give your self the option to grow your portfolio.

a big lesson for me to from now on will start taking short profits because the market is totally manipulated time to learn trading skills :)

Best of luck for your bussines , i wish you success in your life .
And i agree with you .

Thanks for sharing @exyle
Upvote you .

The thing with talking profits and buy in later is almost like trading... once you reach a certain value of your portfolio (5,6 digits)you have to consider that of each profit around 30% will be eaten by taxes.

😂 wisdom is profitable to direct, I think. Every little rise in price is profit at this time. I hope it doesn't go lower as you portend. That would hurt bad.

that make alot of sense ..

brillaint thinking and genius work. though you could have earned alot more profit on BTC if you could wait but still you decided to take the step and you r moving on with it. thats great. like your decision. pretty decisive thinking. keep up the good work @exyle

I'm glad with the market today! Brilliant video, thanks!

You are right, I was a fool for not taking profit when it was the right time and now I am stuck. God only knows what will have to my investments.😭

Selling on early profit in a volatile market like crypto market is the best trading skill to apply, because I don't know how next week will become the market might deep further. The must operant thing is profit making , irrespective of how early you sell

It is coming up for as a very sharp investor 😂 you've really made the best choice it will definitely be fine.

we are the creater.

I agree with taking profit.
And only a small portion.
You could have taken profit with Ethereum $20.
But you can't guess the bottom and you can't get the top.
So Ethereum went far above $1000.
Well that is a huge different compared t $20.

Awesome that you were able to make a bit of a profit over the weekend. I don't have enough invested right now to notice any considerable returns. I just have to buckle down and hold on for the long haul. Then I might be able to see some positive benefits. It is exciting to see that things might be making a bit of a comeback. At least for a short time.