Vlog 335: Teach yourself to take profit.
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.
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!
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
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
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 :)
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.
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'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 (;
At some point it will I agree. But I don't think that time is now.