Quote from: goodoboy on November 10, 2017, 09:12:50 PM

Quote from: squatz1 on November 10, 2017, 08:57:04 PM

I've always been one who sells to earlier, either to minimize my losses or to realize my earnings ASAP and leave. I've seen in most of my investments, if not all that if I would've just left the coins there they would've been worth 10-50x what I put in before. This is upsetting as a person and trader, as I see how much money I'm missing out on.

How do you traders do it, hold and hold and hold. Waiting around for more and more money?

Hello squatz1,

Been there many times!! I am planning to start intra-day trading the crypto markets once I figure out a safe and reliable broker to use with MT4.

I understand the feeling. You take a take trade, making money, now should I exit, but what if it keep going, what if turn around on me, what about the next trade, i will feel like an idot if I miss this trade.

Questions:

1. What is your rule for profit taking?

2. Why is that your rule for profit taking? Do you have any statistically or proven evidence for this profit taking rule?

3. If you have evidence that taking profit early will overall keeping you making money consistently, why be upset when take profit? For example, if I had some type of proof from a back test or some guru trader saying "goodoboy, every trade you take 100 pts and you will make $40K in a year" i will definitely take 100 pts per trade.

You see what I mean. It's not about 1 or 2 trade, it's about consistently doing what's in your rule book for 1000 trades tha will earn you $XX,XXX per year. The rule book can be a gut feeling, dog whisper, paid service, etc. Your job is a trader is to be an unemotional money maker.

I hope that make sense.

Good read. I have subscribing to the trading discussion as of late because I myself want to try my hand in trading, since the usual way, which is ICOs, where I gain most of my holdings are not doing good right now. Although the cryptocurrency market is not in a good state due to the falling value of bitcoin and altcoins, I think trading is still a promising venture because of its active and hands-on aspect of trying to earn profit. With that said, I think holding is one key part of trading, and one should see it as a trade move; however, it involves a lot of patience since every move in the cryptocurrency market may end up in whack. However, it is part of the venture you delved in to. I think to remove the idea of holding in vain, one should set some time markers to check if the move of holding is actually going somewhere or not.