Hi all, I would like to understand how to calculate the potential of an altcoin in order to understand when it is a good time to sell it.
In my specific case for example I bought INJ in December and now the profit is about 600% .
Should I compare INJ to an existing well established similar altcoin (if they exists) to understand its potential?
I know I should set in advance a price when starting to sell, but this could be 100%, 200% etc of profit but which to choose?
I end up checking what the potential of it based on what the community is thinking and what the market is doing and what the roadmap is like as well. I personally believe that if you end up buying something and it goes up, you probably know if you should sell or not based on your initial goal.
If I buy something for 100 dollars and I say that I will get out at 500 dollars and it becomes 600 dollars, I will just put a stop loss at 500 and wait, that way if it goes down to 500 I sell and still make 5x profit, if it doesn't drop that way and continues to go up, I will be still in profit by having the price keep going up anyway. So long story short, have a goal before you go in, if it goes beyond that goal, put a stop loss, and just keep on waiting, if it ever makes it to another goal you picked change that stop loss to the new goal and so forth.