We hear it from the best time and time again...
"Take profits on the way up"
But how do you do that, is there a formula or strategy to do this.
I have a goal in mind, and when I hit that number I said I would take All profits out and leave the rest in.
Let's say for the sake of ease one coin is 100% and it's £1000 profit... All in all £2000 in that project. Let's say my target is £2000 profit or 200%.
We are 4 months away from the date most people seem to think the bull run might end (though 2020/2021 is no normal year with corona).
Should I take 20% of profits now, and then see if it dips back and if it does spend that £200 buying back more of the same coin, or just simply bank that £200?
Or just take 20% / £200 of the £1000 current profit (or whatever) and bank it 'safe'.
Like ADA for example, I have noticed that when it peaks, it trundles on top for a while then will drop to usually a higher low, which is good, but I missed an opportunity to buy back more coins or simply take advantage of a pump.
Hopefully you are still with me
"Take profits on the way up"
But how do you do that, is there a formula or strategy to do this.
I have a goal in mind, and when I hit that number I said I would take All profits out and leave the rest in.
Let's say for the sake of ease one coin is 100% and it's £1000 profit... All in all £2000 in that project. Let's say my target is £2000 profit or 200%.
We are 4 months away from the date most people seem to think the bull run might end (though 2020/2021 is no normal year with corona).
Should I take 20% of profits now, and then see if it dips back and if it does spend that £200 buying back more of the same coin, or just simply bank that £200?
Or just take 20% / £200 of the £1000 current profit (or whatever) and bank it 'safe'.
Like ADA for example, I have noticed that when it peaks, it trundles on top for a while then will drop to usually a higher low, which is good, but I missed an opportunity to buy back more coins or simply take advantage of a pump.
Hopefully you are still with me
You can trade as you like. You don't have to listen to other people. I personally fix the profit in parts, or move the stop loss up when the coin grows. As they say, it is better to earn less than to lose