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
If you do see a good opportunity to take your profit, then don't hesitate to grab it. Because, staking cryptocurrency just relied on how the market works that's why some projects fail due to staking. We don't know how it's going to happen in the future, so much better to decide smartly rather that taking risk without full knowledge what you're about to experience in the next process.