First of all I do have targets before I start my investment. And I try to set targets with levels. First I start with what can easily be accomplished at the moment and then I move up high. And I also plan on how I’m going to execute the trade when I reach those targets.
So, what I am trying to say is that when I am trading any altcoin, I have a price in mind that I would like to sell at, and once I reach that level I look for the possibilities of that coin going up further, and I can decide to continue with the holding, sell part of it , or sell all. So, you have to be calculative, and also do your analysis, because that’s what is going to help you decide.
That's trailing stop loss. For example you buy something at 100 dollars, and you put the sell order at 110, if it reaches 90 then you sell as well. So if it reaches 105, you turn it into 95 to sell and 115 to sell range, if it goes to 110 then you turn it into 100 to 120 range instead. You do not change the lower side though, so let's say it reached 150, and you will sell at 140 and sell at 160 in that logic right?
If it goes to 140 you sell it, you do not drop your sell as well just like you increase your profit taking. This way the higher it goes the higher you wait but as soon as it starts to drop you start to sell it as well. It is trailing method and it works like charm in a very volatile market, it doesn't work at all in a boring market like the one we have right now for example, it barely moves these days and it is always stuck between same prices.