Re: Taking Profits on Altcoins Strategy

And actually it's also much better than having to wait a long time for prices that are too high because usually after the green market, there will always be a red market in the same day, so taking profit early is a very good thing too.

As long as you're content with the profit then take it out and have it cash if you want or remain it as a stable coin. So in times of drop again, you'll be able to buy those coins that have dropped a lot and that's what most of the traders in long term does. They wait for the plummet of those coins that they want to hold again and make a profit by holding it. The strategy is very easy but to spot on those coins that you're about to buy at their possible lowest is hard. You need to be more active in the market and check out which of those have dropped significantly and if you think that coin is worthy to buy at its lowest then you just repeat the strategy.

I think it is also difficult to predict the peak of a bullish cycle, especially of some altcoins that could really attract a lot of interest even in a lateral situation like that of these weeks.

It is hard but you get to take profits whether you consider it as the peak of the cycle or you think that the price is quite high already. That's the game for altcoins and you have to make sure that you're doing well in taking profits because it's your money and it's needed to get sometime for you to understand the cycles and what's the probable peak that you're about to take the profit. Learn from the mistakes of others that didn't took profit at the peak because they think that it's not yet the peak and that's why you have to be decisive in taking profits during the top, it's going to depend on how you're going to look at the price of the altcoin you've got and how much profit you have already.