Post
Topic
Board Trading Discussion
Re: Taking Profits
by
Emitdama
on 07/11/2021, 20:10:28 UTC
You need to develop a plan when you need to take profits. There is no hard and fast rule that you have to take profit in chucks or you take all profit at once. Everyone has difference preferences over different trades.
Normally. i prefer to use trailing stop loss, this way as the price of the coin moves up i keep on moving the stop loss. This way i take maximum profit and also don't miss out on profits by selling early.
The problem in profit booking is, you may not know what will be happening next like market will come down before you will be realizing your profit or market will keep moving up after you go booking profits so the hesitation not to miss further profits or missing out a good profit due to greediness kind of thing is the biggest challenge in front of all the traders when going for booking profit.