Post
Topic
Board Trading Discussion
Re: Always take profit
by
martina14
on 25/12/2021, 05:58:30 UTC
It's easy to enter with good entry point but the challanging thing is taking profit before a retracement and most of the times this retracement could be a beginning of a new trend changing a winning trade to loss. And in situations where the trader fails to apply stop loss there could be chances of blowing off ones account. A profit taken is better than a loss made no matter how small accumulation of smalls makes a mighty bulk.

Have you considered taking profits of $1-3$ repeatedly throughout a trading session it might sound small for professional traders but it would go along way in growing an account most especially for beginners. If a trader cultivate the habbit of taking profit during trading he would have an upper hand over the market and also get clearer pictures of better entry points and also be on alert on when to exit especially during retracement.

As long as you have a passion to do crypto trading, so I think 1$-3$ is it doesn't matter, the important is you earn daily that amount of money by doing it. But to be honest, at this situation now, day trading is too risky to apply, unless you know the movement of the price in the coins you are trading it so far. But if not, your assets may be loss in the end and 1$-3$ is not that bad at all actually.