~
I will address the third point in this trade. Making profit is one thing, taking profit is far important. What make some people not to make profit is fear and greed.
Here is a strategy i used in taking profit;
1. Determine the market cap you want the coin to rise to.
2. DCA out at every milestone of the project.
For example, say you bought SOL at $5. You take 50% off after 5x, and take 10% as it goes up.
How do you take profit? Are there other strategies for profit taking?
You already said my strategy. I will address the third point in this trade. Making profit is one thing, taking profit is far important. What make some people not to make profit is fear and greed.
Here is a strategy i used in taking profit;
1. Determine the market cap you want the coin to rise to.
2. DCA out at every milestone of the project.
For example, say you bought SOL at $5. You take 50% off after 5x, and take 10% as it goes up.
How do you take profit? Are there other strategies for profit taking?
That's my current strategy.I already have my price selling targets based on how much upside it has. For ex. Bitcoin for me can at least double its price when the bull run comes that's why I already set my selling targets a bit lower than my expected peak price. As for altcoins, I think I already put a selling target on its previous 2021 ATH, and a bit below if just in case it will not be reached at all as it happened to many altcoins already, but nevertheless, I believe that I will make profit in all of my coins that I'm currently holding.
What you said is my profit taking strategy, and I believe some had the same as well. If you risked your money during the bear market, you would make profit that's for sure "unless" you will choose to hold it for a bit longer of course, but overall, don't fall in love with your assets and learn to sell it for the sake of profit.
You can still re-buy it during the bear market season.