Quote from: Hallroom on June 22, 2024, 06:02:21 AM

Quote from: Wenbing on May 23, 2024, 11:23:49 AM

Crypto trading and investing has many challenges. However some that stand out are;

1. Risk in trading or investing
2. Greed and Fear
3. Profit taking.

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?

Yes, People who fail to accept fear and risk in trading are the ones who suffer the most losses in trading. So if you can notice you will definitely know about it, because if you take risk and trade at the right time it is definitely possible to make a profit. So learn to take risks, and discard greed if success is assured.

I agree! Hold to your strategy whatever it may be, try it out, take the risks, improve upon it, and make gains, even if they are small. I myself think that there shouldn't be trading to get 20x or 30x in one moment, as there is a high risk of getting nothing or losses in the process. These types of investments with high-cap on them should be long-term and analyzed thoroughly before going into motion.