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I think this is where we are before shifting from the point. There is no perfect time to take profits from your Bitcoin investment I think it's a personal decision but an investor holding for 8 years can take his investment as long the purpose is to do something useful with the process. What I have kept in mind is that there are people who invest to maximize profits while some invest to maximize the volume of Bitcoin they have. People who maximize profits when they reach a target are more propelled to sell than investors who want to see their Bitcoin holdings grow more and more.
The safer way is that if an investor has less Bitcoin in his portfolio, he/she should probably hold. Selling quickly should be the last thing that cross his mind, while an investor who owns more Bitcoin at least more than 1 BTC, he can choose to sell little based on the situation or the reason for taking profits. However, it all falls down to your investment goals as the genuine reason for taking profit.
Taking profits is really a personal decision, you said there is no perfect time to take profits i don’t intend to argue it but profit can not be taken when the market is down or unstable, when there is a downward trend i don’t think an investor can think of taking profit.
Maximizing your bitcoin will equally maximize your returns when everything goes well but for those who are not so concerned about their profits they are also more likely to suffer more loss when an unexpected downturn occurs so in as much as accumulation is important taking profits is also important as well to give purpose to your investment.
I doubt that we are talking about taking profits in this thread, since that seems to be a trading idea.. and we are largely focusing on best practices when it comes to both accumulation and investing.
Surely, once we reach a stage of over accumulation and sustainable withdrawal, that could be referred to as "taking profits" even though the term "taking profits" does not seem right, and it seems incorrect, also in the way that you are using it to suggest that you are selling your bitcoin in order to buy back cheaper.. which is also not really what we are talking about or doing here.. yet anyone can do what they want, yet when it comes to the topic of this thread, we are not talking about that way of managing our bitcoin holdings. In other words, you do not tend to employ a strategy to sell bitcoin in order to accumulate more bitcoin, yet once you have over accumulated, then you have more abilities to sell BTC on the way up, but it is not for the purpose of buying cheaper, even if you might end up using some or all of the sales from any proceeds to buy bitcoin when the BTC price drops.. but you still gotta get there first.. so "taking profits" does not seem like a good way of describing what we are doing here or the long term investing and BTC accumulation topic that we are attempting to focus upon in this thread and part of the reason that this thread is so valuable is partly based on the various ways that many of us attempt to differentiate investment from trading and what kinds of philosophies and practices follow from being able to both understand the difference between investing and trading and to attempt to act in accordance with a investing approach to BTC rather than employing or mixing investing up with a trading approach to BTC..
Exactly, and this is where most persons get it wrong selling their Bitcoin because of the little profit they have earned and hoping to buy back at a cheaper price or rate that is more like throwing your bucket of water away because the sky looks like it will rain and what if it doesn't rain lol... though it actually do work for some people at times... That is to say it's very rare. What is the need of selling Bitcoin when someone knows he/she doesn't have enough of it, I know emergency is one of the factors that initiate this act..., We shouldn't allow this " Buy the Dip" to confuse us reason because Bitcoin will/may never Dip to where you expect it before you buy that is why it's advisable to use the DCA method instead of waiting for Bitcoin to Dip before buying, we should take advantage of every opportunity we have because it's definitely going to worth it with time and the tools we need to carry out this properly is patient and discipline.