Over the past 5 years, I always struggled with taking profits. Often, I end up riding things up then down then back up then down. Idk if its Greed or Fear of Missing out on Potential Profits. What strategies do you guys use to take profits? Anyone here takes a small percentage weekly or monthly? When you sell stuff, do you keep a small percentage like 10-15% just in case the coin pumps later? A lot of times I sell something that hasn’t been moving for months and then it conveniently pumps after I sell it as if they were all waiting for me to leave haha.
I watched my portfolio go from $200 in Early December 2020 to around $43,000 during the first week of May 2021 (Thanks to all the Meme Tokens). Then it dropped a lot, but now its recovering. I still have PTSD from the January 2018 crash, but what I learned from that is that HODLing through that crash would have made me back everything that I had if I had faith and patience. I watched the same thing happen again last month. My guts and instincts were telling me to Buy stuff when they’re red even when they’re dipping daily. It was hard tbh.
I remember everyone wishing for low prices and saying “If xxx goes back to $$$, i’m buying a lot” and “If I bought xxx last month or last year at those prices, I would have been rich”. Everyone says things like that and how if they bought Bitcoin or any other coin, they would be millionaires, but the reality is that if they bought any coin early, they’d sell it early or panic sell it at a Loss after any of the annual/yearly FUDs that come and go.
I don’t trade on emotions and I am unfazed/desensitized to FUD. I can’t tell if that’s part of the issue since I suck at taking profits. Yes, I know that historically things tend to go up if you zoom out, but I lost around a million dollar’s worth of profits between this bull run and the last one mainly because of my HODLer mentality. I tried switching back and forth between being a Trader and Holder, but I just couldn’t convince myself to do it. How do you guys do it? Any tips or suggestions or advice? And for profits, what kinda strategies do you guys use for taking them? (A percentage of the profits? Taking only your initial investment?). Don’t tell me that we Never Take Profits here.
Holding is easy, Taking Profits is Hard. Looking for Genuine advice.
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