Many people do not know when to sell cryptocurrencies and take profits - here’s a guide.
Simply put, they buy a coin and don’t even know when they will take profits.
And the result?
They regret not selling and lose their enthusiasm.
In this article, I discussed profit-taking strategies that can help you grow:
First, why is a profit-taking strategy so important?
Well, in the fast-moving cryptocurrency markets, huge profits can appear and then disappear in the blink of an eye.
You need to secure your profits by taking profits from time to time, or you risk destroying your portfolio.
The basics are very simple - set target prices in advance at which you plan to sell portions of your investments.
But applying fixed targets randomly without flexibility could lead to missing out on big gains or incurring heavy losses.
Here are some professional tips to improve your profit-taking approach:
1️⃣ Sell from positions with different and increasing targets as the market grows. For example, sell 20% of your tokens at a 2x, sell an additional 30% at a 5x, and keep the remaining 50%.
This allows you to continue participating in the rise while taking some profits.
2. Raise the stop loss as the price rises to secure your profits.
But do not close the trade too soon - be patient and relaxed.
3. Closely monitor price movements and indicators for signs of trend exhaustion...
Stay tuned please