💵- In this Part 3, I will continue from the previous 2 parts. If you already have a method for selecting coins and an effective way to place buy orders, then you must now have a method and the right mindset for effective profit-taking🪙 👇
🌑- This article focuses on the experience of profit-taking in Crypto for individual investments with moderate and small capital. For larger funds or financial investment groups, they have their own theories to pursue and develop profit-taking strategies that align with the asset volumes they manage.
💵- Taking profits is not as simple as many people think.
Taking profits in Crypto is often related to psychological issues like “know how to be satisfied, better than many people who are losing out there.” Here are some guidelines from BeInCrypto about profit-taking experiences when investing in Crypto.
Profit-taking is closely related to capital management plans. Among the many guides you find on the Internet, very few emphasize this factor.
🪙- Misconceptions about taking profits in Crypto
It must be acknowledged that the number of people making money from Crypto investments is less than those who incur losses. And there is also the fact that many investors/traders incur losses because they do not know how to take profits. You can refer to the following mistakes of many investors to avoid falling into their pitfalls.
💵- There is no profit-taking plan in Crypto.
- Having a profit-taking plan but with very unrealistic targets. For example, waiting for a 100x return. Indeed, there are Altcoins in the Crypto market that can increase 50x – 100x, but they are very rare and not available at all times.
- There was a profit-taking plan, but when the price reached the target, the plan changed. And that change caused the profits to turn into losses.
- The profit-taking plan should not be based on market factors but rather on personal needs. For example, if you need about 5,000 USD for shopping, you should “wait” until you achieve enough profit to take it.
Have a profit-taking plan and follow it. But there is no overall capital management plan. Therefore, profits and losses offsetting each other still do not yield effective investments.
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