๐ MEGA THREAD ๐งต๐
PROFIT TAKING STRATEGIES
*Retire with crypto or lose all your gains
Edit: *it's a messy format and covers a broad audience and various topics. Hope each of you can each find one gold nugget that can help you keep more of your gains โฅ๏ธ๐
1/n
PROFIT TAKING STRATEGIES
*Retire with crypto or lose all your gains
Edit: *it's a messy format and covers a broad audience and various topics. Hope each of you can each find one gold nugget that can help you keep more of your gains โฅ๏ธ๐
1/n
2/n
To understand and apply these strategies, I think it's important to first look at why we don't take profits in the first place. First recognize what mistakes we're making, whether that be from psychological or strategy reasons.
To understand and apply these strategies, I think it's important to first look at why we don't take profits in the first place. First recognize what mistakes we're making, whether that be from psychological or strategy reasons.
3/n
I'll be covering a series of variables that contribute to healthy trading tips and strategies for taking profits. Some of these are through self reflecting questions to ask yourself and some ideas that you can try for yourself.
I'll be covering a series of variables that contribute to healthy trading tips and strategies for taking profits. Some of these are through self reflecting questions to ask yourself and some ideas that you can try for yourself.
4/n
The only wrong way to take profits is to not take them at all.
Why don't we take profits? (When we should)
Mostly comes down to a few things:
1) Psychological (mental blocks / delusions)
2) Strategy (plan of action / know how)
3) Habit (practice / routine / comfort level)
The only wrong way to take profits is to not take them at all.
Why don't we take profits? (When we should)
Mostly comes down to a few things:
1) Psychological (mental blocks / delusions)
2) Strategy (plan of action / know how)
3) Habit (practice / routine / comfort level)
5/n
1) Psychological: What's mentally stopping you?
- Greed and thinking price can go higher
- Feeling like you always have to be in a position or else you're missing gains or losing money
- FOMO and regretting missing out if it keeps going
1) Psychological: What's mentally stopping you?
- Greed and thinking price can go higher
- Feeling like you always have to be in a position or else you're missing gains or losing money
- FOMO and regretting missing out if it keeps going
6/n
- Thinking it will bounce soon and just holding for a relief bounce, when infact momentum and volume has been lost
- Not being comfortable not being in a position or having a stablecoin bag, thinking you need to be 100% in positions 100% of the time
- Thinking it will bounce soon and just holding for a relief bounce, when infact momentum and volume has been lost
- Not being comfortable not being in a position or having a stablecoin bag, thinking you need to be 100% in positions 100% of the time
7/n
2) Strategy (lack of): Do you know how? Do you have a plan?
- Buying coins without having an exit or profit taking plan
- Don't understand basic TA: support and resistance, liquidity, volume, market cap, etc
2) Strategy (lack of): Do you know how? Do you have a plan?
- Buying coins without having an exit or profit taking plan
- Don't understand basic TA: support and resistance, liquidity, volume, market cap, etc
8/n
- Don't check how many X's from local bottom price is vs your entry, top wallet holders and when they will likely start selling, token unlock schedule, catalyst sell the news events, etc
- Don't check how many X's from local bottom price is vs your entry, top wallet holders and when they will likely start selling, token unlock schedule, catalyst sell the news events, etc
9/n
- Not knowing psychological price action levels (where majority of people will sell, usually around whole numbers, .01, 0.10, .25, .50, 1.00, etc)
- Not knowing psychological price action levels (where majority of people will sell, usually around whole numbers, .01, 0.10, .25, .50, 1.00, etc)
10/n
- Not planning how you want to play the position. Is it short term flip? Do you want to scale out on the way up at set price level targets? Are you planning to keep a small percentage of your bag long term? Are you compounding the other portion?
- Not planning how you want to play the position. Is it short term flip? Do you want to scale out on the way up at set price level targets? Are you planning to keep a small percentage of your bag long term? Are you compounding the other portion?
11/n
3) Habit (Make taking profits a normal thing)
- How do you feel when you sell? Does it make you uncomfortable?
- Do you find yourself sell only because you have to?...
3) Habit (Make taking profits a normal thing)
- How do you feel when you sell? Does it make you uncomfortable?
- Do you find yourself sell only because you have to?...
12/n
...That the price has come back down and you need to cut the bag do you don't lose money or maybe you have to sell because you held all the way back down and now at a loss, and now going to chase the next shiny coin that's pumping?
...That the price has come back down and you need to cut the bag do you don't lose money or maybe you have to sell because you held all the way back down and now at a loss, and now going to chase the next shiny coin that's pumping?
13/n
- Buying a new coin is easy right? Then why is it so hard to sell some when you are in profits? (Besides having those mental blocks and lack of strategy), it's also because you don't practice taking profits and making it a normal part of your trading routine.
- Buying a new coin is easy right? Then why is it so hard to sell some when you are in profits? (Besides having those mental blocks and lack of strategy), it's also because you don't practice taking profits and making it a normal part of your trading routine.
14/n
Here are some things you can try, customize and apply to your own trading style.
Stay objective, consider price can go up or down and plan accordingly
Don't marry your bag
All coins are shitcoin
You're here to make money
Here are some things you can try, customize and apply to your own trading style.
Stay objective, consider price can go up or down and plan accordingly
Don't marry your bag
All coins are shitcoin
You're here to make money
15/n
You're not a project owner, (even if you're a community supporter), you never have to go down with a their sinking ship
You're not a project owner, (even if you're a community supporter), you never have to go down with a their sinking ship
16/n
Find your coin/token, DYOR, check the chart, liquidity, market cap, where's it at in it's current cycle, plan your entry and how you plan to trade it
Find your coin/token, DYOR, check the chart, liquidity, market cap, where's it at in it's current cycle, plan your entry and how you plan to trade it
17/n
Example: I'm going to buy X amount of this token. 20% I'm not touching till peak trend/narrative cycle euphoria to make sure you don't miss out on 100x. The other 80% you plan to take profits out at key price levels marked on the chart or at 2x, 3x, 5x, 10x
Example: I'm going to buy X amount of this token. 20% I'm not touching till peak trend/narrative cycle euphoria to make sure you don't miss out on 100x. The other 80% you plan to take profits out at key price levels marked on the chart or at 2x, 3x, 5x, 10x
18/n
(all depends on if you're playing small caps or mid/large caps). I use X's for new or small cap tokens. I use price level sell targets on mid/large caps with a harder time to pull X's in a short term timeframe.
(all depends on if you're playing small caps or mid/large caps). I use X's for new or small cap tokens. I use price level sell targets on mid/large caps with a harder time to pull X's in a short term timeframe.
19/n
A healthy way to balance your portfolio, that will make things less stressful and give you a clearer mindset to play this game, example:
ALWAYS have a bag of Stablecoins. Get comfortable having 10-30% of your portfolio in stablecoins AT ALL TIMES.
A healthy way to balance your portfolio, that will make things less stressful and give you a clearer mindset to play this game, example:
ALWAYS have a bag of Stablecoins. Get comfortable having 10-30% of your portfolio in stablecoins AT ALL TIMES.
20/n
(And even be ok with and comfortable to be 100% in stablecoins in the market proves unworthy of your time attention and money. It will only bleed your balance. Wait for the right time to deploy funds into the market or new positions).
(And even be ok with and comfortable to be 100% in stablecoins in the market proves unworthy of your time attention and money. It will only bleed your balance. Wait for the right time to deploy funds into the market or new positions).
21/n
Why is a stablecoin bag important?
Peace of mind. You're never all in. You can't lose 100% of your money. You always can buy the dip. You can always buy a new token without having to rotate from another position. Sleep better.
Why is a stablecoin bag important?
Peace of mind. You're never all in. You can't lose 100% of your money. You always can buy the dip. You can always buy a new token without having to rotate from another position. Sleep better.
22/n
*Running out of tweets for thread. The rest will be added as screenshots.
- Smart profit taking
- How not to take profits
- Avoid traps
*Running out of tweets for thread. The rest will be added as screenshots.
- Smart profit taking
- How not to take profits
- Avoid traps
23/n
- Taking profits is more than just strategy
- Tips to remember
- Taking profits is more than just strategy
- Tips to remember
24/n
- Example scenarios
- Simple "when to enter & take profits"
- Example scenarios
- Simple "when to enter & take profits"
25/end
Hope this helps ๐โฅ๏ธ
Break your mental barriers, make a plan, be adaptable.
Practice these tips will small amounts for small percentage gains to make it a habit to take profits.
Remember, the only bad way to take profits is to not take them at all.
Cheers fam ๐ป
Hope this helps ๐โฅ๏ธ
Break your mental barriers, make a plan, be adaptable.
Practice these tips will small amounts for small percentage gains to make it a habit to take profits.
Remember, the only bad way to take profits is to not take them at all.
Cheers fam ๐ป
Another way to approach a trade. (Answer after someone read the thread).
Question:
"Safe way to trade without missing the 100x's?"
Question:
"Safe way to trade without missing the 100x's?"
Loading suggestions...