Profit booking - Biggest lesson learned from last bull market
Today I sold some of my BTC holdings and ETH holdings and converted them to USDT. I know BTC is at its all-time high and it sure has the potential to even reach 150k soon but I'm happy with the current price and that's why I wanted to sell whatever I had on Binance and convert them to USDT. The previous all-time high price for BTC was 68k and now the price is around 72k which is a good price. I want to cash out at this price and make sure I'm happy about it.
With BTC and ETH at good peak value right now, I thought I should book some profits or sell it and either keep it as USDT or invest in something similar. I decided to keep it as USDT for now. The main reason is that binance offers 29 percent for USDT. We don't even have to lock or stake them. It gives 29 percent for just keeping it in a flexible deposit. This is insane and I wanted to make use of it and used the 584 USDT that I received from selling my BTC and ETH to get a return at the rate of 29 percent.
Crypto world has a lot of learning opportunities
We may not be sure about investment opportunities unless we take a risk and explore. In the last bull market, I was not sure what can happen and I did not book my profits properly. I still remember seeing a huge value for my Splinterlands cards alone. I remember seeing the value at 57k when the market was at its peak. I still regret not booking my profits back then. Today I'm not sure if I will be able to see such a huge value again on my profile. Something made me feel that the rental incomes were good and I should be holding my cards tight.
Today if I had sold my cards for 57k I would have bought so many great cards with that money during the bear market and when the next bull market happens, I might have had several hundred thousand dollars worth of cards with me. This is one off the biggest regrets or lesson that I learned from the last bull market. I see this as a pure learning opportunity for me.
The learning did not stop with just splinterlands alone. My other investments also had a huge value displayed on them. For example, I bought DOT when the price was around 40 dollars per coin. This is again my bad investment. Today looking back it was the all-time high and I don't even know if the price of DOT would ever go back to that again.
The main reason why I wanted to book my profits right now on BTC and ETH is because I don't want to have another regret when the market starts to fall. I understand that BTC has set a new ATH and it will continue to surge further. But it would have not been fair if I had not sold it for the current price. The main reason is because I will have the opportunity to buy them back if the price goes down. Nobody can guarantee the wise strategies we might get.
Everyone is waiting for correction to happen
Whenever the price goes up and the market is looking good, it also means that there will be a correction coming soon. But this time the correction is not happening big. Most of the time when the price goes up, it stays there for a while and even if it will have to go down, it reduces little by little. This makes us wonder if the collection would happen or not. As long as the bigger price stays, it is good to book our profits and then buy back when the bull market is back again where the price improves.
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You're right, it's smart to take some profit when the market is doing well. This can be tricky though, because you have to watch the market closely to know when to sell. But don't worry, even if you miss a perfect selling chance, having a good plan and managing risk can still help you make money in the long run.
We shouldn't be looking at the market for the right selling opportunity. Instead we should be satisfied with the profit we have already made and book our profits. Anything more than that is our luck.
Yeah, you are very correct. I feel it's a result of holding back and not selling off in the bear market period
Yes booking profits at the right time is crucial for growth.
Yeah yeah, you are very correct
I love the fact that you are not being too greedy on the price you want to sell your BTC
It makes sense that way and it is even possible to have a price correction so you can buy more then and still sell when it goes up again
It is important to be not greedy especially during profit booking. Greed will never let us book profits.
I am sorry with the down vote. I accidentally pressed on it while trying to upvote your content. I appreciated the read and love the approach of taking profit while you can
No problem. You can remove it.
Contually we begin to learn how bull run works and trust me how I wish I can still accumulate as much of tokens before the bull run kickstart fully
so you are taking a profit, that's cool. it not a bad strategy at all.
Booking profits when we have the time.
It's just like if people are not going to profit at this time especially within the therium where bitcoin is happening then they are going to be in trouble again if I had one of these two coins at that time. It would definitely make a profit.
I had the same feeling during the last bull run. I felt I should have booked some profits. But yeah this time I'm not going to wait but for Hive the party has not started yet.
I just wished the bull run can still be extended further. I really wish so