Take Some Profits
Hi fellow Hiveians,
Today I wanted to chat a little bit about playing the markets a little bit!
Take Some Profits
Taking a little bit of profit is important!
With the market cycles going on in full swing it seems, one of the things that we have to remember every now and then is: take some profit when you can!
I've been around the block for what feels like ages, but in reality is only about 7.5 or 8 years in honesty. I heard about crypto and bitcoin back in 2014, 2015 like most people but not really much else until about 2017 when I really started looking into it, hearing it from a podcast I started to listen to back then. It eventually led me here to Hive and I haven't looked back since, that's for sure!
With the cycles, and the experience of living through them, one of the things I wish I did a little bit more is take some profits off the top. Granted, it's hard as shit to know when the "top" is but I got REALLY lucky once, and ended up getting a great return on investment that I still look back at today.
With watching the cycles come and go as they do, one of the things I wish I did a little bit more regularly is take some profits at various stages. I've been trying to do that in this iteration of the pumps, but trying to keep things conservative of course.
Taking profits is a really important skill and mindset to have if you are a long term investor. I don't plan on or need to sell these things to survive, so I am using it as an investment tool and trying to build a decent portfolio as time goes on. I've made some good choices as well as some poor ones, but one of the things I have not been very good at is taking a little bit off the top.
The funny and interesting thing about it as well is that I don't plan on doing anything with the money besides waiting for things to cool back down so I can then jump back in with a BETTER position and reap the rewards. Paper hands will get chopped up that's for sure! LOL
I've started the last few weeks to make some small moves. Selling a little bit of this here, sitting on it and then seeing when things calm down and jumping right back in. It doesn't make massive profits, but it's fun to see the number be slightly higher than what it started at doing it, so I partake here and there.
I think one of the lessons I learned in the last cycle, as many other people did and still do, is learning that you do NOT sell the full stack. Selling the full thing only leaves you with an anxious feeling about getting back in so you don't lose more. No, that's a bad idea! I sell small portions of it, so that I can still get some benefits but also not risk having a huge loss if things continue to move upward at crazy trajectories.
These days, I am selling 10%, 20% and sometimes a little bit more at a time. Granted, these aren't tens of thousands of dollars or millions of dollars, but seeing a return on selling 10$ of something is a decent beginners treat!
What about you, do you think it's important to take some profit with the markets when you can? How do you do it, if you do? Let me know in the comments!
-CmplXty. Real human written content, never AI. All pictures are mine unless otherwise stated
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The markets are so unpredictable that any movement must be thought out coldly and intelligently. I want to have the opportunity to say that whatever little or much I can earn in HIVE I am going to invest. For now, that is not the case: it is for saving and buying things. But I am encouraged that maybe in the not-too-distant future I can obtain greater profits. Regards.👋
Oh for sure the markets are incredibly unpredictable in a lot of ways. We don't have the ability to buy and sell many times a second like some of the algorithms do, so we are left trying to guess when things go up and down to make a few dollars here and there!
Hopefully you can save more in the near future! It's a great time to save, as when things move upward it's nice to have more available to make some investments.
I'm also slowing beginning to realize that taking small profits here and there also compounds over time, and it's a good way to build up some dry powder to get back in at undervalued prices. I think it's really a freaking hard skill to develop in terms of timing the top to sell and the bottom to buy back in lol. Great that you've also learnt to not sell the full stack, I did it once and still kind of regret it to this day. Now, I always want to have some exposure, no matter what part of the cycle we're in, better be partly in than completely out :)
That's good! It's important that we shift our mindset a bit so that we feel less attached to the tokens and see them instead as things that fluctuate up and down. Take advantage, to an extent, of some green so that you aren't just putting money IN all the time.
Cutting the stack is something I for sure learned the hard way over many times. I was always one to just sell it all in hopes of buying back but got burned a few times lol
Hehe, there's nothing much to take profit from, at the moment, unless you're deep into BTC where all the pump is happening.
But yes, you're right, market can start pumping anytime soon and people forget the basics they need to do.
Not lots of profit, no. I played the markets a little bit with some Hive and made a few dozen extra! In terms of Bitty, yes that's the power house of big profits.
As they say time in the market beats timing the market, but yeah, overall when you have the right analysis and market conditions it's definitely appropriate and encouraged to take profit off the top. This is especially true when those gains can be used as seed corn to buy in at a dip/low or to diversify your asset base.
Oh for sure those profits are seeds for future growth! I am not currently in the need to do anything besides reinvest, so it's good to be able to move things around and take when the getting is good, knowing at some point in the near future it won't be as friendly.
Words of wisdom there! I also learnt a lot of lessons in the last cycle, which was my first real cycle. I held all the way up, thinking cryptos will make it, and ended up all the way down, without realising any profits. Of course, we are back at highs once again, and this time I feel that I am better prepared and have done some trimming along the way. No matter what happens from today onwards, I am totally fine. All the best! :)
That's good, and indeed a lesson of experience! I think we all go through it, the ones who are not overly emotional at least, where we see an opportunity and miss it, but then swear that we will capitalize on it next time.
Glad you are in good shape man!
😎