Hey @tt-dogg can you (or anyone) help me understand taking profits? Let's say I bought 1 ETH at $300 and it is now at $413. Would I sell $113 worth and let the rest ride up more? Or take out the the original investment of $300 and let the $113 ride(that doesn't seem right)?
I am only about 6 months into crypto trading and investing and I have sold some coins that have made profit only to see them rise higher, so I am trying to understand how to take profits while staying in the game.
Thanks and Happy Thanksgiving.
im self taught and some of the terms i say maybe incorrect...but what i do is exactly like you explained above....i have certain coins like zeph...bts...steem...eos...that i never sell or take profits....but all my other coins that i have ltc, dash, eth, ripple, ....when they go up i do exactly what you stated above.....and i keep all these coins to diversify as most days at least 1 of the coins are performing ....but eventually i will prolly sell of most if not all of my eth as im not sure what will happen when the eos network drops...good luck bro and happy thanksgiving..
Do your research first. Utility. Community. Competition.
Make a system and stick with it don’t vary. I don’t invest in coins purely because of price performance. I only invest in coins that I believe in and use daily. So if I have a coin that gets pumped and dumped I don’t care as I know it will recover just hold.
Never sell at loss. Jumping from a coin you lost money to another coin usually will end up losing again as your are impatient.
I only invest in a coin if it already has a product. I don’t invest in promises. Only exception is eos. I don’t daytrade. I used to do that and made good profits but I was glued to the monitor all day that is no way to live. I trade for 30 minutes in the morning. And an hour when I get home. I have a business to run and a family. I use bts dex daily. No longer use centralized exchanges. As I have been around since mt gox. And remember Americans flying to japan with signs protesting in front of mt Gox who lost there savings and retirement.
Reduce risk as crypto is already a risky investment. Diversify don’t put all your eggs in 1 basket. Spread out the risk
Don’t follow the hype.
If all else fails. The least stressful and risk.
Is buy and hold. Don’t ever sell.
Just buy the coins you feel is undervalued and shelve it and never sell. Hope that helps. Happy thanksgiving guys. Hope you guys make a boat load of profits.
PS. I advise a group of investors. In that group is a CPA , financial analyst. And another is a tech venture capitalist FYI. Just the CPA made made over 20k in profits last month. FYI.
By no means does that make me an expert. But what I do have is experience.
I just abandoned Kraken. Their website was often down and the trading platform was unreliable. An exchange where people are unable to execute trades isn't going to stay in business for long.
I'm still sorting that out. I've recently set up an account at bts DEX and agree with @tt-dogg regarding the risk of various centralized exchanges. However, for active trading the volume just isn't there yet on many pairs and the spreads can be quite wide as well. Now, if you are laddering in/out as suggested by our dear friend @haejin then you should be able to place your limit orders at bts DEX and they should be filled.
I currently have exchange accounts at HitBTC (the Troll Box is entertaining) and more recently at Bittrex. I'm using Coinbase to get real USD into the crypto system (BTC/ETH/LTC only right now) but their fees are too high to buy using their front end. But, you can set up a linked account with GDAX (coinbase back end) and trade with very low fees (0% for maker).
I'm in the process of acquiring coins with the intention of offloading them into private wallet(s) for long term hodl. Hope this helps.
only you can make that decision...but its a centralized exchange no? i dont trust anyone with my private keys....
and the bts DEX does not...and never freezes my withdrawals...and coins is backed at least 1 to 1 and most 3 to 1...any proof that kraken does that?
I am fine and so happy to move all my coin to bts but what to do if they don't carry the coin? When will they make it easier to add the coin you want? What am I missing besides trades because I am trying to navigate 3-4 different exchanges and wallets!!
eth, btc and bch (I think) if/when coinbase releases.
I also love dgd and eos and pay and others looking into getting some zsc and powr.. I need more fiat.
Hey @tt-dogg can you (or anyone) help me understand taking profits? Let's say I bought 1 ETH at $300 and it is now at $413. Would I sell $113 worth and let the rest ride up more? Or take out the the original investment of $300 and let the $113 ride(that doesn't seem right)?
I am only about 6 months into crypto trading and investing and I have sold some coins that have made profit only to see them rise higher, so I am trying to understand how to take profits while staying in the game.
Thanks and Happy Thanksgiving.
im self taught and some of the terms i say maybe incorrect...but what i do is exactly like you explained above....i have certain coins like zeph...bts...steem...eos...that i never sell or take profits....but all my other coins that i have ltc, dash, eth, ripple, ....when they go up i do exactly what you stated above.....and i keep all these coins to diversify as most days at least 1 of the coins are performing ....but eventually i will prolly sell of most if not all of my eth as im not sure what will happen when the eos network drops...good luck bro and happy thanksgiving..
He had 2 choices and Didn’t know which one to choose. You will help me also if you answer the question which one to choose.
Good tips is never chase a coin.
Do your research first. Utility. Community. Competition.
Make a system and stick with it don’t vary. I don’t invest in coins purely because of price performance. I only invest in coins that I believe in and use daily. So if I have a coin that gets pumped and dumped I don’t care as I know it will recover just hold.
Never sell at loss. Jumping from a coin you lost money to another coin usually will end up losing again as your are impatient.
I only invest in a coin if it already has a product. I don’t invest in promises. Only exception is eos. I don’t daytrade. I used to do that and made good profits but I was glued to the monitor all day that is no way to live. I trade for 30 minutes in the morning. And an hour when I get home. I have a business to run and a family. I use bts dex daily. No longer use centralized exchanges. As I have been around since mt gox. And remember Americans flying to japan with signs protesting in front of mt Gox who lost there savings and retirement.
Reduce risk as crypto is already a risky investment. Diversify don’t put all your eggs in 1 basket. Spread out the risk
Don’t follow the hype.
If all else fails. The least stressful and risk.
Is buy and hold. Don’t ever sell.
Just buy the coins you feel is undervalued and shelve it and never sell. Hope that helps. Happy thanksgiving guys. Hope you guys make a boat load of profits.
PS. I advise a group of investors. In that group is a CPA , financial analyst. And another is a tech venture capitalist FYI. Just the CPA made made over 20k in profits last month. FYI.
By no means does that make me an expert. But what I do have is experience.
Thank you so so very much. Another question for you –
Should I move most of my coins from kraken to OpenLedger?
I just abandoned Kraken. Their website was often down and the trading platform was unreliable. An exchange where people are unable to execute trades isn't going to stay in business for long.
Where did you go. I have the same problem?
I'm still sorting that out. I've recently set up an account at bts DEX and agree with @tt-dogg regarding the risk of various centralized exchanges. However, for active trading the volume just isn't there yet on many pairs and the spreads can be quite wide as well. Now, if you are laddering in/out as suggested by our dear friend @haejin then you should be able to place your limit orders at bts DEX and they should be filled.
I currently have exchange accounts at HitBTC (the Troll Box is entertaining) and more recently at Bittrex. I'm using Coinbase to get real USD into the crypto system (BTC/ETH/LTC only right now) but their fees are too high to buy using their front end. But, you can set up a linked account with GDAX (coinbase back end) and trade with very low fees (0% for maker).
I'm in the process of acquiring coins with the intention of offloading them into private wallet(s) for long term hodl. Hope this helps.
only you can make that decision...but its a centralized exchange no? i dont trust anyone with my private keys....
and the bts DEX does not...and never freezes my withdrawals...and coins is backed at least 1 to 1 and most 3 to 1...any proof that kraken does that?
So I seem correct?thank u
Kraken is centralized....OpenLedger from bitshares.org is decentralized,,,,that is why I asked.
I am fine and so happy to move all my coin to bts but what to do if they don't carry the coin? When will they make it easier to add the coin you want? What am I missing besides trades because I am trying to navigate 3-4 different exchanges and wallets!!
What 3 coins do you have?
eth, btc and bch (I think) if/when coinbase releases.
I also love dgd and eos and pay and others looking into getting some zsc and powr.. I need more fiat.
i hold eos bts eth dash ltc zeph buildteam
looking into ppy stealth bat token zcash smartcash and monero
i have eth and i take profits every week for more bts..eos..steem...
DEX holds eth and btc....bch download their wallet and keep off centralized exchanges
I keep the original amount invested. And take a percentage of profits over that original invested.