RE: Crypto & Cardio #3 - Bitcoin vs Everything else and my approach to locking in Crypto Profits
Good to hear your ideas on taking profits. I am trying to do the same strategy now. In the past there has been times I have focused on the dollar amount of an Alt coin, sold when it seemed "high". If the price of BTC was also "high" I may not have gotten a super great gain.
When you take profits do you have a set percentage of gain you like to take? Like a 5-10% gain? I guess it depends if you are doing a long term or short term investment.
It has been a year since I have gotten into Crypto now. I keep seeing these 5-10% ups and downs. I feel like it would be a good strategy to take these profits every 2-3 weeks, converting into fiat(or something that doesn't fluctuate. The market seems to always do these ups and downs and I want to take better control over this opportunity.
Thanks!
@acromott
My general approach is to take profit when the price doubles, see here for a post I did on this.
Also I don't put a time on taking profits... I take what the market gives me. I try to think in terms of year-on-year returns as oppose to weekly profits however it really depends on what your goals in crypto are.