How to take Profit like a Pro
I have been in your shoe several.
Where you enter a trade and sudden it enters into profits but because it hasn’t hit your target,
All of a sudden, the market reverses taking both the profit you made as well as a part of your
This puts an end to that.
By the way, I will share with you also, the trading rules in bear market.
But for now, let’s talk about why you’re here.
As a crypto trader or investor, the second thing you’ll learn after you’ve learnt how to take entries
on signals when called is how to take profit.
In crypto, take profit isn’t just clicking on the sell button.
Just like sometimes buying isn’t just hitting the buy button.
Sometimes to buy, you’ve got to DCA with several entries.
Also, sometimes, you’ve got to enter the trade setting your take profit and stoploss.
You have got to learn how to place orders at a given entry if the assets is yet to visit that entry.
That same way, if you want to sell, taking profit is a skill.
Reason because the market doesn’t move in a straight line up trend, so also it doesn’t move in a
straight line downward trend.
As such, you have to learn how to take profit.
Profit is not yet yours until it’s seating in a stable coin.
Sometimes, the market movement might demand you sell everything, other times, it might
demand you take your capital, while some other times it might demand you take your profits.
Below are 5 strategies to help you secure your profits:
- Trail your Profit - this is when you move your stoploss from entry a step further where you
spot a support or consolidation during an upward trend or growth.
(2) Sell off everything into a stable coin - this happens when your Profit target is hit or you feel
you’re good at current Profit.
(3) Sell off your capital and leave your Profit to run - this is when you want to safeguard your
capital in the event the trade still has potential of an Uptrend. It’s a no risk trade.
(4) Take your Profit and leave your capital to run - this is when you are sure that your capital is
safe no matter the direction of the market. Mostly applied when you take profit and move your
stoploss to entry to safeguard your capital.
(5) Sell 50% of the entire holding and keep holding 50% - this is applied when you still have
intention to hold for long term so that even if you lose the 50% you left, you didn’t lose anything.
You have to understand when each of the profit taking strategies is the best action.
However, there might be times you don’t need to set a profit target.
There is such thing as “open trade”.
Open trade is when you take entry on a trade with stoploss but no take profits target.
You can apply this kind of trade when you’re not sure the price whales might pump the coin to.
But not often advised as that’s a greedy approach.
In all, take profit.