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Whats the best method to use to take Profits?

  • 09-06-2019 10:39am
    #1
    stockshares
    Registered Users, Registered Users 2 Posts: 2,758 ✭✭✭


    Lads whats the best method to use to take Profits?

    I've been using the method below but I'm not sure if it's the best way to go about it.

    Method I'm using atm:
    Assuming BNB costs €100.
    I buy 10 BNB for €1000.

    A month later BNB's price increases by 20% to €120.
    I sell 20% of BNB(2 Coins) for BTC and either hold BTC, withdraw into Euros or invest in new coin.

    I now have 8 BNB valued at €960.(€120 per coin).
    I wait till BNB's price increases by 20% to €144 per coin and again sell 20% of BNB for BTC.
    I now have 6.4 BNB valued at €921.60.

    I would keep repeating the above untill the price of BNB dropped to below its initial price of €100, at which point I would reinvest in BNB.

    Doing it this way will mean the value of my BNB investment will always be around €900-1000 but my total Coin Holding will be decreasing.

    Am I doing this the correct way.
    I'd appreciate help with this if you can find the time.

    Thanks Lads

    Edit:
    Btw if a coin is constantly rising and falling by 2-5% throughout the day would I be better off taking the 2% profit frequently throughout the day rather than waiting for a 20% increase.


Comments

  • #2
    Kickstart1.3
    Banned (with Prison Access) Posts: 186 ✭✭Kickstart1.3


    One word :Slippage


  • #3
    stockshares
    Registered Users, Registered Users 2 Posts: 2,758 ✭✭✭stockshares


    Kickstart1.3 wrote: »
    One word :Slippage

    Can you elaborate. I think Slippage applies to when you enter or exit. How does that affect the method I'm using


  • #4
    Grumpypants
    Registered Users, Registered Users 2 Posts: 8,085 ✭✭✭Grumpypants


    Trying to get the 2-5% buys right is risky. To be honest everytime I've tried to do this for any lenght of time it has not worked out. Either I sell at a price I think is high hoping to buy in when it comes back down, only for it to keep going up, I end up buying back in later on and just end up with less coins and less money than if I had left it alone.

    When I try to buy low it normally keeps going lower. :)

    The only way I have consistantly made money is to buy and hold until it is substantially high enough to take out your intital investment and not feel it.

    Decide what you want, either a set number of coins or a set value in €. I like having the set number of coins. that way I know my overall value.


  • #5
    stockshares
    Registered Users, Registered Users 2 Posts: 2,758 ✭✭✭stockshares


    Grumpypants wrote: »
    Trying to get the 2-5% buys right is risky. To be honest everytime I've tried to do this for any lenght of time it has not worked out. Either I sell at a price I think is high hoping to buy in when it comes back down, only for it to keep going up, I end up buying back in later on and just end up with less coins and less money than if I had left it alone.

    When I try to buy low it normally keeps going lower. :)

    The only way I have consistantly made money is to buy and hold until it is substantially high enough to take out your intital investment and not feel it.

    Decide what you want, either a set number of coins or a set value in €. I like having the set number of coins. that way I know my overall value.

    As regards Holding
    Coins like Ada, Xlm and Iota are cheap but solid projects. Holding a set number of coins long term could work out. A few hundred of those coins can be bought cheap and if they fail you haven't lost much but if they were to rise significantly you'd be elected

    I was thinking of Day Trading with a set number of coins as a Target but it's difficult to do that with the Market being so Volatile.

    I've noticed that two coins on Binance fluctuate between a set range. They are Matic and Mithril. I'll try and Trade on those as soon as this market stabilises. A few people on Telegram seem to concentrate their trading on those two.

    .


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