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Taking Profits

  • 26-10-2021 02:33PM
    #1
    Registered Users, Registered Users 2 Posts: 650 ✭✭✭


    I'm a newbie to this space so very much learning as I go. I wanted to ask about taking profits. I'll be looking to hodl most positions but I do keep hearing that taking profits along the way is the smarter option in a bull market.

    I was looking at two options with taking 20% profit when the asset goes up 60%

    Example a: 1k investment rises to 1,600 = 360 withdrawal

    or

    Example b: Take 20% out of 600 profit = 120 withdrawal

    Which strategy is better?

    Cheers



Comments

  • Registered Users, Registered Users 2, Paid Member Posts: 18,491 ✭✭✭✭fritzelly


    The best strategy is whatever works for you


    No harm taking 10% off at set levels and reinvesting when hits a bottom you want to invest back in at again



  • Registered Users, Registered Users 2 Posts: 2,251 ✭✭✭massdebater


    Either strategy is fine, although you'll have to pay tax on any realised profits so make sure it's worth your while. I tend to leave mine invested unless I need the cash, or if it goes up a lot in a short period, then I'll skim a bit off the top. If it gets to the stage where you're nervous checking your balance, that's a good indication you might want to take a bit of profit.

    If you're investing in sh1tcoins and they go crazy, it can be a good idea to take profits and reinvest them into more established coins like btc/eth. Best of luck!



  • Registered Users, Registered Users 2 Posts: 10 melven100


    My biggest regrets are when I didn't take profit when I was feeling this is a right time. Just take profits when you feel comfortable.

    My golden rule now: it's better to have any profit than waiting while the bag comes from underwater.



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