When Do You Take Profit
These days I have been in deep thoughts trying to figure what I would do when my portfolio finally goes to the moon. I remember buying a lot of Ethereum hoping I would sell it in five years when the price moons, well I sold it when I had my first 100% profit. Months later ETH has had over 1,000% profit since then, I was filled with regret because I wished I had Hodled longer. But the people that were in the crypto space in 2017/2018 will say other wise.
In 2017, the crypto space received a lot of mass adoption, in my opinion that was the year that crypto became really popular because. I think bitcoin hit a major All Time High then, it got to like $13k. Which was a very big high for a digital asset, lots of people didn’t take profit because they were hoping it would keep going higher, while lots of people Hodled. But shortly after hitting the high in December 2017, the price started declining the price declined from $13k in December 2017 to $3k in December 2018. Lots of people regretted not taking profits and wished they could go back in time and take their profits.
I can remember a friend coming to my house when I was still in college, regretting not taking profit in Dec 2017. It was June 2018 and he was regretting bitterly, then he finally sold his bitcoin, but look at bitcoin now. Lots of people were very good in predicting the actions and price of bitcoin, they were lucky enough to take profit in Dec 2017, and bought over time with the profit, at the right times they were successful in converting 1 BTC to 4 BTC. But that was also risky, because, what if bitcoin never went really down, what if it kept going up?
I have been watching my portfolio and I have watched it spike up in price giving me a double value, but the question is, “when do I take profit?”. On Hive I have decided to take profit when Hive gets to $30, for now I will keep accumulating, but for the rest, am a little bit unsure. I feel that’s the reason I decided to stick to staking and farming, this way I sell my staked profits.
When you take profit, what do you do? Do you leave the money in a stable coin and wait for it to dip? Sometimes when bored I play around with some tokens, I have some money left in Stable coins, something I will call “Emergency Dip Money”. This way I buy few coins over the weekend that must have dipped and wait for it to give me the least 15% - 20% profit during the week. I just do this because I love to play around with money. But my major big bags of portfolios, I don’t touch those ones for months.
Some of my low cap coins, I think I will take my profits on them when they give me 10,000% profit, this way I will be comfortable enough to say am eating the fruit of my labour.
Posted Using LeoFinance Beta
Not Sure. if I am going to take profit in Hive as such.
but yes after reaching at certain level of Hive power, I tend to use that HP for curation (a semi passive income) convert it to HBD (a fully passive income.)
Splinterland is the area where I have to decide to book profit or go passive for rentals or go 50/50.
Posted Using LeoFinance Beta
That’s really a bold move.
HIVE has inflation built into the formula which it distributes as rewards. The platform has HBD which is a relatively stable coin and a ton of alt-coins on HIVE engine. For the most part, the platform is free of transaction fees. The few fees one encounters are usually a percent of the transactions.
This dynamic structure means that people using the platform are both empowered and encourage to move their investments around. Since there are no transaction fees, one can move things about in small increments.
My basic thought at this moment is that I will continue to let my HP build up and I am moving my HBD to Hive Engine where I can diversify my exposure.
Since HIVE engine has a large number of investment options, there really isn't a point where I suddenly decide to stop investing in HIVE, because I really am just diversifying my hodlings on the platform.
Instead of seeing things in terms of dumping or hodling, I think hive is a great platform for just spreading things out.
I totally understand you, when you move your funds around the Hive ecosystem, when will you start enjoying the fruit of your labor?
I initially planned to start selling HIVE when I reached 3000 HIVE. But the price was down when that happened. I am now planning on sloughing off funds when I hit dolphin status ... which is several months away.
I change my strategy in HIVE engine regularly. I was stockpiling POB and CCC, but now I prefer CENT, STEM and WAIV.
Posted Using LeoFinance Beta
Good plan. Cent is looking really good these days
Well actually it depends. The times when I take profit are when there are IDOs or any pre-sale that will be profitable. Then I buy back the coins and enjoy the profit over there ^^
Sounds like a good plan
Take profits when you feel like and don't regret it. I sold quite a bunch of ETH at $300 and even under, but I don't regret that at all. I am using crypto and have no remorse on that. I also believe this cycle is highly different than the past two ones, thus I believe most of the models will fail.
Posted Using LeoFinance Beta