Why are you reading this blog lol? To take profit, you must make some profit first lol.
Ok then let’s start with ‘Why is it important to book profit?’
HODL (Hold on for dear life) is a widely used term among crypto nerds and I am also part of this cult, but it doesn’t mean you should be lazy and just sit around. It’s often easier and faster to earn a 200-500% profit from a crypto, reinvest that money, and earn it again, rather than waiting for a direct 1000% gain. To make 200% gains in crypto, you don’t even need to wait for a bull market.
Let me give you a recent example from my portfolio. My biggest holdings in 2023 were $INJ, $RENDER, $FET, $SOL, $BNB, and TON. Except for $BNB, the rest delivered at least 5x returns, and this was before the bull run had even fully started. Even though the bull run hadn’t fully started, it was still my best one so far. I didn’t sit around waiting for my 5x profits to grow more. I booked profits because I believed I had already made a good return and didn’t want to risk losing my gains
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Creating freedom through Crypto as a Community
5 Responses
This is me. I have been finding very difficult taking profits. looking forward to part II
This was a very good reminder! Thanks Silverwolf.
Thank you so much for putting this together for us. I have definitely found myself in all the above categories. So many painful but VALUABLE lessons learned so far. Funny thing about lessons though is that soommmetimes I can forget so easily so your Blog is very very helpful at this point in the cycle. Thank you SW ~ marisol
Taking profits at proper levels has been my hardest lessons. Thanks for the write up SilverWolf ✨
Great stuff 👍
A trader is not supposed to use words like “I would have, should have or could have.” -> This goes on my wall!!! Perfect! Thank you