When to take profits?
When to take profits?
I’ve been slowly learning more and more, I threw some money in 2022 and have been holding since + threw some more in April dips, my portfolio is up 86% but I have no actual plan or knowledge on getting out and reinvesting. I want to be most profitable and not watch my money in another bear market, although my buy ins are so low I never actually go negative is also why I feel an attachment to holding?? Any advice and tips are appreciated.
You could split your strategy into individual goals. For example, you might have an absolute price to sell everything, but take some small wins along the way.
Say you invested in btc at 20k. You decide you will get out at 400% But you will also take 5% of your profit when it hits 100%. And then 10% when it hits 200%. You obviously risk it never reaching the upper limits but that’s the gamble. Additionally, if you pull out at 400% you’re not exposed to further gains.