🚀 Crypto is pumping, here’s how to take profit successfully

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BTC broke the descending triangle it has been forming for weeks, and the overall market started to move with it.

Maybe you are holding for the long term, but taking profits along the way is not bad. Nobody ever went broke taking profits.

Here are a few tips on taking profits successfully;

1- You should already know the percentage you want to sell

A clear plan of how much you are willing to sell during this pump is a must.

2- Take profit 1- 5% below target

You are not the only one waiting for BTC to hit a certain target, therefore set your target 1–5% below it. By doing so you increase your chance of selling.

Ex: Target is $25,000 — Then set your order at $24,890.

3- Separate your sell order

After understanding possible resistance levels, divide the amount you want to sell by 3, and increase your chance of making more by cashing out right before each resistance level.

Example;

10% holdings at $24,900

10% holdings at 25,950

10% holdings at $26,700

Here’s a video on resistance and support levels in crypto.

4- Don’t FOMO back in

You are selling for a purpose. To make money and rebuy when the price goes back down. Do not get caught up with the usual thinking “This might continue to go up, I should get back in.”

Patience has to be your biggest skill in this game.

5- Do nothing.

If you are not comfortable with selling, don’t put yourself into a necessary weird state where you are thinking through the night if you did the right thing by selling.

There will be many other pumps in the future if you believe in crypto. So sit tight, be a spectator, and take trades in your mind.

This is all I got for today’s newsletter.

As always, thank you for reading,

Keep building the life you deserve. 🏗️

Want to support?

Share this with a friend, or feel free to grab one of my spreadsheets.

Passive Income Spreadsheet;

https://defichronicles.gumroad.com/l/xwwln

Long-term Investing Tracker;

https://defichronicles.gumroad.com/l/biytt

Disclaimer: This is not financial advice, I am just a guy with a laptop sharing his opinions and experience. This is for entertainment purposes only. Always Do your own research before investing.

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Passionate about overcoming anxiety with self-dev, personal finances, and fitness.

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Max

Passionate about overcoming anxiety with self-dev, personal finances, and fitness.