CRYPTOCURRENCY HOW AND WHEN TO TAKE PROFITS FROM CRYPTOS?
HOW AND WHEN TO TAKE PROFITS FROM CRYPTOS? Taking out profit from your crypto investment or holding the position is a question that haunts every cryptocurrency trader. Most traders are not able to decide whe n it’s the right time to sell their hol dings or just part of them , and many times they end up feeling regret when they didn’t sell while the time was right
WHATâ€™S THE KEY? PROFIT TAKING 1) The first cryptocurrency trading rule to be remembered is that you donâ€™t lose money when you take out profits. 2) Selling partial positions from time to time and earning profits is not bad. 3) If the price continues to rise, you will still have holdings to sell and earn a dditional profits. 4)
It is all about diversifying your portfolio and averaging the price to end up in positive numbers at the end.
WHAT DO SEASONED TRADERS DO? 1) Seasoned traders are buying crypto coins when they were available from a low. 2) They make an investment every couple of days, or whenever they sense a good opportunity cropping up. 3)
In this way, one can get a good average for the purchase of crypto coins.
4) Now when the price of the crypto coins goes above their average, they start slowly selling off the coins. By selling 10% to 20% of their holdings every time the price rises, they start recovering their investments and booking profits.
ANOTHER WAY IS TO DOLLAR-COST AVERAGE YOUR COINS (HODLING) 1) Dollar cost averaging Bitcoin and cryptocurrencies can be a very good strategy for newcomers to the crypto-investment space. 2) Using the DCA method means purchasing a fixed dollar amount of Bitcoins no matter what the price happens to be. 3) Further, the DCA technique requires purchasing the fixed dollar price using a scheduled calendar as well.
TO DOLLAR COST AVERAGE INTO THE CRYPTOCURRENCY MARKET, SIMPLY FOLLOW THESE STEPS: 1) Determine the total amount you want to invest. 2) Choose the cryptocurrencies you want to invest in. 3) Determine the time intervals between each investment and what % youâ€™ll be investing in each investment (more time = less risk). 4) Stay disciplined and stick to your plan.
HOW TO GET THE PROFITS EARNED TO THE BANK ACCOUNT? Many new traders are not sure about the exact procedure by which they can get the profits earned into their bank account. It can be done in multiple ways. 1) The first way is to open an account at a crypto exchange. You need to get identified by the exchange before you deposit your Bitcoin or any other crypto coin in that exchange. After depositing the crypto-coin, the crypto exchange will transfer the money to your bank account. 2) Many countries also have crypto ATMs where you can go, simply deposit your crypto coin and either withdraw cash, or get the amount transferred to your bank account. 3) Another procedure is to find a reliable online vendor forÂ cryptocurrencyÂ market. You need to make an account on their website which will then act as an exchange for your cryptocurrency market transactions.
Taking out profit from your crypto investment or holding the position in the market.