Setting up your trade entry is important, but when to take profits is another art form in itself. Now that we have the potential for a turn around in the cryptocurrency markets, it is already time to plan how you will take profits.
Long term trading plans may focus on selling after the top, on the way down the other side... months or even years into the future. Short term plans may focus on selling as prices are rising - and then find another trading opportunity.
My actual trading does not match the ideal trading plan I am practicing and that I blog about and strive to understand myself.
For example, I am all in, and don't have additional btc to 'add on' to a position, and so I cannot utilize nor experience the potential benefits of risk control Rule #2, where you want your winning positions to be larger size trades than your losing trades.
Instead, I'm planning to catch some of these 'popcorn moves' by selling when prices spike, and then buy more of that market after prices drop back down... as they so often do.
In effect, I'm doing a bit of both the long term and short term methods of selling out and taking profits. And always tuning and observing my actual trading against an ideal - to see where my mistakes are and where I traded correctly.
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Checking My Trade History
Each morning I login and check my trade history to see if any of my sell order targets have been hit. Then I check my account balance - then price charts. And... usually I'm done work for the day.
Helping Others By Sharing My Method To Money or Madness
Next I spend time blogging and writing about my trades and trading plan, collecting data about the past year of trades, and remind myself of the long term goals I'm trying to achieve - I actively spend time visualizing the final outcome that will result from the small trading choices today.
Paying Forward With Gratitude
Before Cryptos - Practice Trading
My Short Story reveals how I started studying trading in 1995, and wrote a basic trading journal through the years. I took my practice trading seriously and from 2009 to 2012, I spent as much time on it as though I was really trading. My first video channel about trading was all about merchanting on the Runescape Grand Exchange.
I learned a lot about trading long term trends, price manipulation schemes, how to do a video journal, I learned about teaching an online course, and about running membership website and community forum.
Not Just Another Cryptocurrency Community
When cryptos came along - I continued with renewed effort, and detailed all of my trading. I restarted teaching an online course and started a new membership website and private community forum. Over the past three years, I've been fortunate to have had great trading success - along with some fantastic failures. It is my hope and daily visualization, that the cryptocurrency trading case studies, blog posts and video journals that have resulted, will help you in some way along your journey to greater wealth.
Also find the following trading commentary Case Studies
AMP - A Year of Synereo AMP Price Reviews
ARDR - One Year ARDR Technical Analysis
BCN - One Year Bytecoin Technical Analysis Charts
BELA - Belacoin Technical Analysis March 2017 to March 2018
BTS - Bitshares Year In Review