Take Some Profits

Taking a little bit of profit is important!

With the market cycles going on in full swing it seems, one of the things that we have to remember every now and then is: take some profit when you can!

I've been around the block for what feels like ages, but in reality is only about 7.5 or 8 years in honesty. I heard about crypto and bitcoin back in 2014, 2015 like most people but not really much else until about 2017 when I really started looking into it, hearing it from a podcast I started to listen to back then. It eventually led me here to Hive and I haven't looked back since, that's for sure!

With the cycles, and the experience of living through them, one of the things I wish I did a little bit more is take some profits off the top. Granted, it's hard as shit to know when the "top" is but I got REALLY lucky once, and ended up getting a great return on investment that I still look back at today.

With watching the cycles come and go as they do, one of the things I wish I did a little bit more regularly is take some profits at various stages. I've been trying to do that in this iteration of the pumps, but trying to keep things conservative of course.

Taking profits is a really important skill and mindset to have if you are a long term investor. I don't plan on or need to sell these things to survive, so I am using it as an investment tool and trying to build a decent portfolio as time goes on. I've made some good choices as well as some poor ones, but one of the things I have not been very good at is taking a little bit off the top.

The funny and interesting thing about it as well is that I don't plan on doing anything with the money besides waiting for things to cool back down so I can then jump back in with a BETTER position and reap the rewards. Paper hands will get chopped up that's for sure! LOL

I've started the last few weeks to make some small moves. Selling a little bit of this here, sitting on it and then seeing when things calm down and jumping right back in. It doesn't make massive profits, but it's fun to see the number be slightly higher than what it started at doing it, so I partake here and there.

I think one of the lessons I learned in the last cycle, as many other people did and still do, is learning that you do NOT sell the full stack. Selling the full thing only leaves you with an anxious feeling about getting back in so you don't lose more. No, that's a bad idea! I sell small portions of it, so that I can still get some benefits but also not risk having a huge loss if things continue to move upward at crazy trajectories.

These days, I am selling 10%, 20% and sometimes a little bit more at a time. Granted, these aren't tens of thousands of dollars or millions of dollars, but seeing a return on selling 10$ of something is a decent beginners treat!

What about you, do you think it's important to take some profit with the markets when you can? How do you do it, if you do? Let me know in the comments!