Learning to take PROFIT!
by Bossy Lee
I got my first cryptocurrency in 2015. A bitcoin that cost me $270.
I wanted to own a piece of history and I thought it was really cool to own a digital asset.
In the early years, I used fractions of Bitcoin to buy stuff off Amazon via 3rd party website. Did not think that the price would go up so high till USD60K a piece.
Back in 2017, when BTC hits USD17K. I did not take profit because I was hoping for it to go higher. But it did not, so between 2018 to 2020 price went down to less than USD10K. So I told myself next time the price goes back to USD20K, I will take some profit.
I did not. Again emotion taking over. Thinking that it will go even higher. Luckily, it did and it went all the way up to USD60K but I did not take profit again. Thinking the upward trend is forever.
The same thing happened for Dogecoins. It rose to USD0.70 but I did not let go. I had an ATH of USD10K when it hits USD0.70 but price came down.
I am not complaining but I am writing down a lesson to be learn.
We should all learn to take profit. The opposite is true, we should respect our stoploss.
If I set a target, I might make less but I would have a lot more spare cash on hand to buy during the dip. Rather than waiting it out. So I am writing this piece to tell myself. Remember that I was once given the chance to take profit.