One of the most common questions that our followers ask us is "When do you close a profitable trade?"
The answer to above question, like many other questions in financial markets, depends on your level of risk taking. One may take an aggressive approach and one may take a conservative one. You can hold your position until you can get huge profits or you might start putting step-by-step stop losses so you never lose your profits in case the market goes down. But beware of complacency! Given the volatility in crypto markets you may wake up one morning and see all your profits being erased. So the Lambo of yesterday will turn into nothing! Here @investoconsult our team prefers a "minimal profit taking strategy". Before getting to the bottom of that always remember that You Will Never Get Broke by Taking Profits. Never Get Greedy.
What is "minimal profit taking strategy"? Well we prefer to close trades when we get to 2 or 3 percent profits. We don't trade huge volumes and we are not long term traders. This approach of waiting for 3 percent profits, hoever frustrating and unspectacular it may seem, have yielded amazing results for us. You can trade more often, the trading opportunities are more frequent and by closing several profitable trades - up to five times a day at good times - you get more confidence and more satisfaction. Of course you can open trades and wait for huge profits - say 500 percent, but let's be realistic. In the current market situation and given that crypto regulation will change this market and make it like more traditional ones like Stock and Forex huge profits like that are getting scarce.
Of course this needs more time, it needs flexibility and you must be very quick and skillful to act to rapid market movements but once you master this strategy you can hope for the best of the best! Opportunities are frequent you just need to open your eyes ans catch them!
The answer to above question, like many other questions in financial markets, depends on your level of risk taking. One may take an aggressive approach and one may take a conservative one. You can hold your position until you can get huge profits or you might start putting step-by-step stop losses so you never lose your profits in case the market goes down. But beware of complacency! Given the volatility in crypto markets you may wake up one morning and see all your profits being erased. So the Lambo of yesterday will turn into nothing! Here @investoconsult our team prefers a "minimal profit taking strategy". Before getting to the bottom of that always remember that You Will Never Get Broke by Taking Profits. Never Get Greedy.
What is "minimal profit taking strategy"? Well we prefer to close trades when we get to 2 or 3 percent profits. We don't trade huge volumes and we are not long term traders. This approach of waiting for 3 percent profits, hoever frustrating and unspectacular it may seem, have yielded amazing results for us. You can trade more often, the trading opportunities are more frequent and by closing several profitable trades - up to five times a day at good times - you get more confidence and more satisfaction. Of course you can open trades and wait for huge profits - say 500 percent, but let's be realistic. In the current market situation and given that crypto regulation will change this market and make it like more traditional ones like Stock and Forex huge profits like that are getting scarce.
Of course this needs more time, it needs flexibility and you must be very quick and skillful to act to rapid market movements but once you master this strategy you can hope for the best of the best! Opportunities are frequent you just need to open your eyes ans catch them!