Good to hear your ideas on taking profits. I am trying to do the same strategy now. In the past there has been times I have focused on the dollar amount of an Alt coin, sold when it seemed "high". If the price of BTC was also "high" I may not have gotten a super great gain.
When you take profits do you have a set percentage of gain you like to take? Like a 5-10% gain? I guess it depends if you are doing a long term or short term investment.
It has been a year since I have gotten into Crypto now. I keep seeing these 5-10% ups and downs. I feel like it would be a good strategy to take these profits every 2-3 weeks, converting into fiat(or something that doesn't fluctuate. The market seems to always do these ups and downs and I want to take better control over this opportunity.
My general approach is to take profit when the price doubles, see here for a post I did on this.
Also I don't put a time on taking profits... I take what the market gives me. I try to think in terms of year-on-year returns as oppose to weekly profits however it really depends on what your goals in crypto are.
All that makes a lot of sense. Even now that Bitcoin dominance is around 40% or less.
Do you think whether it would make sense to re-evaluate this approach at some point? What I'm thinking is that if some utility coin were to grow significantly and begin to derive its value from real world use, that is, directly from fiat conversions, wouldn't it make sense to gradually stop focusing on Bitcoin?
How far do you think STEEM is from that? What I'm hoping to see is more pay-to-pay serviced using the Steem blockchain and creating buying pressure toward STEEM and thus increasingly detaching the Steem price from the general ongoing crypto hype. It will take SMTs, the Hive and more onboarding via popular and well-marketed apps. But I think we will get there in the not too distant future.
It is clear that the number of active users of Steem and apps like SteemMonsters are too low to support the current price of STEEM. It would be interesting if valid and reliable metrics were developed for measuring that.
This is precisely why it has been wise to keep advertisements out of Steemit and the rest of the apps that people use to access the blockchain. The money would have been a pittance and made it painfully obvious how much the price is dependent on the ongoing hype. This is why investing fiat into the cryptosphere is somewhat questionable at the moment, in my opinion. The year 2018 is the year when crypto will have to begin to put up or shut up. It will take some time before you may be able to pick potential long-term winners. What should be done right now is pay very close attention to the technological potentials and real world use driven value propositions.
I guess interesting is maybe not the right word as the technology is fascinating true enough, I think it's just not so popular now amongst the main stream.
Hopefully it stays boring as the markets are at perfect levels for me to invest :)
Still waiting on the moment to look up some profits. Only stepped in jan 2018! Yep ouch!
So for the moment I am trying to bring the average book price down to an acceptable level.
But I do like theapproach you are using. Will keep it in mind when that moment of profit taking arrives!
Ps Don’t forget to register for my world cup contest. Only 4 days left!
Though many people might not go with your approach including myself but it's a nice approach. The fact still remains that bitcoin is the mother of all crypto
Thank you @nanzo-scoop for your interesting perspective on how you look at crypto's in relation to Bitcoin. I am just curious did you participate and buy any Social Wallet WIRE Tokens on the offering ??
Good advice, a lot of people get caught up in looking at appreciation/depreciation of their crypto vs USD instead of vs Ether/BTC this often results in incorrect analysis of their current profit position.
Hey @nanzo-scoop, just seen this! Thanks for the detailed response, it's a very good strategy you have. Trading over the long term beats day trading, you may as well be gambling with day trading. I've been dumping some of the poorly performing shitcoins and consolidating back into the more mainstream coins. I think I will only purchase top coins and maybe some good projects that I like from now on, there's a good one I have my eye on called Nexo, going to wait for it to be listed on Binance and when it gets dumped there, I will BTFD. That's the theory anyway.
Good to hear your ideas on taking profits. I am trying to do the same strategy now. In the past there has been times I have focused on the dollar amount of an Alt coin, sold when it seemed "high". If the price of BTC was also "high" I may not have gotten a super great gain.
When you take profits do you have a set percentage of gain you like to take? Like a 5-10% gain? I guess it depends if you are doing a long term or short term investment.
It has been a year since I have gotten into Crypto now. I keep seeing these 5-10% ups and downs. I feel like it would be a good strategy to take these profits every 2-3 weeks, converting into fiat(or something that doesn't fluctuate. The market seems to always do these ups and downs and I want to take better control over this opportunity.
Thanks!
@acromott
My general approach is to take profit when the price doubles, see here for a post I did on this.
Also I don't put a time on taking profits... I take what the market gives me. I try to think in terms of year-on-year returns as oppose to weekly profits however it really depends on what your goals in crypto are.
All that makes a lot of sense. Even now that Bitcoin dominance is around 40% or less.
Do you think whether it would make sense to re-evaluate this approach at some point? What I'm thinking is that if some utility coin were to grow significantly and begin to derive its value from real world use, that is, directly from fiat conversions, wouldn't it make sense to gradually stop focusing on Bitcoin?
How far do you think STEEM is from that? What I'm hoping to see is more pay-to-pay serviced using the Steem blockchain and creating buying pressure toward STEEM and thus increasingly detaching the Steem price from the general ongoing crypto hype. It will take SMTs, the Hive and more onboarding via popular and well-marketed apps. But I think we will get there in the not too distant future.
Yep - I think there will come a time when some coins will grow significantly enough not to be looked at in terms of their BTC value.
It is arguable that pegged assets, like SBD, should be looked at in such terms.
To be honest, I think STEEM (like most other crypto) is a long way from detaching it's price from Bitcoin/ crypto hype.
It is clear that the number of active users of Steem and apps like SteemMonsters are too low to support the current price of STEEM. It would be interesting if valid and reliable metrics were developed for measuring that.
I think speculation as to it's future value is also baked into the STEEM price... as with most cryptos.
This is precisely why it has been wise to keep advertisements out of Steemit and the rest of the apps that people use to access the blockchain. The money would have been a pittance and made it painfully obvious how much the price is dependent on the ongoing hype. This is why investing fiat into the cryptosphere is somewhat questionable at the moment, in my opinion. The year 2018 is the year when crypto will have to begin to put up or shut up. It will take some time before you may be able to pick potential long-term winners. What should be done right now is pay very close attention to the technological potentials and real world use driven value propositions.
Glad to see you post more on here @nanzo-scoop :) hoping it's a sign that crypto is becoming interesting to talk about again :D
Crypto is always interesting to talk about, just finding time to post is more challenging!
I guess interesting is maybe not the right word as the technology is fascinating true enough, I think it's just not so popular now amongst the main stream.
Hopefully it stays boring as the markets are at perfect levels for me to invest :)
Still waiting on the moment to look up some profits. Only stepped in jan 2018! Yep ouch!
So for the moment I am trying to bring the average book price down to an acceptable level.
But I do like theapproach you are using. Will keep it in mind when that moment of profit taking arrives!
Ps Don’t forget to register for my world cup contest. Only 4 days left!
A 🔥 post Bro. Thanks for sharing your views. It gets pretty lonely, out here, having conversations in your own head all the time 😅
Lol... yep, I've been there!
Though many people might not go with your approach including myself but it's a nice approach. The fact still remains that bitcoin is the mother of all crypto
Thank you @nanzo-scoop for your interesting perspective on how you look at crypto's in relation to Bitcoin. I am just curious did you participate and buy any Social Wallet WIRE Tokens on the offering ??
Nope, never heard of it. However I'll keep an eye out when it releases.
It looks like you have a system that works for you. What is nice about this is you know when to buy and sell withou too much emotions involved.
Good advice, a lot of people get caught up in looking at appreciation/depreciation of their crypto vs USD instead of vs Ether/BTC this often results in incorrect analysis of their current profit position.
Hey @nanzo-scoop, just seen this! Thanks for the detailed response, it's a very good strategy you have. Trading over the long term beats day trading, you may as well be gambling with day trading. I've been dumping some of the poorly performing shitcoins and consolidating back into the more mainstream coins. I think I will only purchase top coins and maybe some good projects that I like from now on, there's a good one I have my eye on called Nexo, going to wait for it to be listed on Binance and when it gets dumped there, I will BTFD. That's the theory anyway.
Very nice techniques to maximise profit.You are very proffesional with your investment plan.I like the way you trade.
So much love to share,
really good one news.
Daily Learn some new from your post. Love to read it.
amazing content creator star on trending words
Very informative video. Thank you.
Congratulations @nanzo-scoop!
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