Taking Profit
....Is much easier said than done!
Let's have story time with Jongo :)
I'm a loyal dude. Sometimes, actually most times, it gets me into trouble. When my online marketing business was burning to the ground, I stayed to fight the fires. My business partners abandoned ship pretty much at the first sign of trouble, but I rode out the storm and well....Lost everything lol
I then find this blockchain, and started buying in with my very limited fiat and precious time....Years and years go buy and $HIVE has shown zero signs of life.
But while on Hive, I discovered Splinterlands and fell in love with the game and the entire community that was being built. I went hard into it, got super lucky with some card packs I bought and at one time had an account that was worth on paper, to be over a million bucks.
Around that time, I had an offer for 6 figures to sell my collection and of course....I declined.
Ended up selling my collection for about the same amount I invested into it.
The point of all this is....I'm awful when it comes to taking profits. Maybe it's being loyal to the project or business, but overall I am just never sure when to tap out and claim some wins.
It's normal to have that voice inside you that says...Don't sell, it'll go up again. I know it happens to me almost daily and has for years and years. I'm just not a good investor and I'm trying to get out of my own way.
I think I have learned my lesson!
I say that because of the big buys I've been doing into SURGE. I mentioned this in a post recently that I currently have as much in SURGE that my entire $LEO portfolio was worth around this time last month. So when I say I learned my lesson, I truly believe that's the case.
My thinking is this....I'm liquid in SURGE, and with 3000 of them in my account I can exit at anytime. Count my wins and call it a day. Because I still have a big chunk of $LEO. Pretty much whatever LEO does now is a win for me, because of my 'safe bet' in SURGE.
I think this might be Jongo maturing as an investor but let's not get ahead of ourselves here. Remember the track record lol
The point though for me personally is to try, as hard as it is, to get emotion out of the game.
When I was in business, I never wanted to let my customers or my business partners down. The only thing that went down, was my life LOL
When it came to Splinterlands and Hive, I always thought the community would look down on me if I sold....Which they kind of do with that silly KE ratio they have stuck everywhere but alas....I have lost a lot by being loyal to Hive.
Not so the case with $LEO. It's actually encouraged on the platform to take profits because....When we sell, @leostrategy kind of eats up everything on the market and stakes it for life.
So maybe it's maturing....Or maybe it's, I have no plan B for this stuff now.....I'm at the end of the options and won't lose again.
(Moar* beneficiary rewards sent to @leostrategy and @leofinance I'm also ending 5% over to @dagger212 on this post!)*
Posted Using INLEO
It is so tempting to believe that prices will keep climbing, but there are times when you really need to go with your gut and take that step back.
I think we should be taking some profits, and its something that I should do more in crypto to. Let's see where things go with LEO and SURGE. I don't have any in SURGE though.
I'm with you. I've ridden these things up and down so many times it's amazing I don't have vertigo. lol One quick point though, remember, you're SURGE is not really liquid right now. Until it's completely sold out and the pool is set up, you're kind of stuck with it. You could probably get on discord and talk to the LSTR people and maybe they'd take it off your hands in an emergency, but until it's sold out, there are no bids right now. Just be aware of that, as it seems that someone just found that out the hard way by trying to sell at market...
I'm with you Jongo. I don't take profits. I take round trips. Buy low, hold high, then sell once price has crashed again.
It is important to take some profits from time to time
Taking profits is one of the hardest things to do, especially when you really believe in a project. Respect for recognizing that and making moves to protect your future. I was thinking of selling but i hesitated, I still think Leo will do much better soon
Taking profit is a smart move. People always think that the price will get to a certain point. But what if it doesn’t? That’s why it is good to always take profit
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Apart from it being in the Leo token, taking profit is very hard to do in any crypto trading, especially when the coin in question is increasing in profit every minute or decreased more than invested capital
I’ll watch your moves and see if that will help me as well😀😀
It should though
i had to sold my leos because i was with my wallet empty of dollars :D
Back in the day, my go to was to take out my original investment and then whatever happened after that was okay because now I wasn't playing with my money. That was me in my 20-somethings. More recently I just keep everything. I've seen things go up and down and disappear. Of course, hindsight is always crystal clear.
I want to be like Jon when I grow up.
Highly over rated!!!! lol
This strikes in very deep! Especially for a trader like myself. The idea of taking profits is easier said than done. In fact according to statistics, 70%+ traders take huge loses from the market not because of a bad analysis but because they didn't know when to take profit. This is why most elite traders believe trading is 90% psychology and 10% skill. For anyone in this space, it's an area that you need improve in. It's gradual but intentional.