I’ve learned a lot about trading and technical analysis this year, but one thing that I still find invariably challenging is determining when to book my profits when a trade is going well. There have been several times this year where I’ve stayed in a trade too long and lost all the profits, or even taken a loss, when I could have easily gotten out at a profit.
So I was proud of myself tonight for booking my profits, and fully closing all my trades, when there’s still a chance that the market could push even higher. I try to take the contrarian trade most of the time, and right now I think most people are expecting a big bitcoin breakout towards $7,000. But I see another scenario that could play out here as well, the breakout could be down towards $5,000 instead.
We are still in a technical downtrend / bear market, and I wouldn’t be surprised at all if the market resumed the sell off soon. If it starts to push up instead, I may re-enter the market if I’m there to see it happening, but for now I am going to watch and wait.
These were all my trades, for anyone who’s interested. I bought into the market yesterday, and sold everything today for a net profit of $100. All values are in USD. I didn’t buy at the very bottom, or sell at the very top, but I don’t expect to ever get that lucky, and that isn’t my goal as a trader either. My goal is to simply make more money than I lose. I hope that someone finds this useful and informative.
BNB
Bought at $9.60 and $9.70
Sold at $10.54
XLM
Bought at 0.214, 0.21546, and 0.2155
Sold at 0.2359
Ada
Bought at 0.0945 and 0.09478
Sold at 0.10852
NOTE: This is not investment advice. Everything written here is for educational or entertainment purposes only. Always do your own research before you invest, and never invest more than you can afford to lose.
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~ Seldons Plan
Writer | Trader | Traveler | Father of 5
