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If you want to look clever, read complicated indicator-filled charts. If you want to make money, just KISS.
I will take all my profit only when the main trend is ending, as I did in 2017. BUT I may take a portion of profit along the way, in order to reduce my position if it is becoming far too large in comparison to my other trades (Money Management). So if this trend continues, my profit will grow and grow. But if the trend has a major reversal, my stop-loss will preserve my capital.
Some people might suggest I sell now and get back in at a lower point. The problem with that (as I know from long, bitter experience) is that the best, most powerful trends don't pause long for breath, sometimes they barely correct downwards at all, and so if you take your profit in the hope of buying back in at a lower price, you may find yourself staring upwards at a soaring price chart with no hope of getting back in.
That is why I usually wait until I see clear signs of a trend change before I sell. A hard break downwards followed by a weak recovery and then further decline. That's what I saw and why I decided to sell BTC in late 2017/early 2018. Of course this time we're dealing with the early part of what may turn out to be a long upward trend. The problem is the market thinks nothing of a few 50% declines on the way up. Should I sit tight through all those declines? Probably, for the big profits at the end. But it's always a tough rollercoaster while you're actually living through it.
You can see in the image below that after a big initial decline, the Head & Shoulders was failing to lead to further declines. The triangle shown by the orange dashed-lines formed, but I wasn't prepared to buy back in until the triangle resolved itself to the upside. I put in a stop-buy order and once that breakout began, my order was filled at the point indicated by the green arrow.
I waited until the breakout before buying back into BTC because there was always a possibility that the triangle would breakout to the downside instead and lead to a further price collapse. This way I was able to buy into the initial strength of the breakout and see a big profit quickly.
Published by Harriman House.
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I will take all my profit only when the main trend is ending, as I did in 2017. BUT I may take a portion of profit along the way, in order to reduce my position if it is becoming far too large in comparison to my other trades. So if this trend continues, my profit will grow and grow. But if the trend has a major reversal, my stop-loss will preserve my capital. I hope that makes sense! If you want any more detail, just ask me :-)