When you are trading, how do you take profits? Do you only sell the capital to take back your initial investment and just let the profits stay there for a while? Or do you sell all of your tokens to get your initial capital and also to take all of your profits? You're probably just selling off all of your profits gradually.
When I started my new SmartBCH Journey where my ultimate goal is to grow the 1 Bitcoin Cash I invested in this network, I have been constantly reminding myself not to be too greedy and just take every little profit that I can so I will skillfully achieve my goal.
"Protect your initial capital and secure the profits."
This is what I always tell myself every time I check the tokens I bought and how much they are worth already. Whenever I see that there is a positive increase in the value of the tokens I have, I advise myself to always protect the original investment and take a little profit because unrealized gains are not real profits. However, sometimes, when greed kicks in and overrules my critical thinking, I just watch the value of the tokens grow until the next thing I know, I'm no longer in a profit but more on a loss.
The Celery Token is one of the first tokens I bought on Mistswap using my new SmartBCH wallet. At first, I only bought 0.1 BCH worth of Celery for the 42,563 CLY. But after a couple of days, when I saw that the BCH value of the CLY I bought was slowly decreasing, I decided to buy another 0.1 BCH worth of CLY and I got more than 46,140 Celery for it.
And after almost 2 weeks of holding this token, it suddenly began pumping again because of the good news from Tropical Finance where they added a new single staking pool for the Celery Token. I thought it's already the right time to get my initial capital back because this trade has been stuck for more than a week now.
So I immediately sold the 70,700 CLY tokens I have to get back my original investment of 0.2 BCH. As much as I wanted to secure the small profits I got from Celery, I decided to just let it sit there for a while because I checked that the price now is still half below its all-time high so it still has room to grow.
And because I'm a fan of earning passive income, I decided to stake the small Celery profits I have on the single staking pool for CLY on Tropical Finance to earn some Daiquiri tokens. I originally staked 18,000 CLY but because of the 4% deposit fee, I only have 17,280 CLY now, which is only about 0.05 BCH when swapped into Bitcoin Cash. And the deposit fee will probably be recovered after a day or two depending on the APR. Once I earn enough Daiquiri, I will sell it to get back my deposit fee and let the CLY stake there to do its work.
The CLY I'm staking is only just a profit now and since I'm planning to hold it for a possible higher profit in the future, I might as well just take advantage of it by staking it on the pool to let the CLY Profits grow even more. This way, I will get to earn profits from my profit.
While this seems nothing for others, this is already an enormous undertaking for me because it proves that I'm gradually learning and progressing in my new SmartBCH investment journey.
Cheers to more small wins to come! 🥂
Follow My New SmartBCH Journey:
Buying SmartBCH Tokens on Metamask
The Wonders of Wojak and $Fatcat tokens
Staking WBCH-sBUSD LP Tokens to earn some Mist
Staking Daiquiri Token on Tropical Finance
Gayahin ko na nga strategy mo hahaha usually sell ako agad lahat e. Pull out capital muna then kuha ng konting profit. Napaka-greedy ko kasi hays
“unrealized gains are not real profits”