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Disclaimer: I'm not a pro in the crypto-verse. I'm just a noob sharing my knowledge based on my experience. This is not a piece of financial advice. Take this article with a grain of salt. Read at your own risk.
For the past year of being engaged in the crypto arena, I/we have witnessed a lot of bull runs already, or when the prices of cryptocurrencies begin to pump and have a rally upwards, breaking resistances and establishing solid supports. And during these times, as crypto holders and traders, we keep hoping that our bags will continue pumping and stay green for as long as they can. We sometimes couldn't contain our emotions and excitement. And because our critical thinking is overpowered by our emotions, we often forget the things we need to do to take advantage of the bulls making a rally.
I don't know about you but this happens to me almost all the time, where I just keep looking at the prices and chart, and not doing anything at all. I just keep wishing and hoping that my target price (which is too far from the current price) will be hit instantly during the bull run. Because of this, I always end up not gaining benefits from the rally.
This is why I'm writing this article to make a reminder for myself (and for those who experienced the same thing) about the things I/we should remember when a bull run occurs.
Even if you have an unrealized $10, $20, or even $100 gains from the coin you bought during the dip, it is and will never be a real gain unless you sell your profits already. You can either only sell your profits or sell both the profit and capital.
2. Nobody gets broke taking profits.
Yes, in fact, you will be securing your gains and get to add it to your capital again and use it to buy back the coins you sold during the bull run. You might be hesitant to sell it due to FOMO, especially when you get swayed by the market thinking that you might lose more potential profits when you sell already, but you can strategize the way you take profits, such as only sell 25% of your profits for your 1st Target Price, another 25% for your 2nd TP, and so on. This way, you get to DCA (Dollar Cost Average).
3. Don't be too Greedy.
Control your emotions and don't let greed eat you alive. If you get too excited about gaining profits, you might end up being too greedy where instead of gaining profits, you will only acquire losses. For example, in the case where you already took some profits, however, you saw the value of your coin still pumping, so you bought back your holdings at a higher price, and the next thing you know, your coin is already starting to have a correction.
4. Profit is profit.
I know it's a little frustrating when you already sold all of your coins at a profit, however, when you checked its price again, it's already flying to the moon making you regret your decision of selling too early. You could have acquired more profits if you held on a little longer. However, this is not always the case so always remind yourself that profit is profit, no matter how little or huge it is. Be contended with the profits you gained.
5. Bulls get tired too.
During a bull run, bulls also get tired and exhausted that even if they seem to keep smashing the bears, the bears will, later on, take charge of the market. It's not always a green day. This is why when you make a trade, you should make a plan and set a goal on when to take your desired profits and make sure to stick with it. So that when the bulls go back to their cages, and the bears begin to come out and push the prices down, you already booked your profits and are ready to bag more coins during the dip.
These are just common reminders and if you've been in the crypto sphere for quite some time now, these are no longer new to you. But we/I still forget to apply them sometimes especially when I'm too hyped by the market movement.
It's just a little reminder and refreshment to myself and you so that when the bulls roar again, we will know how to take advantage and ride with them.