Polkadot is one of the hottest coins in the top 10. I did get a chance to purchase some polkadot which the price was low. Thanks to my friend who gave a shout-out at the right time and made me buy at least a little DOT tokens. The profit that I'm talking about in this article is not the one that I booked with those holdings that I bought long term.
I have two types of DOT holdings. I have some staked on CUBfinance that is yielding me CUB tokens every day. The other set of DOT tokens are the ones I use for trading purposes. I have been a bit successful in the past in trading DOT tokens. I buy them when the market is red and sell them when the market is Green again. The main intention here is that even if the market goes down further, I wouldn't worry much because I'm happy to hold my DOT tokens for the long term.
So it is ultimately a small buy and sells the game to see some $ profit. Usually, I'm not very good at trading but recently after hearing from a lot of people that we cannot grow our stake if we don't buy the dip and sell the pump. I have been trying to do it for quite some time. It's been 3 times already on DOT tokens and I was a bit lucky to grab some profits. I used to think that maybe if I try the game on other cryptocurrencies, I would even grab lots of profits but DOT price is something that I have been observing for a long time and I know when to buy and when to sell.
Similar trading on Hive would also work out well because I also observe Hive prices more frequently. It would be good to purchase Hive at a cheap price and then buy it back when it goes down. Actually, I should be doing it the other way. I sell it first when it is high and then buy it when it goes low. This way it would be a good deal because anyway I don't mind holding Hive for the long term and at the same time, it is not going to burn my fingers if I book some profit out of Hive if the market goes sideways.
In the last dip, I purchased DOT tokens for 35$ per coin, and then the day before yesterday I booked my profit by selling them for 40$. My intention was actually to wait till 45 USD and book my profit but two days back the market scared me a little bit. The price of many coins dropped and DOT went back to 36 USD. I didn't want to bite my nails if again DOT goes below 35 USD. That is one of the reasons why I booked my profit sooner than my target price. A 5 dollars profit per coin is definitely great and maybe if the market is going down again, I will also have some liquidity to purchase coins cheap again. Now I'm waiting for the next dip to happen.
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Good job acting on your plan even if you got out a bit early. I don't think its a bad idea to realize some profits and if you are worried, you can always just sell most of your position and leave a little bit of the house money on the table for the ride next time. Of course that isn't financial advice.
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Yes the profit would have been double if I sold it now. But I didn't want to take the risk. A small profit itself is well and good.
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5 dollar per token is a good profit.
Are you planning to reinvest this profit back into the dot or some other crypto ?
Good luck with whatever strategy you are thinking of.
Have a good day.
!luv 1
Today I reinvested the money on Hive for a short term profit. Hive is below 50 cents. If it goes anywhere above 55 cents I would book profit again and exit. If the price goes further down, I'll keep the hive forever or maybe even power up.
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Bravo!! ... No I won't sell my Dot coins now...but I also agree that you need to sell at tops and buy at dips.
I am learning how to spot tops pretty well...but not sold and then wait to buy dips, because I am not much of a trader but Hodler.
But eventually, i would sell my coins and wait for the dip and buy again especially coins coins like DOT and Atom that have solid fundamentals