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Issue 58 – How to Lock in Profit on Winning Trades

August 24, 2021


With cryptos rolling over today, I figured it’s a great time to write about the importance of taking profit as a trader.

I’ll discuss why taking profit is such a challenge for most traders and share exactly how I do it. We’ll then wrap things up with updates on BTC, ETH, LINK, DOT, and SOL.

Let’s get it!

The Difficulty of Taking Profit

Taking profit is one of the most difficult aspects of profitable trading. The thing is, you don’t realize just how challenging it can be until you’ve blown an account or two.

Why is it so difficult?

Because your emotions get in the way, it’s too easy to second guess taking profit simply because you don’t want to miss out on the potential for even more money.

At the same time, you know that if you don’t book profit, there’s a chance it could all disappear if the market reverses on you.

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Trading Tools & Resources

The links below are affiliate links. Meaning that at no additional cost to you, I will earn a commission if you click through and sign up.

Bybit - My preferred exchange for trading crypto. Over 100 tradable assets, super competitive spreads, and the best mobile trading platform I've ever used. Use the link below to receive up to $4,000 USD in bonuses. Limited time offer! Note: US clients must use a VPN.

iTrustCapital - Where I invest in crypto for my retirement account. These are self-directed IRAs where you can invest in dozens of crypto assets and even gold and silver. Right now they're offering $100 in BTC when you fund an account with at least $1,000. Use the link below to claim this offer. 

TraderSync- The crypto trading journal I use and trust. Enter trades manually or import from dozens of brokers/exchanges, including Bybit! Track your win rate, average return, profit factor and identify mistakes to improve your trading. 

Justin Bennett

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About the Author

I'm Justin Bennett, a currency trader turned crypto enthusiast.

My journey started with stocks in 2002. After limited success, I transitioned to currencies in 2007, which later became a full time trading gig.

The journey continued, and in 2020, I committed to learning about cryptocurrencies. It was love at first sight.

Cryptocademy.com is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.

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