Taking Profits: Why, When and How : The world of cryptocurrency is a very volatile one, just over this week major cryptocurrencies like bitcoin and Ethereum have went up 10-30% and proceeded to dump up to 50% then go back up over the past day. Clearly this is not a market for the faint of heart. But how do you actually succeed in it? Sure, you can try timing the dips and pumps but that might be difficult or unpredictable at times. Instead you should aim to take profits on a pump so that whatever happens afterwards you aren’t as affected. The principle of taking profits Say you bought 5 Ethereum at $300 each, and over the next week it goes up to $450. If you held all your coins you would be at a 50% profit, but this is risky as you don’t know if it will soon after crash down so you lose your profits or even worse go under $300 so you lose money. This is why you should focus on taking profits on the way up. In this example you could sell 1 ETH at $350, then 1 at $400 and 1 at $450. Thi