 One of the main reasons that some traders are very profitable and some are just a break-even or worse It's usually due to edge. Think of it like this a casino never loses money Why? Because they always have an edge if you're on a roulette table and you're betting on black or red it Feels like it's a 50-50 chance, right? But in reality, it's not your exact probability on a roulette table if you're betting on red and black is 48.6% if you're in Europe and 47.4% if you're in America. Why? Because in Europe they add one zero to the table and in greedy America, of course They add not only the zero but also a double zero to the table And that tilts the odds in the favor of the casino by 2.6% So if you follow the law of large numbers the casino will always win in the long run in this video We're gonna cover exactly how to set yourself up with an edge on every single trade that you make from now on Even if that edge is as small as 2.6% Hey, what's up Jay here and welcome to Bitcoin Daily bringing you the best tips tutorials and ideas to help you learn how to become a profitable and successful trader on this channel we do a lot of market analysis we do videos going over different trade ideas and We teach you how to trade to help you get to that next level So if you're new here consider subscribing and if you've been here before Make sure to hit that like button and leave a comment So today we're going over a profit-taking strategy to maximize the winners and minimize your losers The one mistake that I see a lot of beginner traders making is close their winning trades out too Early now it is true that it is never a bad idea to take profits But if you're closing your trades out way too early Then you're giving away an edge anytime. You don't properly maximize your winning trades So what we're gonna cover today is our exact profit-taking strategy in this video to make sure that you guys have that extra 2.6% edge on every trade that you take by maximizing your profits when you finally hit that Euphoric winning trade. All right guys no more talking. Let's dive right in. Okay guys So let's talk about profit-taking strategies. All right, so how to take profit now This is an example that I want to give you guys so to make it as simple as possible We're gonna use $100 to just make everything nice and easy, right? so if I have $100 in a position at TP one and offer those that don't know what TP means it means take profit at take prop take profit one That means your first spot that you're going to take profit at I'm going to take 25% profit of my position And I'm going to move my stop-loss to break even for the remaining position Okay, so that means that if I have a hundred dollars As soon as I hit my TP one, I'm taking 25 dollars out Then I'm taking my stop loss and I'm moving it up To break even at that point, right? So you have a choice you could either leave your stop loss where it is or you can move it up to break even at that point If you move it up to break even you've taken 25% profits, and if the price is to go back down at that point you'll You'll be stopped out of the trade in profit And remember what we want to do is be able to grab the profits when we're there But we also want to maximize our Our profits so this is the way that you do that So now we've taken 25 dollars off the table, so we have 75 dollars remaining in the position So at TP to take profit to Once we hit that we're gonna do the same thing we're gonna take off 25% of our profit we're gonna take $25 more And we're now we're gonna take our trail stop because a stop loss becomes a trail once you start trailing your position, right? We're gonna take our trail stop up to take profit one. So we're gonna put our our Trail stop where the first price where we took profits, right? So we've now we've now taken profit twice. We have $50 left in the position our other $50 are trailing the Price right now and it's currently at TP one So now if we hit that third position, right? We're gonna take another 25 dollars off the table and if we don't hit the third put that third profit Mark then we're gonna end up trailing out at the TP one Okay, so now let's say we do hit that TP three, right? we're gonna take another twenty five dollars out of the trade and We're going to leave the remainder of the position there and move it up in the trail stop with our trail stops We're gonna move it up to TP two Okay, now at this point you should hold a remaining 25% of you with your initial position Plus any other profits that you might have in between that right now You're probably asking and you're probably wondering what do you do with that remaining position? So that's what we're gonna talk about next, but I want to make sure that you guys understand What we're doing while we're taking profit So let's go ahead and look at a current trade that we have open any theorem. So When we're looking at this trade, we're gonna look for Areas of resistance, we're gonna look for price action. We're gonna look for rejection You know, we're gonna be looking for all these things So what we like to do we like to jump over to the chart This is where we like to chart we chart over on trading view now as you guys can see We're looking at these tops right here, right? So that this means that price got rejected at these three areas. So you know what that is a perfect spot to set up To take profit right because we know there's rejections in it. So that means that there's resistance in that area So that first level is around $1110 that second level is around 1135 and in the third level is around 1168 so what we like to do We like to take profits just before that top. So this one was 1112 So we're going to go ahead and set up a take profit at 1110 So we're gonna go ahead and set up our order to take profit at 1110 on Bybit if you guys have not signed up for by bit make sure and hit the description on the bottom We have a link that you guys can use we've negotiated with by bit a special and exclusive deposit bonus For Bitcoin daily members where if you deposit 0.1 BTC You receive a $50 bonus if you deposit 0.2 BTC you receive a $100 bonus So go ahead and take advantage of that guys. The link is in the description be loved now If you guys have never used by bit then I recommend you guys watch our by bit tutorial I'm gonna go ahead and post it right here above me It should be coming up and we also have a by bit tutorial For mobile so if you if you want to trade on a mobile app, then you can use that link there and watch that tutorial So there's two different types of orders that you can set up on by bit when taking profits There's a market order or there's a limit order now When do you use which when we're taking profits? We always use limit orders So you can just set up a limit order and it's going to fulfill once the price reaches that spot Now when do we use market orders? We usually use market orders on our stop losses and on breakout entries That's the two times we use market orders and we use them a market order Combined with a stop order. So it's it's considered a stop market order and Basically what that means on by bit? It's considered a conditional order They call it a conditional order here when the trigger price activates. So we set our price at You know, $1100 and it activated at 1100 it will sell at the market price. So it will it will find the best Bid currently and sell it at that price. So what market order does is it makes sure that your order is fulfilled a Limit order it might not get fulfilled. That's why on stop losses and breakout entries You always want to use market orders and to take profit You want to use limit orders and that's not something that you're really worried too much about So for this case, we're going to go ahead and use the limit order So 25% of our current contracts will be 1477 then we're gonna go ahead and hit reduce only to make sure that it only reduces our position and then We're gonna go ahead and hit sell or short You will see that once we set that order up boom the order comes up right here Now we can see our order for 1477 contracts at 1110 right so now we're gonna go ahead and set up our second take profit So let's go ahead and put it 1130 for the same amount of contracts 1477 reduce only We're on we're in limit isolated and then we're gonna go ahead and hit the cell So now you see that we got a second Cell order set up here and now we're gonna set our third and final Take profit, which is gonna be up here at the previous high 1170 for 1477 contracts so now you guys see that we have all three of our take profits orders done So if we hit all these prices, then we're gonna have 25% left now What do you do with that extra 25%? That's what we're gonna talk about next. Alrighty guys I hope you guys have enjoyed this video so far and if you have found any value so far I would appreciate it if you guys will hit that subscribe button hit that like button I know you guys might forget. So I'm just giving you a little reminder Next we're going to be talking about the runner strategy That's the bonus tip that we have for you guys and that is what makes this profit-taking strategy so Valuable and this is what gives you your edge. The runner strategy is what helps you Maximize your winning trades. So let's take a look back at this trade Let's pretend we hit all of our targets and now we just want to trell it for as long as possible So the way you trell it is with a stop loss So you have to create a stop order remember on buy bit for stop orders. You have to create a conditional order So I'm gonna hit conditional and I am going to make sure that it's in market The reason why we're choosing market is because we want to make sure that the sell Fulfills if the price were to come back down. You don't want to lose out on those profits. Trust me All right, so I set up the trigger price 1050 and let's say that our remaining position is 1477. We're gonna hit close on trigger and We're gonna hit sell. So now you see that this order just popped up. So we have at 1050 We have 1477 contracts, which is which is the remainder of our position And we're going to be trelling the price with this contract with this trust out. Alrighty guys that pretty much covers it We've gone over exactly how to take profits in every situation to maximize those winning trades Then we've covered how to do the runner strategy That is a very popular strategy and one that we use all the time to make sure that you Maximize those trades and give you that extra 2.6% Edge which in the big picture and the long run Makes a big difference guys Make sure to go ahead and hit that subscribe and hit that notification bill because sometimes we put up videos and they might have trade setups in them for you guys to make some profits and If you guys watch the videos late, you might miss out on those trades. I don't want you guys to miss out on money I'm sure you don't want to miss out on money So make sure to subscribe and hit the notification bell if you guys found value in this content in this video today Make sure to go ahead and hit that like button just smash it a couple times for me And that's pretty much it guys I will see you guys on the next video and as always peace and love. See you guys tomorrow