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It's your boy Bitcoin J and I'm back with you today to give you something that is vital to your trading arsenal and yes, I am talking about Profit-taking strategies how to maximize this is how to maximize your profits and this is how You stay successful every trader needs to know how to take profits every trader needs to have a plan to take profits before ever Entering into a trade if you find yourself entering trades before you even know where to take profits Thinking you're gonna figure it out as you go. No, you won't figure it out man You need a plan you have to have a plan laid out without a plan. You can't be successful That's just how it works in trading. That's why most people aren't successful in trading. You know, I mean So let's jump right into it man. So profit-taking strategies Here we go, man. This was gonna be I'm gonna try to make it as quick as possible Let's go over how to take profits and then I'll jump into a bit next to show you guys how I set them up. So Let's pretend we have a hundred dollars in a position, right? That's that's what our risk is We get to TP one which is take profit point one What I do at take profit point one is I take 25% profit Right, so I have a hundred dollars in the position. I hit TP one. I'm taking 25% So I'm taking 25 dollars profit, right? Then let me switch this song real quick Need something that uh There you go So I'm gonna take 25 dollars profit guys then I'm a move what I do after taking my profit I'm moving my stop-loss to break even for the remainder of the position. So for this one It's optional at I went at you know, the take profit point one. It's optional because sometimes that That where you enter it is gonna be like support or something like that so I do this sometimes sometimes I don't but as a Rule of thumb for those beginners that are starting out. I would stick to these exact rules until You were you have you develop, you know a strategy your own twist to the strategy. All right, just to be safe guys TP to Guess what? I'm taking another 25% of profit off the table So now that means I'm taking 25 dollars off. I'm taking profit. I'm selling 25 dollars So I have $50 that I've already taken out and I have $50 remaining in the position now this time what I'm doing with my Trust stop. I'm moving it up To the previous target Okay, so now I have my $50 that I have remaining in my position. I'm moving it up to target Take profit point one Okay, so now if the price after hits TP to if it drops back down to TP one I'm exiting the the rest of my position because I don't want to hold it if it goes all the way back to the entry All right, does that make sense? All right now TP three we've reached TP three Anyone who's traded with me before they know that I I always have three target points, right to three take profit points So hmm, this is where some people get a little confused and I might explain what it is I do and why I do it. So I target at take profit three We're taking another 25% profit So we're taking $25 more off the table, right? so now What have we done? We've we've taken $75 of our position in profit and we're leaving the remaining 25 to continue, right? So now what do I do with the trust up? I do the same thing. I get my trust up I move it up to the previous target Previous take profit point boom just in case it hits TP three and it bounces back. I Want to exit the remainder of my 25% position here If it if it doesn't then we're still in the position But I give myself that much room if it bounces back a lot of times it'll bounce all the way back to the entry I want to get up before that happens. So I'm Taking profit here My the remaining position. I'm putting it at TP two, right? All right, so this is so now everybody's always asking okay Like what do we do now with the rest of the 25% that we still holding in position? Guys, this is called the runner strategy, okay? The that last 25% is your runner. That's what you're leaving in case this is a moon shot in case it takes off Okay, if it takes off you want to have at least a little bit of skin left in the game So that you also take bring in those profits so what you do you leave a small portion of Your position remaining in the trade in case of a moon shot, right? So here we go at this point You should hold there a remaining 25% of your initial position as you've taken profit on 75% of your entry Here you can let it ride for as long as possible as you slowly trell it with your trail stop This is called the runner strategy guys. This is what I do on every single trade This is what I tell all my students all my members everyone on my money team to do this is how we Maximize winners and we minimize losers. So what do we do after? TP 3 we're gonna let it ride, right? We're gonna let it ride and as it just starts taking off you're gonna move your trail stops up So if it keeps going I'm moving my my trail stuff from TP 2 to TP 3 and if it continues going I'm gonna just keep trelling it, you know, uh You know the how much space you give it it totally depends on the situation There's no no blank blanket answer for that, you know what I mean It it's all situational. You just have to make the best judgment at this point Either way, you're in profit. You're winning. So just just give it whatever you feel comfortable with Sometimes I give it more space sometimes I give it less it depends on the situation like I said everything situational I wish there was a blanket statement or blanket answer that I could give you guys for this But there really isn't every situation is different in trading So that's why it's so difficult to be black and white when it comes to trading I do try to make it as simple as possible for you guys And as black and white as possible, but trading is anything but black and white, okay? So let's let's jump into Let me get this out the way. Let's jump into bit next. All right, let me see make sure we're up boom Breaking news question of the day. Let's go real quick What is the strategy called when you leave the final 25% of your position after you have taken profits on our three targets Real quick. This is all you got to do is go to this video the answers in this video Drop it in the comments drop a like make sure you're subscribed If not, you're not you're not gonna get nothing if you subscribe, you know what I mean? That's it. That's it guys. Peace We're up and running over here. Okay. Yeah, we're good. All right, so on bit max So you see here we have four contracts, right? So that's four different exits that we can set up So let's say 12,400 right was or is my My you know first exit or whatever my first take profit. So I'm gonna put right here 400 I Am gonna set up a Cell point here So I'm gonna just sell one contract here, right 12,400 just hit sell Boom contract 12,400 it's set up. That's my first take profit, right? So now my second take profit is gonna be 12,500 right So I'm gonna sell what I'm that's 25% now. I'm a southern the next 25% I'm gonna set it up already. You can set it up as a limit order Sell at 12,500 Right. So now that's two orders. See if you look here, they're two active orders now We don't need to stop market or stop If you want to set it as a market order, you could do it use a stop market But we don't really need stops for this since we're we're setting prices where Where the price isn't at yet. So we could just set as limit orders Now the next target, let's say 2550 right So I'm gonna do the same thing the 20 for another 25% I'm a cell Boom so now we have an order for 20 12,400 12,500 12,550 That's 75% of my position. Now. What am I doing with the rest the remaining one contract? I'm just holding that and I'm gonna just keep trailing every time, you know, I'm a trail trail trail and if at any point this This bounces back I'm a cell and I'm gonna get out with profits if it continues going up Then I'm gonna just continue trailing with it with that final position and with the remaining positions that I'm holding and that's basically it man When you do when you are hitting the position. So when you are hitting the TP the take profit sections You do have to set up stops for in further remainder of your position So you can do that, you know setting a stop market or stop limit So you so for those for stop limits You do have to set those you do have to use the stop orders for those other than that you can just use limit orders And that's basically it man. It's pretty simple, especially on bitmex on bitmex You can literally like if I'm trailing this I could literally grab this and be like alright It's not bouncing back down this way so I could move it up and you just do like that boom order amended You see how easy that was I could I could move this this order wherever I want and it'll sell wherever I want, you know They mean very very easy order amended again So it's pretty easy to move around pretty easy to set up guys. This is a Very very important tactic that is overlooked all the time Because people the people just don't don't plan their their trades So they figure, you know, I'll I'll I'll know when to sell and the thing is when you're in the moment It's hard to sell because greed takes over greed is a very powerful emotions when you see all that money You're like no, I'm I just I want to let it keep going and you can't if you let it go like that Then you know what I mean? It's it's never gonna work out in the long run like you could get lucky one day But for the long run, it's not gonna work out. You know what I mean? See I just amended my order again In the long run, it's just not gonna work out you won't you won't last, you know I mean cuz it's gonna bite you too many times gonna bite you in the ass too many times trust me tap into me I had to learn I learned many valuable lessons. I lost a lot of money because I wouldn't take profit I wouldn't plan my my profit points ahead of time So guys, this is definitely a great tool to learn a great technique and strategy to you know Put into your arsenal and to into every single trade plan when you're creating your trade plan If you guys have any questions drop it in the comments leave a like please make sure to subscribe to the channel and follow us We have many more videos coming man. We're just gonna start it 2020-2021 we're gonna definitely take over we're gonna hit you guys with a lot of valuable information and Best part is it's all free guys. We're not selling it in courses right now. We're just we were setting up this course to To sell it and we decided you know what let's just give it all all this value out for free for you guys So that's basically it guys Follow us on Bitcoin dot daily on Instagram and we're gonna be live streaming Come tonight by the time you guys watch this it'll be tonight, but yeah, we're streaming a few times a week guys That's basically it I have to like sneeze or something, but it's just you know when your nose is just itchy All righty guys I'm gonna sign off before I sneeze on you guys and on this camera and on everything here And I saw all my contracts for negative money by mistake even though this is fake money I'm a go bank rope because my nose just itching. Ah, but our guys To the next one. Peace