With the DOGE coin boom, the GameStonk saga, and the recent boom and bust cycle people are making glorious gains. So perhaps now is a good time to talk about profits, how to harvest them, when to, and how to be strategic throughout the process.

First before I get into profit taking strategies, I would like to examine some planning methods. First thing you should consider is what is your goal. Is it a business, land and a home, perhaps a car, maybe retirement. Goal setting is an art in and of itself but you should have your goals and the numbers you want to achieve before we consider.

Profit taking starts with profit planning. To plan how much you want to make, use the goals you have previously identified and figure out how much they will cost you. Once you have a solid understanding of your finances research your coins, where they’re realistically projected to go. I can not stress this enough, do your research and follow up as the time goes on.

Once you have completed this research, you should then start buying the coins, whilst you are doing that keep track of your costs. It will be necessary later. Buy your bag, and store it in a wallet. Keeping a few steps between you and your exchange makes it easier to forget about them. Finally buy a few extra so you can minimize risk by using some sell off strategies Ive listed below.

Our scenario is this, contributed by one of the readers, we want to buy a house with enough land to start a doggie daycare. The costs of land are around $350,000 for a turn key house that needs a bit of work. While you could and should maintain diversity of your portfolio, we will use a perennial favorite of mine VeChain. I do believe $1 is reasonable for VET to hit, and the current price is 3¢. I am going to assume we have a bag of 400,000 VET tokens.

My profit taking would be as follows

• 36k vet at 50¢
• 100k vet at $1
• Hodl the remainder
  

Assuming the house is $335k, the first 36k VET will yield profits at or around $17k, this should allow for an FHA down payment of 5%. The next 100k at $1 would allow for plenty of money to start a business and pay for marketing and bills till the new business stabilizes. Holding the rest, will allow for the the remainder to grow to provide a nest egg for retirement or life’s unexpected circumstances.

This is a brief overview, your actual strategy should be more sophisticated, and to reiterate I am not a financial advisor. With that said I wish you luck happy profits!!