I have been involved in the #Cryptogame of #Splinterlands since before it was an actual game and in all that time I've never once taken profits. For the longest time this was just because I prefer to HODL but more recently it's because I don't know where to start.
Back in April I decided to start taking profits following the lead of #nealmcspadden who, if I remember rightly, was taking 50% of his profits out of the game - 25% out to Fiat and 25% to reinvest elsewhere in Splinterlands.
I started keeping records at that time and, fortunately for me (I have a warped way of looking at things) I'd only made a profit in one month since then.
When I did the calculations I faffed about so much that before I knew it the next month had arrived with no profits taken out. Since that next month made a loss I felt that I'd dodged a bullet. (I told you I have a warped way of looking at things).
However, I can't keep avoiding it. I need to learn how to tackle profit taking. Especially since, fast forward to this month where, due to land finally going live (woo hoo) I have again made a profit.
Now I need to work out how to take it out. There are so many options. I don't really know where to start.
- Do I sell assets and take the earnings out? If so
- Which assets do I sell? And
- What do I sell them for?
- Do I change #DEC / #SPS to #Hive and sell Hive? And, if so
- What is the best way to trade DEC/SPS to Hive? And
- What is the best way to move Hive out of Splinterlands?
- Do I use the bridge and swap DEC/SPS to another token and, if so
- Which token do I swap to?
These are just some of the #questions going through my head and, as if that wasn't enough, I'm UK based so need to take that into account.
I feel like I'm lacking first principles and need a crash course in profit taking. Although, it seems to me that Splinterlands takes the subject to a whole 'nother level of complication.
Can you help? What is your approach to profit taking?
If anyone has any suggestions about how to tackle this, either with specifics or general approaches, advice etc. I would be most grateful for your comments.