The simple way to take profit from your crypto portfolio.
The crypto market is starting to show signs of life again and we can feel the anticipation building. Before we know it, people will be looking for easy ways to take profit from their portfolio. To prepare for this moment, we’ve preemptively written an article which will briefly describe the easiest way to take profit.
Throughout this article, we will take inspiration from a previous blog post which discussed how to accumulate an asset via blacklist. You can find this entire article here:
In order to complete a profit taking strategy, you need to follow these simple steps:
Let’s pretend the market has been on a rally and you want to take profit from your portfolio. You have four different assets allocated in your portfolio as depicted below.
Since we would like to take 20% of our portfolio as profit, we will blacklist 25% of our portfolio value in USDT. This will be enough to cover the 20% of your portfolio that will trade into USDT.
Once the blacklist has been entered, we will add an allocation in our portfolio for 20% USDT. Once added select to rebalance. After the rebalance is complete, you will have 20% of your portfolio taken as profit in USDT. The results will look like the following image.
Before you rebalance again, remove USDT from your allocations to prevent Shrimpy from buying more. If you don’t remove the allocation, Shrimpy will buy more USDT since we blacklisted 25% of our portfolio in USDT but also allocated 20% for profit taking. Shrimpy treats that 25% as not part of your portfolio, so it will continue to buy until you own 25% + 20% USDT.
Taking profit is a simple process for Shrimpy users. Instead of manually executing trades on the exchange to perfectly allocate your portfolio and take profit, Shrimpy can quickly adjust portfolio allocations to take profit and then swiftly go back to executing your strategy. No struggle, no problem. Enjoy life while you let Shrimpy manage your portfolio.
Shrimpy is an automated crypto trading & portfolio management tool that lets users automate their strategy.
Shrimpy also offers trading APIs for developers looking to integrate scalable exchange trading functionality into their application.
Originally posted on blog.shrimpy.io