Selling an asset in order to realize an accrued capital gain. The holder of any asset has to decide whether to hold on to it or sell it. A sale means that capital gains are realized, which may mean paying capital gains tax. Holding on involves the risk that the price may fall, so that accrued capital gains are never realized at all. This applies to all assets, whether traded on a market, like shares, or subject to ad hoc negotiation, like houses and takeovers. Knowing when to take profits is part of the art of successful speculation.