Cryptolikemo implies:  We live in an illusory age of money craze, which is being empowered by Bitcoin, altcoins, meme coins, NFTs and more. The reality is – it is very hard to take profits in the cryptocurrency space.  Particularly so, when you are trader who is trying to sell for high and buy back the same asset for a lower price.

“Unless you’re an experienced trader, trying to sell and buy lower is a fool’s errand.”

We are in to take profits and we need to decide when to take profits? Is there some secret?

“It comes down to your goals. Why did you invest in crypto?  Are you here to make life-changing money? To supplement your income? To pay off loans? For the technology?”

Understanding why you’re here is key to determining when/how to take profit. Those who are in to cryptocurrency space to make some quick cash are not going to make it.

On the other hand, those who wait for too long feel like bag holders. Being a bag holder can even make investors feel depressed

It is important to think in terms of how realistically one’s coins will go. No one is the perfect prophet in the Bitcoin or altcoin market place to tell with uncanny accuracy about when the price will go up or down.

Those who keep holding and have not sold a single coin in their portfolio will one day wake up and find that the market has declined by 30% This leaves a bad feeling.

And, the idea of chasing green candles and FOMO, even if it works out might be dangerous and harmful in the long run. It can be dumb decisions over and over again.

There have been horror stories of traders losing it all. There are those who get used to “only up” and the market could not shake the bias.  Expecting an only up market is a bad training to the brain. In a typical bear market, there are lot of PTSD – Post Traumatic Stress Disorder.

Thus, it is very clear to about why you’re here. Be clear about your goals in trading.  Habits that will help you in the short-term, but will not help the long-term are all things to be considered.

Humans are herd creatures. When the herd psychology is like we are up all the way to the moon – it feels good and there is a bias to “only up” attitude. Not a healthy thing for the long run. It is easy to fall in to this trap. Euphoric attitude and the idea of nothing will go wrong is not thinkably a good thing.

Get brainwashed into the group logics losing all sense of logic and have emotions take over logic.  Life-changing mistakes happen in the blink of an eye.  And, the worse panic selling eventually missing out on all profits.