One of the things I have come across and discovered so far was the spirit of profit taking. My experiences in the last few years has opened my eyes to some of the reasons some people keep having issues in the crypto world including myself.
We all understand the fact that crypto could make one rich as well as make one poor, you just have to choose which part you want to be at times. The space in the crypto world is large and still coming up. More projects and innovative are upcoming and crypto is quite different from the past years. Normally, I should be agreed with that bear market is inevitable in the crypto world and it usually happens every year without a shadow of doubt but still most of us still miss the chance.
How did we make profit taking a sin in our minds?
This is one question I have always pondered on. When we invest, we deep in with the hope of making millions and billions but did we believe it was going to happen in a day? Definitely a No because crypto has given us the insight of how the chart flows. We know that the two faces of crypto are the bulls and the bears. I remember having a friend who made $5,000 with $200 but still kept saying he wanted more until he lost the money back to $250. The enzyme that triggers our mind is the greed. We always want to see the green candle going up which in a simple mind doesn't work that way.
Profit taking is one of the things great investors do. As the bulls are coming, I believe people are out there waiting for pumps so that they can sell and buy again when there's dip. It's a simple logic sometime but hard to decide. The feelings of always feeling guilty of not taking all the maximum profit could eventually put us on a loss.
In as much as my selling point is above the cost, I can always make my coming back by buying during the dip. My discovery shows that one of the reasons people panic sell is because they had a chance to sell with enough profit while the bulls were on but they ignored and wanted more because they thought crypto was a one way but ended up disappointed then they feel things were getting worse and end up selling at the wrong time.
I'll never sell at a loss, that's my decision and I'll stop creasing to use the chances of profit taking. If $200 can make me a profit of $5000, what stops me from taking profit and then buying again when it dips. It's one of the lackings I had.
The consequences of all these is when things go dip and it takes a long way to buck back to that price again, that's when regrets and depression starts to eat up on us.
Pls note: none of the things said are financial advice and the consequences of every decision is beared by the decision taker. Always do your own research
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