That refers to control the greed & emotions. Like, if you're making enough money but still staying at your spot/futures position, end of the day, you'll end up losing all of the gains !
Remember unreleased PnL isn't your money until you take profit.
It seems like a bit of a challenge, haha! Is there any guidance or resources available that can help with managing emotions for crypto traders, as you mentioned?
Nah, actually it's totally depends on you. Just set a goal/target , take profit there & leave it because end of the day profit is profit. There's another way to save the capital, try to take your initial out after hitting the target & then take 20-50% profit out of that respective market/pair & yup let the rest run!
Just like Bitboy tried to say here, necessity is first priority:
I usually do that when it comes to memecoins. I always take out my initial investment and keep the rest for potential big gains.
But sometimes, after selling for a decent 50% or even 100% profit, that coin goes on to multiply by 10 or even 50 times. Sigh
Well, I guess I have to accept that profit is profit. And you're right! one shouldn't get too greedy and end up losing their initial investment too.
That refers to control the greed & emotions. Like, if you're making enough money but still staying at your spot/futures position, end of the day, you'll end up losing all of the gains !
Remember unreleased PnL isn't your money until you take profit.
It seems like a bit of a challenge, haha! Is there any guidance or resources available that can help with managing emotions for crypto traders, as you mentioned?
Nah, actually it's totally depends on you. Just set a goal/target , take profit there & leave it because end of the day profit is profit. There's another way to save the capital, try to take your initial out after hitting the target & then take 20-50% profit out of that respective market/pair & yup let the rest run!
Just like Bitboy tried to say here, necessity is first priority:
https://youtube.com/shorts/ABLJZwAHQOM?feature=share
I usually do that when it comes to memecoins. I always take out my initial investment and keep the rest for potential big gains.
But sometimes, after selling for a decent 50% or even 100% profit, that coin goes on to multiply by 10 or even 50 times. Sigh
Well, I guess I have to accept that profit is profit. And you're right! one shouldn't get too greedy and end up losing their initial investment too.