If you don’t have a profit target set for yourself – you’re doing crypto wrong. I’m going to assume you’re a smart individual and are doing crypto right.
So you’ve just hit your profit target (as an example let’s say it’s 25%). Now comes the test of your will. The decision that burns countless individuals. Do you take your profits, or do you see how high that baby can climb?
Compare it to walking on a tightrope. By not taking your profits you’re choosing to walk it without a safety net. Which might not seem like a big deal. You’ve been balancing on this rope for quite some time now and you think you’ve got the hang of it. In fact, you’re getting pretty cocky. You don’t walk on that thing, you can strut, hell, you could even do a little jump if you wanted to – you’ve got this! But then your feet don’t land the way you expected, you feel the weight of vertigo tug at you, and then you tumble to your inevitable death.
If you had a safety net, you would still be alive. Sure, safety nets cost money – but what is your life worth? You can’t tell anyone how far you made it on the tightrope if you’re dead.
So…. buy a safety net. Take some profits. It may hurt when you’re setting it up below to watch all the other acrobats continue to dangle nonchalantly above you. But soon enough you’ll see the bodies fall. And you’ll thank whatever deity you subscribe to that you invested in that net.