Say that to the greed in us, it always have a big hold on us, especially when it’s money related. Money making is psychological and it has always been psychological, we have this entitlement over money we have not acquired yet, which comes with a huge pride that can sometimes make us or break us. When we succeed, we are being praised or celebrated but when we lose, it breaks us and we are called foolish. Most times little wins that are consistent and sustainable is the best way to create wealth and sustain it, but the e greedy thought in our heads will always creep in.
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While I consider taking profit to be one of the best decisions to take in your investment journey, I can’t help but feel hypocritical because when I find myself in situations where I have to take profit, I suddenly consider taking a profit as a sign of weakness. How? When I am in profit, I start becoming greedy and start convincing myself that I deserve more, no matter how much profit gets accumulated, I will usually convince myself that I should wait for more. That is when the battling of the inner beast(greed) begins. I will have to give myself deep thoughts why I needed to take profit.
While trying to convince my mind why I need to take profit, my mind will be convincing me why I needed to wait for more. Reminding me of how horrible I would feel if I took profit and later regret it because the profit would have been way bigger if I waited some more. But then, experience has thought me more that it’s way better to take profit and regret later, than not take profit and be at loss. Logically there is no regret in taking profit, as long as your selling price is higher than cost price and you take your profit, you have done well.
If you are feeling bad for taking profit so early, you can either reserve the money and wait for a dip, because, dip is inevitable and buy it back, or you can stop checking the coin and distract yourself from that coin because constantly checking it and hurting your feelings is toxic for your mental health.
