People come in crypto world with a dream of getting rich quickly but majority of the time things don't work for them. One of the major mistake people often do is not booking profit in time. Profit without booking is useless. It is just like loosing a bird in hand while aiming to caught two in bush.
As you will aware that crypto market observe pump and dump on regular basis. It is better to take advantage when there is pump in price. Otherwise, it may transform your profit in to loss. One of the main reason of booking no profit at the time when coin observed decent pump is greed.
Greed resist you to book profit in time. It is important to keep greed away from decision making. This problem can be overcome by booking profit and loss on time. Timely booking profit provide you opportunity to utilise profit in other investment. On other words, your profit help to diversify your portfolio, which reduces the volatility risk.
Same way booking loss is important in crypto world. Majority of people don't accept the loss as a result they suffer even big loss. It is important to apply stop loss on your trading as it will help you to save from big loss.
We often see huge pump and dump in meme coins. Greed of getting rich attract people to invest in meme coins. Problem with meme coin is that it don't have any use case. So, It is difficult to sustain the worth of coins for longer period of time. People easily trap in meme coins due to greed factor as a result they loose their hard earned money.
This problem can be sorted out by keeping greed away when dealing with crypto world. Same way, keep emotions aside while investing in crypto world. It is only possible if you do your own research, try to improve your knowledge and skill. Better understanding of market trend, dynamics and technical analysis may help you to overcome these problems. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.