When we are at Extreme Greed you need to be taking some profit off the table. Most people in crypto fail to keep the money they've made. They either sell too late or they selfishly watch all profits fall back to zero.
I've seen this happening each cycle.
We all need to understand that 1st priority in crypto is surviving. Profits are in 2nd place. Yes that sounds counterintuitive, but it's really simple. The real skill is not in making money. The real skill is in keeping it.
I hope you found this useful. Keep up the flow, and may the force be with you.
Profit taking is very important in trading, because you only win a trade when you have closed that particular trade in a profit, why this is important is because, Sometimes, some profiting trades at last became a lost trade, and this has happened to me a couple of times, and a suitable approach to this, is taking percentage profits along the line on any major support and resistance depending on which direction you choose, long or short, and always put your trades on break-even once you are about 10% profits in that trade.
Always secure profits and dont make yourself comes into a point that you do end up on regretting just because you had missed out on making profits just because you did make yourself a little bit greedier on which we do know that this is something that we must avoid since from the start. If you are that someone whose really that minding about making profits then once you have seen those greens or gains then secure it out.
Dont wait for more because once you had missed then it would really be a regrettable thing. Although there are really conditions on which you would really be having that kind of considerations on holding back
way longer because you've been believing that it might increase up even more. Holding long doesnt mean that being too greedy, it is really just that you are really that believing into something.
Based up on real experience then i have been able to commit out those kind of mistakes on the time that i do make out some trading and once those prices clings up more than
with my entry point then this is where decision making would really be needed. Outcomes and results would really be random on which it would be understandable.