The market is ever-changing, and you must learn to take profits and cut losses.
This is not as difficult as it seems.
Taking profits controls your greed.
A cryptocurrency will not rise endlessly,
nor will it continuously fall; there are cycles.
Thus, taking profits becomes especially important.
Don't say you closed your position too early,
missing out on the profits that followed.
You must remember that the money in the crypto world is never-ending, but the money in your account can be lost completely.
Cutting losses means abandoning sunk costs. This can be quite difficult; don't think that just because you entered a trade and then it reversed, you should hold on. If you're wrong, you're wrong, and you must accept it and stand firm. Amputating your losses may hurt, but it truly can save your life.
When entering a trade, ensure you have enough margin for error. The direction may be correct, but if your volatility tolerance is too low, you may get thrown off the ride.
