Friendly reminder: Working out a profit taking strategy ahead of time will reduce both anxiety and regret, as well as lead to better decision making.

We've all been there, myself included - you make a terrible decision on the spur of the moment to sell your coins and end up kicking yourself because of it.

Maybe you decided to cash out everything on a pump in the hope of buying back later when it dumped, but then the dump never came. Maybe there was a flash crash and you panic sold thinking the bears had finally arrived.

Both these cases occurred because you looked at the charts and were hit with a wave of emotion. When we are in an intense emotional state - be that excitement or fear, our rational, thoughtful part of the brain shrinks and the primative 'flight or fight' part takes over. You make quick decisions you would never otherwise make in a cold rational state - which is great if you're about to be eaten by a bear, but not so much when dealing with a metaphorical one.

We all know the math behind DCA and why it's an effective way to invest in a volatile, heavily manipulated market. What isn't often mentioned is the other reason why DCA is so effective - it takes the emotion out of investing. You don't have to stress about how much to invest because you already know.

The same rationale should be applied to taking profits as well.

There are several profit taking strategies that work incredibly well, decide ahead of time what works for you.

Withdrawing your original stake.

At a certain point you take out what you originally put in so you're only playing with "house money."

Shaving off profits .

Sell 10% of your stack every time the price pumps 20%, for example

Pick a target and stick to it.

Pick a point they think is a good sell target and simply sell all or part of your holdings when it hits that point.

Goal based.

Once you can afford that house deposit, pay of the mortgage or get that Lambo you cash out.

Time based

Sell after X number of years.

Pick one or more strategies that work for you and never make quick decisions in the heat of the moment.

Having a profit taking strategy will also reduce regret if things don't end up going well, because at least you did what you were always going to do - you didn't make a change that caused you pain. Mentally, a bad strategy is a lot easier to forgive yourself for than a bad decision. The difference is subtle but will make a huge difference in terms of your own mental health.