The hardest part of a trade is leaving it

A few days ago I saw something on PONS that I genuinely learned from.
AvgJoesCrypto bought 4.2M PONS with $27,800 at an average entry close to $4.5M market cap.

At one point the position was worth millions, the kind of screenshot where everyone focuses on the entry and asks how the fuck someone found it that early. I was looking at something else.

AvgJoes is a public top holder on FOMO, so everyone can see what he’s doing. Instead of waiting for some imaginary perfect top and then trying to dump millions at once, he has been selling slowly, sometimes $1,000, sometimes $2,500, again and again over days.

From what I’ve seen he has already realized $650,000, the chart barely noticed and he still owns millions of dollars worth of PONS. I respect this a lot because exiting a trade is one of those things that sounds incredibly easy until you actually have a trade worth exiting.

Buying is simple.

You have a thesis, you click a button and from there you convince yourself that either you were right or you were early.

Selling is where your brain starts fighting you.

If you sell and the coin keeps going, you sold too early. If you don’t sell and it crashes, you were greedy. If you sell half and it does another 5x, you start calculating how much more money you would have made if you had simply done nothing.

Somehow your brain can turn a $100,000 realized profit into something that feels like a loss because another version of you, who only exists in hindsight, would have sold the exact top. I’ve done this myself more times than I’d like to admit.