Well, that is greed. What your friend is doing is not smart trading, his emotions are at play. The moment you place a sell order, you have already made a decision based on your plan. Canceling it again because price is still going up means there was no real plan in the first place, just hopes for more. The market does not reward that "just a little higher" feeling, it will punish it. That move from 91K down to 84K is exactly the lesson to be learnt. He watched profit turn into regret because he wanted the perfect top and in trading, nothing like the perfect top unless that you are lucky and that is your day. Taking profit is not a crime, you can always buy back. locking gains and re-entering on pullbacks is how consistency is built. What he did was the opposite, he ignored profit, rode greed and then chased price back down.