"You get a massive high when you win the derby but you get a real low when you lose, that's just the way it is and that's why players are so passionate and desperate to win," said Carragher.
"Thinking back to this season's Goodison derby, there can't be too many better ways to win than with a last-minute penalty.
"But I've got to admit I lost my head a bit when the final whistle went in that one and I cringe when I look back at the video of the game.
"That's what the passion of the derby does to you, though. It means so much to players and fans of both clubs and I suppose that's what makes it so special.
"I think the pain of what happened the year before [when Everton ran out 3-0 winners] played a big part in that, though, because that was a bad day for me and the club and I felt like I had something to prove the next time we played there.
"That's why I was so happy when we won. You can't really put it into words."