The trip effects of the Malabar Mushroom are again those of Psilocybe cubensis in general: altered mood and thought processes and altered perceptions (especially at higher doses), plus, usually, some nausea. Other common side effects include vomiting, problems with balance and coordination, and anxiety, but all these can be managed and minimized. Severe side effects, such as seizures, are rare but possible, especially at higher doses.
For most users most of the time, “altered mood” means euphoria and feelings of connection. Some people use psilocybin to treat themselves for anxiety, and they report good results. The paradox that mushrooms can both reduce and cause anxiety is one of the things that suggests psilocybin does not so much alter the user’s mood as enhance it. Go in relaxed and feeling good, and you’ll have a good time. Go in worried, and you could have a nightmare. This is why mindset and physical setting are so important when preparing for a trip. It’s also worth saying that for those with the personal understanding and emotional maturity to accept uncomfortable emotions, “bad trips” can be important growth opportunities. “Altered thought processes” can include important personal and spiritual insights, though it’s important to take the time to process these after the trip and learn from them or they won’t do much good.
The altered perceptions—hallucinations—are the part non-users usually focus on. Many people are, in fact, unaware that magic mushrooms do anything other than “make you see stuff.” In fact, except at high doses, the hallucinations are fairly subtle, and experienced users don’t seem to consider them all that important.