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Good day everyone hope we are all doing fine
Well I'm new to this forum so my rank is still newbie but I've been trading for sometime while I can't say I'm a master at trading I have atleast gotten some level of experience and knowledge since I started
Well that aside I want to to ask you a question what is the effect of greed when trading
Yes I know if a trader is being too greedy during trading he runs at a risk of loosing it all and as a trader I myself have been greedy sometimes unknowingly to me at the time that I was being greedy

Greed in my opinion is like a pitfall for traders and this will make them do somethings that defy the laws in which they made for themselves to keep them from unnecessary loses
Some of these decisions are

1 they begin to make irrational decisions and not thinking things through before trading
2 they begin to trade too much(over trading) and this exposes them to unnecessary risks
3 they site unrealistic goals for themselves which just makes them prone to lose
They may be others tha i dont know about and i would love you guys to tell me about them we are all learning after all

Being too greedy can never be good for a trader as it will lead you to debts,it can cause health and mental issues, it can destroy your reputation
In some cases It may actually not be greed but over confidence that you will surely double or triple your money

What are the best ways in which one can overcome greed

1 have a mentor that will always set you back on the right track when you are going off the road
2 don't start big and don't always go big trading is not a long term process
3 set rules for yourself and develop the discipline you need to abide to those rules

Well this is my my opinion atleast and I am a newbie here so I'm open for correction



Please feel free to drop a merit
 

You do not need to have a mentor before you should learn how to overcome greed. Your mentor can not always be with you.
The rules like if you have your profit already, close the trade. There are many times now that I do not close the trade after reaching my profit, but many of it end up in regret.

Yes you do not necessarily need a mentor to overcome greed but for a newbie who just started trading he or she may not even realise that they are being greedy that's where the role of a mentor comes in

just do demo account enough to get the grasp of the trading market quirks, you will eventually understand why greed could literally rekt you, demo account is a good way to know how to trade without losing money at all with real market data.

on the other hand as mentioned, mentor isn't the only thing that could stop you from being greedy, i would bet that if there's anyone that are willing to be the mentor, that mentor probably also greedy sometime, it's about self control, not to overtrade and not to seek for too much profit when clearly there's resistance where the price can reverse back.

I always keep in mind that the more I get greedy, the bigger chance market will turn against my favor, my luck isn't great so I should compensate with level headed decision.

That's according to our assumptions about them. But for them those three things don't apply. They think that what they are doing is right.
Now let's forget about that and think more realistically about the activity of a trade by asking some other questions.
Can they make decisions if they don't know what they are doing? Of course not. Decisions are made based on knowledge. If the results are wrong, then the knowledge must be improved by studying harder.
Everyone has a goal and the goal in trading is profit.

Greed cannot be stopped by anyone else except the traders themselves if it does not meet expectations. The first point is that all traders have their own mentors. In looking for the right direction, just getting news, the mentor becomes useless when a coin trend appears. Beginner traders see the results of other people with large capital in trading as a role model so they use all their money to trade without knowing the risks first. Sometimes the rules that beginners have learned are just a distraction for information.
For me, that's the most fatal mistake without wanting to actually learn how to trade, anyone can do it as long as it is accompanied by trading knowledge that will only benefit yourself.

Great choice! A demo-account can really help to understand what could potentially happen with a trader.
And, a mentor is a good choice too, especially one who is not looking only to drain your funds in the long run, but overall, you should try to work on yourself, your temptations and trade responsibly. It's essential to keep your goals while going into the trading sessions and if you spent your budget for it - just stop for today.

Well I don't know about others but fir me I feel there's a big difference between trading with a demo account and trading with a real account yest demon accounts are very very useful and helps a us understand how the market works but when it comes down to loosing money it just doesn't do justice
What I mean is that yiu may be loosing money in your demo account and not be bothered because you know its not real money and you may even take some crazy decisions when using a demo account
But when you switch over to a real account you are literally scared if you see the market going against your trade abd this may lead you to take irrational decisions
What do you think🤔

Greed is not a problem, without greed you will not join the cryptocurrency market or trading and you will be satisfied with the safe profits provided by banks, but the misuse of the emotion of greed is the problem. To control greed you need to train yourself on a trading plan that determines the level of risks and profits, and from there you can control this emotion.

It is sometimes a mindset change but many times greed is not something one can control.

In fact the entire market of speculative trading and gambling exist because of human greed. You have to learn to control your emotions even when they appear painful only then you can start to master trading.

The points OP mentioned are good enough - setting a goal before starting and sticking to that goal allows a control over greed but it takes practice.

Yep, responsibly trading will benefit you in the long run, otherwise, your temptations will consume your funds and you yourself.
It takes time, but it's worth it.

A trade mentor is not a perfect individual, and to some extent, not all mentors have mastered everything in trading, including emotional intelligence, so you have to be careful. Some trading mentors are still susceptible to greed, and they still fight hard with their emotions because emotions can play a fast one on you even when you think that you have mastered it. I have the opinion that when it comes to greed and mastering your emotions, it involves a constant practice of reminding yourself of the rules that you have set for yourself.

Honestly, I’m greedy, but not in an extreme way. It’s normal for everyone, but excessive greed can put us in tricky situations, often leading to losses in trading. When greed gets out of hand, it pushes people to make poor decisions, leaving them feeling perpetually unsatisfied. The key is to shift that mindset about trading and learn to manage emotions better.

Many have tried their hand at trading, but not everyone has luck on their side, often due to their mindset and strategies. It can be a tough game, especially when self-control is hard to come by.

Greed will make you ignore everything you have set and greedy traders will only lead to losses, because it is impossible for traders to sell at the highest price and buy at the lowest price, so just make predictions by looking at every indicator available.

You don't need a mentor to be a non-greedy trader, because greed is only about mindset and discipline, when you can think well and know that it is impossible to always get big profits, then you will be able to be disciplined in doing what you have previously set about the profits you want to get.

Greed is a natural phenomenon that exists in human life; it hardly disappears forever without recurring once in a while, even when several practices are put in check to reduce the advances of greed in one life.

I put greed to be what comes to test us in our approach to trading, whether we will fall to it after setting a rule of discipline for ourselves not to be overcome by greed because greed is what can put someone in regrets after making good profits for themselves.

That being said, I think greed is an individual habit to control. Allow it to dwell in you for much longer, you will be the one to regret it all, not your mentor. Letting it go as early as possible, you will be fascinated by what you will stand to gain as you advance in trading.

That is true. Mentoring can be good for newbie traders. But a newbie that will not discipline himself can have a mentor and still make mistakes. Also I think newbie traders will certainly make some mistakes which would be used in the process of learning. Newbie traders may not be good with risk management but as he continue to trade, he will understand this.

Trading is generally hard. Especially those short time trading like scalping and day trading. Holding good coins like bitcoin at the right time is better.

First, Newbies Stop Teaching When You Need To Learn. (https://bitcointalk.org/index.php?topic=5456580.0)

You don't need to trade and if you see trading is risky, don't trade. There is another thing that is safer and better than trading, it's investment. If you already see trading is risky, and know that there is another thing like investment which is safer and better than trading, you will have less reason to trade.

If you trade, use stop loss order.
One of the Best Weapons in Trading (https://bitcointalk.org/index.php?topic=5173189.0)

Yes, overall greed is indeed a disease that causes many bad disasters to a person's trading activities, and of course this does not only apply to trading but also to several other things that you do. On the other hand, this is also one of the reasons why a trader must have good planning and apply a profit target per session or per day and also have a good level of discipline.

On the other hand, some of the solutions you provide may be useful to prevent us from greed, but I have my own opinion that in my opinion what is more important is that a trader must first know and understand what and how the world of trading really is, such as from the risk side, because when you know and really understand it, then indirectly it will prevent you from being greedy when you have succeeded in achieving a number of profits, so understand it and maintain a level of awareness.

We all have greed right before we enter trading, that's because human beings are greedy in nature. So it's something we have to acknowledged. However, the moment greed becomes unmanageable, that's where the problem starts. We no longer trade in exchange for small and limited returns, but we end up rushing into trading using a huge amount because we always want quick and big profits, and once trading not working based on plan, eventually we lost our focus and end up losing our trades.

People have different learning phase some of the people doesn't know how to make a trade like they are totally zero from the world of trading and of course you dont want to lose your money instantly reason why they hire some coaches just to heads them up about the basics and also there are some learners came from their experiences which is quite more expensive than usual because you are doing a trial and error but now tons of features offering like paper trades just people come up to learn basic fundamentals of trading. Time goes by you will learn techniques and strategies.

Having a mentor to guide you can really be helpful as a newbie trader you won't have to make many of the expensive mistakes that those without a coach are prone to falling into. But there's something a mentor can't always be there to decide for you in your trading which is greed. You've to work on it yourself to get better at controlling and resisting it while you trading.

Starting big isn't bad if you think base on your evaluation that you can go big on with bigger trades depending on the size of your balance. It's just for you as a trader to know when it's right to go big on your position base on the opportunity at that moment and just know where to place your SL & TP according to your risk tolerance. The problem about some traders is that they don't have set rules and some that have don't stick to it. If as a trader you can make rules and keep to it it helps to eliminate greed and trading emotions.

Having a mentor would not just stop you from becoming a greedy trader that losses because of his greed. A mentor that has a greed problem is going to transfer that problem unknowingly to you without knowing because all his directions will be making you become hungry for more profits therefore making you to become greedy. There are some traders that are not contended with what they have gotten, they want more profits and when they go after the profits, it disappoint them because what they get in return is losses. Greed comes from lack of discipline therefore as traders we should not only be learning how to trade and the strategy that we are going to be using but we should also learn some good manners we should be having as traders as it will help us to become good traders, making money.

Your points are very cleared and valid but not everyone will want to have believe in this your points because they’ll want to have a contrary view to some of the above listed points you’ve mentioned to be able to overcome greed. Firstly, a swing trader needs to be greedy if he/she wants to make a lot of profit. The market will take a long term and when you want to just exit the market so some, you’ll miss out on the bigger profit that awaits you holding for the long term.

A newbie may not want to go swing trade in their first year of trading and learning about trading and that’s a good one for them if they really want to stay long in the market and win. Big trading is not a long term process but how you approach the market and the type of trading you want to do will determine how far you want it to take for you to be profitable.

Setting of rules is something very important for every trader and your ability to abide by those rules is what makes you to achieve your goal on the pre determined level you want it to go. Been disciplined as a trader is not something easy and if you’re able to do that, you’ll see yourself breaking boundaries you never thought you could.

We can’t force ourselves, especially when we doubt our abilities, because in the end, we’re the ones who will suffer. Holding is a solid choice and has proven to lead to profits. In fact, many people have transitioned from trading to holding because it’s way less stressful and they believe they can make it.

That is why important to take a good look at ourselves and understand our strengths—after all, not everyone is meant to be a trader. We can give it a try, but we shouldn’t focus solely on that thing; there might be even better opportunities out there waiting for us like just holding bitcoin! 

In my personal opinion, overcoming the problem of greed in trading depends on ourselves. What is meant is that when we want to start trading, we must instill positive thoughts because that is the right step in doing any activity and if balanced with the right rules and discipline, the results will be more optimal and we also prevent bad behavior such as greed.

That is right because if we can not control our minds and still want to chase the bigger profit but the situation is not right, we can lose the chance to take the profit. We surely glad to get a nice profit but we need to know that taking a small profit is also good because not many traders can get it.

We can collect small profit many times so that will be a big profit too. As a trader, we must know how good the market situation so we can decide to delay of takes the profit or we need to take profit immediately before the market change.
We can not greed when it is hard for the price to still increase so we can adapt to the current situation so we can still take profit.

It is clear that greed plays a big role in cryptocurrency trading and greed will always be there because you want to get big and short profits, and this must be really learned and also adapted to be able to train emotions and greed so that this does not happen. Such behavior can cause great losses and also regret in making decisions and also opportunities when getting profits even though they are small and they are big profits, if done repeatedly over a long period of time, because the cryptocurrency market is very volatile and unpredictable and this is what must be really known and also studied very well in addition to learning to analyze and also enough time to do it.

try to control risk and don't trade with too much capital on risk just because you're feeling lucky.

I have seen plenty of people overtrading because they feeling lucky only to give what they earned from the market back to the market ;D.
the market will always have a way to put us in a difficult position if we don't trade responsibly, moreover the market also knows how to take advantage of people from the psychological aspect, have you seen a market where it seemed as if the market is coming to an end, dumping so fast in a minute only to break ATH again the next day? I've seen plenty and I consider such thing to be a psychological war of the market against the weak paper hand ;D.
this can definitely be mitigated if you already set your target and stop loss.

Greed might drive traders to take on more risk than they can afford, raising the chances of large losses. fear of missing out (FOMO) can drive traders to chase after rapidly rising prices, often leading them to buy at inflated prices. When traders are greedy, they may overlook their trading strategy and make emotional mistakes.we may find it difficult to recognize their mistakes and stop losing money if they are driven by greed. Alternatively, they might cling to losing positions in the hopes that the market would turn around, which frequently leads to even worse losses. in word greed, a powerful human emotion, can be a significant obstacle to successful trading. When traders become overly focused on maximizing profits, they often make irrational decisions that can lead to substantial losses.

Greed is not a good thing, but it is a bad action that can make people regret it later. Talking about greed will never end and in every point of what to avoid in trading, greed is always included in it apart from other points.
Humans do have desires and controlling desires is difficult to do because the nature of wanting to get more is always present amidst the euphoria of pleasure. If we always talk about surrender not being a good action, then remove that nature from ourselves.

You're right, most new people regret the greed that is done when they have lost what they have gained before and in trading greed will of course make someone unable to benefit them because if they are greedy when trading, of course it will be very difficult for them to have a profit so they just trade in vain.
It is true that being able to control oneself is not an easy thing for everyone, especially someone has an emotional nature, but I think if they continue to practice to avoid things that they don't need to do, of course they will be able to trade well, of course this will be very beneficial to themselves and I agree with you for anyone who trades to be able to get rid of their greed when doing trading in order to be able to do by getting results that are in their favor.

I believe you have great insights. It's definitely a pitfall for greedy people who make emotional decisions that aren't ideal for their goals.

It's definitely like gambling. The chasing of losses and the sudden trade of a higher leverage or maybe even max leverage for some, making even riskier trades that they have no assurance of, are just going to lead to greater losses.

Personally, I think it's important that you develop a trading plan. This plan, with clear goals, will guide your entries and exits, preventing impulsive decisions. By sticking to the plan, you're taking control of your trading. Regularly assessing your decisions will empower you to make adjustments and stay on course.

Greed is everywhere and it's nature of human being to try to make money in every opportunity they see but that's not how the market want you to be like. You have to be a risk taker to make money in trading but you have put management risk at your side, you have to understand it and greed will be far from you but the problem is that many traders or newbies that are trading crypto today don't care about this, they just want to follow trend and print their profits but instead, they get reckt.

Another mistake is that most of today traders don't even have the experience of trading, they don't even learn about trading so they don't have the training of trading and they don't invest in trading knowledge and that's why they make this mistake and when you don't even understand the technical and fundamental analysis of trading, the only thing that will be controlling you will be your emotion and greed.

If you already understand the way things work, then you should be the one guiding yourself, you don’t really need any mentors. Just set rules for yourself, and never go against those rules. You can’t keep on meeting someone always, and it’s kind of difficult to get someone that’s really a crypto expert as a mentor in my region, the ones that are available don’t really have much time, so they will always tell you they are busy, so it’s just better you learn to do things yourself.

How will you start trading, and you will decide to start big? That’s really bad. As a beginner in trading, you are supposed to start with just a little amount of money. The more you keep on understanding how things work, the more you will keep on increasing the amount you trading with. If you start trading, there are chances that almost all the money will be gone, so if you start big, then you have caused problems for yourself.