How to deal with greed whilst trading?

[carlfebz2]

Hello!

I'm doing alright trading, learning.
However - I spotted myself being very greedy earlier. I wanted a bigger position as I was confident of the direction of the market..
So I entered in at a lower spot, with a higher position - lowering my entry quite significantly.
I've actually done this twice in two days.

How do you deal with this particular emotion in trading?
I'm trying to be as mindful as possible - but i get really excited.. and start getting reckless.

I think I need to read some more books on trading psychology.
TG

No books would able to help you out when it comes to emotion handling.Your experience along the way would be the best teacher on where you would realize that these things wont really be good if you do tried to attach
yourself with greed when you do trade.I cant deny yet most people do feel that kind of greed feeling and the confidence that on how the market would possibly moves.
Just realize and having a strong self control and mindset will really be helpful.Mistakes are inevitable but make it sure that you do learn from it.

[miropp]

You have to control and discipline yourself. There are no other ways to fight greed anymore.

[BeGoods]

Just like when I gamble, I am being swallowed by my greed. And by that, I see that it brings no good to myself. You should be trying to deal with it or even escape being greedy in order for you not to lose a lot in the future. Being greedy begets nothing.

Trading will not produce maximum and significant results if you rely on your greed or panic to make a choice, I know every trader wants
the biggest profit, but staying calm will make you more comfortable, right you have to deal with it first..

[GreatArkansas]

How do you deal with this particular emotion in trading?

You need risk management, set a particular amount in your every trade. Get the total balance of your account, then you can set for every trades, 5% of your total balance is the minimum then 10% of your total balance is the maximum for every trades. With that kind of risk management, you can prevent a huge loss for every trade.

Remember that trading is not about getting high profits in just a short period of time, it's about how you long will you stay in trading with profits. Yes, you can earn huge profits in just one trade, but if you lose or get liquidated it's a much higher loss.

[xvids]

I always made some plan whenever I trade I think it is the most effective way to overcome your own greed .
I always make sure that in every trade I would only do about 5% profit or loss.
We should stick to our plan and don't get greedy because of the profit.

[aad140386]

I set the stop profit function. Or if this is not possible, I, after buying the asset at once, place an order for the sale at the price I need. This is convenient from the other side that you are less susceptible to emotions and do not constantly hypnize the monitor, but simply wait for the deal to take place. If the transaction does not work for a long time and I see a more profitable asset, I simply close it at the current price. For me personally, this is very convenient since I do not trade often.

[wuvdoll]

Think of your money like your children, sometimes your children could do things that upset you but they are still your children all the same, since you can't really just let go of your children than you have to accept their mistakes and teach them the right way. So when you trade think of that as an experience for your money, your money should go out there learn something and comeback as learnt more stuff and bigger.

If it is weaker that should only be learning experience that tired them but gave them more experience for future when they will go get bigger. That is why never give up on them but always love them and never not cherish the moments you have with them, if you do not respect your money and love your money in the end they will leave you for someone else and that is the thing you do not want the most.

[bitgolden]

We hunan beings are greedy in general. We are not content with small gains, so we want to earn more. Most traders want to earn huge profits in a quick time, as a result they make mistakes.

You are right and we agree with you that most of us are all greedy, sometimes it is as a result of our needs that are more than our strength, so we have to do everything to catch up and the only thing that can solve the issue is to get a big income.

We know this and we see this as challenge which we really don’t need any one to remind us more, but the thing we are looking out now is the real solution to this greed that has consumed a lot of traders, while looking for profit, a lot of traders still lost the little they have out of greed, the main solution right now is exactly what many traders are looking for and how to overcome it.

[kennen1113]

You have to control and discipline yourself. There are no other ways to fight greed anymore.

I don't think we can control when greed is at its peak, human instincts are always very strong, prevention is impossible but I always have a solution to solve this problem, and the solution is that when I buy altcoin, I immediately set the price to sell. That means when altcoin reaches the price I want, it will automatically sell, and even if I'm more greedy, it's still too late, the sale process is complete and I cannot change it

[KlepZ]

I'm sure you would have heard Warren Buffett's quote 'We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful'. What actually happened in the above 2 scenarios was exactly opposite. You invested when everyone was greedy & looking to make a quick buck - And sold when everyone was selling!!

[pawanjain]

We have all been there. Greed is something that any person could develop over the time. But once you have suffered enough losses you will fear of encountering any more losses.
That is how fear will over take greed. After that you will have to setup your mind to follow the strategies you will create to a make a successful trade.
I know saying it is easy while doing it is totally difficult. But once you start following the strategies you will get to know that following the strategy is more beneficial to risk it over greed.
You will have to set the targets and stop losses to execute a successful trade and remember to keep the profits smaller in the beginning as it will create a confidence in you.

[playboy654]

Handling pressure will be the most important thing to consider in our mind because when this type of things will easily affect the investment and trading we need to be more careful while handling greedy at the time the experience will helpful for everyone to solve this problem.

[justspare]

You have to control and discipline yourself. There are no other ways to fight greed anymore.

I don't think we can control when greed is at its peak, human instincts are always very strong, prevention is impossible but I always have a solution to solve this problem, and the solution is that when I buy altcoin, I immediately set the price to sell. That means when altcoin reaches the price I want, it will automatically sell, and even if I'm more greedy, it's still too late, the sale process is complete and I cannot change it

There are some people that their greed is to the fullest and don’t even face reality when automatically setting trade, even if they use bot, they will still be greedy, it is because you still have conscience and little greed, that is why you could set a reasonable price to sell, we still have so many trader, even with stop loss, still set unreasonable command that the trade should perform.

Anyone that found himself at the highest level of greed really need to visit a rehabilitation center, because that is the only place they will be able to work on the emotional that controls greed, otherwise, he may continue to be a looser for the rest of his life, because that is what greed simply makes one be.

[sinta23]

for myself I handle so as not to be greedy when trading it must have great patience and avoid the name of emotion when trading because that causes greed because of emotional factors that cannot be controlled

[The Cryptovator]

Difficult, very difficult avoid greed on crypto trading. Even I suggest everyone to avoid greed but still I wasn't able to leave totally. Last few days ago I got REKT due to greed. I was on 22% profit but I didn't sold it, LOL. Now I am again 5% loss. I thought it will run more and unfortunately it goes down. And I didn't attempt to sold it.

However, we should avoid it anyhow. Otherwise we will on loss or we have to wait long term. We have lack of patience but greedy is one of reason of loss. That's why sometime we loss patience and sell on loss.

[Oceat]

You just have to make a plan first and what price do you target to buy and sell without going beyond your limit because that's the time when greed was going to hit you. An organized plan will likely to be executed perfectly if you set your goal first and focus on it. Never ever make an assumption where there are no analytical bases.

[Vaculin]

You just have to make a plan first and what price do you target to buy and sell without going beyond your limit because that's the time when greed was going to hit you. An organized plan will likely to be executed perfectly if you set your goal first and focus on it. Never ever make an assumption where there are no analytical bases.

Yes. It can be a big help if you will create a trading plan and set a target price where you can make a good entry and exit in trading. Being greedy is a natural man's behavior but if you will let that emotional feeling control your analytical thinking, it would really make you fail in trading and may result into losses.

[Mahanton]

You just have to make a plan first and what price do you target to buy and sell without going beyond your limit because that's the time when greed was going to hit you. An organized plan will likely to be executed perfectly if you set your goal first and focus on it. Never ever make an assumption where there are no analytical bases.

Yes. It can be a big help if you will create a trading plan and set a target price where you can make a good entry and exit in trading. Being greedy is a natural man's behavior but if you will let that emotional feeling control your analytical thinking, it would really make you fail in trading and may result into losses.

Strong self control is really needed yet involving yourself on trading will really test out your emotions and decisions specially when it do involves money.Its normal for
a person to react when he do see profits but not have any plans on when to exit might just put you on trouble.Instead on making money you rather lose it instead
because you opt out too soon.

[Finestream]

You have to control and discipline yourself. There are no other ways to fight greed anymore.

I don't think we can control when greed is at its peak, human instincts are always very strong, prevention is impossible but I always have a solution to solve this problem, and the solution is that when I buy altcoin, I immediately set the price to sell. That means when altcoin reaches the price I want, it will automatically sell, and even if I'm more greedy, it's still too late, the sale process is complete and I cannot change it

For me,the bottom of all of these is self limits and discipline.Greed is already a human nature so it won't be easy to avoid being greedy.Instead minimize our greediness so we can't end up failure in trading because we are too much affected by our own emotions.Greed will always be here no matter what so learn to deal with it in a positive way.

[whirlcoin]

Hello!

I'm doing alright trading, learning.
However - I spotted myself being very greedy earlier. I wanted a bigger position as I was confident of the direction of the market..
So I entered in at a lower spot, with a higher position - lowering my entry quite significantly.
I've actually done this twice in two days.

How do you deal with this particular emotion in trading?
I'm trying to be as mindful as possible - but i get really excited.. and start getting reckless.

I think I need to read some more books on trading psychology.
TG

the emotions are always been a psychological barrier to make the next step to very difficult position but in this type of method we need to be more aware by doing everything otherwise it will give the loss at the end of the day.