How to deal with greed whilst trading?

[Slow death]

I've actually done this twice in two days.

And you did the same thing again? I recommend that you observe yourself, see if it has become something frequent and in what circumstances you do that. it may have been something that made you very optimistic at that moment and after some time you realize that you can not repeat the same thing

How do you deal with this particular emotion in trading?

just take a deep breath and do other things in the real world you will not get too focused on the trade

[Wintersoldier]

The best thing to do is to set a stop loss and also you should set a margin profit thus you won't risk too much in the movement of the market. We can't really take off to ourselves the greediness to make profit; in this case we must partctise our discipline and learn and apply techinal analysis in trading.

[mornabo]

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.

Sometimes you can ignore the plan, greed can get you out of the plan that you have made. I think the thing you should to have to overcome greed is discipline. by forming the nature of discipline you can follow the paths, plans and strategies that you have made

[posi]

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.

Sometimes you can ignore the plan, greed can get you out of the plan that you have made. I think the thing you should to have to overcome greed is discipline. by forming the nature of discipline you can follow the paths, plans and strategies that you have made

You're somehow right when you said discipline is the act that deal with greed in trading but I want you to know that greed in crypto trading is just like gambling buzz which make gamblers loose in the end so I don't think been discipline alone can control trading greed when catch up by the trading fever and the best thing to do along with been disciplines to plan an exit which is why I usually tell people not to spend too much time in trading.

[popolite11]

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.

I think that a serious trader cannot be a greedy person. He must be a "healthy" skeptic and realist. He must learn how to count these dates when the cashout should be done and do it.

[adzino]

Self control is what you need. You need to learn how to control yourself and have to strictly organize your finance. You will have to keep track of yourself and your money. Make sure you are  never exceeding the line. The best thing to do is keep tabs on your finance through a spreadsheet. Set your daily limit/goals of profit or loss. Once you reach this limit stop and don't continue for that day.

[Kiweikoo]

Everyone experiences this regularly in the world of trading since no one is immune to greed, but it is possible to minimize to a large extent in different ways.

One of the best ways to minimize it is to not trade too often and just buy and HODL for the long term which is my preferred way to trade.

People even happen to fall victims to greed in the long term hodl. We have seen it in the bull 2017 when people despite so huge profits were still holding the coins and not cashing out the profits. This was the greed that led them into the deep dark pit of the crypto space. But that also gave rise to the lowest value again and people invested again.

So, I think that if you are wise enough, you would not loose due to greed in the crypto.

[Apened]

Everyone experiences this regularly in the world of trading since no one is immune to greed, but it is possible to minimize to a large extent in different ways.

One of the best ways to minimize it is to not trade too often and just buy and HODL for the long term which is my preferred way to trade.

People even happen to fall victims to greed in the long term hodl. We have seen it in the bull 2017 when people despite so huge profits were still holding the coins and not cashing out the profits. This was the greed that led them into the deep dark pit of the crypto space. But that also gave rise to the lowest value again and people invested again.

So, I think that if you are wise enough, you would not loose due to greed in the crypto.

You got that point, after being greedy last 2017 i've learned a lot that hodling particularly in the bear market is not a good idea whilst now if you are thinking for long term make sure you bought at the very bottom or else if you are buying some top ranges now and holding for long term is isn't good. Bitcoin and other altcoins are starting to build up supports which we can rely on.  In my own trades now i am not staying too long and i always make sure that i have pre- identified entries and exits if ever big drop happens again.

[meliodas]

If you want to deal with greed then you should abandon your emotion before you start trading because if you will keep that emotion in your body while you are trading then you will no have no choice but to rely to that emotion in decision making so it is a must to abandon emotion before trading to avoid greediness.

[FanEagle]

The best thing to do is to set a stop loss and also you should set a margin profit thus you won't risk too much in the movement of the market. We can't really take off to ourselves the greediness to make profit; in this case we must partctise our discipline and learn and apply techinal analysis in trading.

When it comes to stop loss tool, greedy people don’t joke with this at all, they can’t afford to lose a dime, because a greedy person is also a stingy person lol, but when it comes to taking profit, this is where they exactly need the best rehabilitation doctor to come in and set them free, because some trader’s greed are far beyond our advice on this forum.

It requires a physical doctor to talk to them and probably Cain the greed out if them, but anyway, for those who still have the sense of humor to listen to advise, the take tool profit is a very important for anyone who is really serious to control greed and never set the tool above what the market can offer.

[Eildosa]

It is necessary to understand that the feeling of disappointment and sadness that you will experience if you do not have time to sell the coin in time, will be much stronger than your greed now. Significant profit you still do not get, so do not hesitate and sell the coin immediately when you see that it has grown high enough.

[Virtual miner]

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

This is not just your case these days maximum number of traders face this sorts of problem. They are or become just too greedy whilst they make their analysis. Sometimes they think their analysis in wrong and end up taking a wrong decision. This problem can be solved merely by practice and self control. Write down these rules in front of your trading desk. or make them wallpaper of your desktop only with time will you be able to solve this issue for yourself.

[bonker]

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

Just realize the reality,you can't keep expecting more and more profits to reach at some point you have to cashout if you did investment unless you know your asset will never lose its value.In crypto trading greed is main thing need to be avoided which can be obtained once you got enough experience and lot of struggle if you want to control it without spending money for it then it depends on your skills.

[coinplus]

I think when its about financial world I do not think "greed" is something you want to get rid of. I mean greed is what making people wanting more and more money, a regular person would want more money as well but wouldn't really go trade crypto currencies between each other on binance to make money out of thin air and than turn those digital currencies into real life fiat and call it a profit, that is a greedy persons doing.

I do not think people realize that "greed" is not really bad depending on what you are doing, if you want to make more money and think that is normal than being greedy shouldn't a problem, if you are the owner of a work place and cut expenses and fire 2 people and make the remaining work harder with no pay to cover etc etc than its bad, that is bad greed, yours is definitely good.

[justspare]

If you want to deal with greed then you should abandon your emotion before you start trading because if you will keep that emotion in your body while you are trading then you will no have no choice but to rely to that emotion in decision making so it is a must to abandon emotion before trading to avoid greediness.

Emotion is not what one can really drop overnight, it takes lots of work and practice for one to really be able to control emotion, but if one can really understand what it takes to control emotion and practice it, then it will be easy to control greed like you said.

It is just like the issue of marriage, someone planning to marry a smoker and thinking marriage will make the person to stop smoking, which is a wrong mentality, whatever the person cannot change before marriage, and it may be difficult to change it in marriage. So, anyone that wants to control emotion should not enter trade before doing it, he must have been practicing it and get used to it before he or she enters trade.

[futile-resistance]

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.

Depends on how you define the greed. If you want to get your profits maximized under a set plan and strategy by speculating in Bitcoin and holding on till the all price high, that is not greed. People hodl for years to be able to claim big profits in crypto. From a gambling perspective, greed is trying to win another game to make more after you win one and since there is uncertainty in the gambling, tying to win every consecutive game is greed and is a curse in gambling.

[Mahanton]

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.

Depends on how you define the greed. If you want to get your profits maximized under a set plan and strategy by speculating in Bitcoin and holding on till the all price high, that is not greed. People hodl for years to be able to claim big profits in crypto. From a gambling perspective, greed is trying to win another game to make more after you win one and since there is uncertainty in the gambling, tying to win every consecutive game is greed and is a curse in gambling.

Greed do still exist on trading but not would be applicable for those who do simply hold for longer terms but typically this would be described for short traders who do
reach out profit goals but eventually do ask for more or do wait up until they are caught on the dump rather than securing their profits on a particular exact time.
Your greed will push you to make bad decisions if not in luck then you will face up consequences.

[1Referee]

Depends on how you define the greed. If you want to get your profits maximized under a set plan and strategy by speculating in Bitcoin and holding on till the all price high, that is not greed. People hodl for years to be able to claim big profits in crypto.

That to me seems to be a case of greed too. You even refer to it as being able to claim big profits. Everything we do here is driven by greed one way or another. I legit believe that greed is good, but it's good as long as you control it and don't marry with the coin or legacy asset you invest in, otherwise it will work against you.

From a gambling perspective, greed is trying to win another game to make more after you win one and since there is uncertainty in the gambling, tying to win every consecutive game is greed and is a curse in gambling.

Trading for most people is the same. They profit a few times, like the taste of it, then trade more, lose, then try to win it back and lose even more. If you can't see every individual trade (regardless of the trade being a losing or profitable one) as a new start, you are basically guaranteed to lose your funds in the long run.

Platforms as Bitmex made things even worse with how trading has actually become more similar to gambling than ever before. 100x leverage requires a 1% move to wipe out your entire balance, and in the crypto market that can happen literally a second after you opened your position.

[Finestream]

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.

Depends on how you define the greed. If you want to get your profits maximized under a set plan and strategy by speculating in Bitcoin and holding on till the all price high, that is not greed. People hodl for years to be able to claim big profits in crypto. From a gambling perspective, greed is trying to win another game to make more after you win one and since there is uncertainty in the gambling, tying to win every consecutive game is greed and is a curse in gambling.

Greed is what makes a person end up as a failure.We have nothing to do with this but only self management.We are born naturally being greedy and if we let this greed managed our whole life as a trader,we will surely make huge losses in the end.So learn to control our emotions because our main concern here is to make profits and not just emotional satiscfaction.

[BigTeeths]

In my personal experience, it's hard to manage your greed when it's a bull market. Because in a bear , you won't get influenced by greed because you don't get money a lot and greed is where you want to have more after you get something which is not possible in a market that does not do good. The best thing to do to deal with it is better to experience your mistakes to not do it again or the other one which is sell 70% - 80% as always like it's your trading rule.