Indiscipline and Greed

[doctor877]

Trading cryotocurrencies is not so easy but very profitable.  majority find it difficult to retain their profit after a successful trade which is mostly caused by greed and indiscipline. When you have made enough money, it's better to call it a day and wait for another day of opportunity. Instead, indiscipline will make you open another trade to make more money which is what usually  lead to  losing the profit you already made from your first trade. Anyone can make this mistake and the most important lesson is to learn from our past mistakes because the mistakes are the lessons.

[TanakabZX]

It depends on the trading strategy, I don't care about making big money in 24hrs, all I do is buy dip and sell high, sometimes it takes a single day and sometimes it takes weeks, just wait for the time to come again

[jessyj48]

Trading is very profitable, I've seen experts doubling their BTC with trading but I get burnt when I tried it out myself, it's better to learn how to trade very well before jumping in or you lose your money easily, it's too risky for someone like me

[dentolas]

Usually greed is what drives people to the abiss... what makes them gamble away all their possessions, what makes them fall into scams or burn their trading profit ...
People are greedy by definition and in the end the desire to get more money will overcome everything else ...
Controlling these emotions will go a long way when trying to become a sucessfull trader

[Russlenat]

That is your weak control of your emotion that is at play when you are  Indiscipline and Greedy.
As you try to invest or trade, you go with the planning first, then next stage is implementation, then you just follow the plan,  if you can't that means you follow your emotion and that would certainly lead you to loses.

[Bitbtc8]

If you think crypto trading is that risky then compare it to binary trading, the difference is marginally, in crypto trading if you make the wrong call you will end with fewer satoshis, not losing the entire chocolate box that happens in binary trading

[Ucy]

That is your weak control of your emotion that is at play when you are  Indiscipline and Greedy.
As you try to invest or trade, you go with the planning first, then next stage is implementation, then you just follow the plan,  if you can't that means you follow your emotion and that would certainly lead you to loses.

Agreed.
Planning is really important in Crypto trading. You first of all think things through, develop strategies and apply the best ones to your trades. It is important to consider how much profit is enough, when to enter the market and where to apply your stop lose. If you properly consider this things, you will realize that small regular profits are safer than aiming for big ones. You could still aim for big profits if you are sure of your yourself. Not recommended for inexperienced traders though.

[BlackFor3st]

Trading cryotocurrencies is not so easy but very profitable.  majority find it difficult to retain their profit after a successful trade which is mostly caused by greed and indiscipline. When you have made enough money, it's better to call it a day and wait for another day of opportunity. Instead, indiscipline will make you open another trade to make more money which is what usually  lead to  losing the profit you already made from your first trade. Anyone can make this mistake and the most important lesson is to learn from our past mistakes because the mistakes are the lessons.

This is what most of the newbies are lacking, they are very greed to earn a huge amount of profit in a very short period of time therefore they keep on trading even if they are already profiting until they will end up losing also their capital.

I fully agree with you, greediness,no discipline and no patience will make your trading experience much worst especially if you are not yet in the professional level. If they can just learn from their mistakes, like they create a mistake today and they will always put it in their mind and not to do it again then there will be more successful traders in crypto world.

[Yogee]

I'm curious to know what advise would you give to the traders who already suffered losses in their first trade. Would you tell them to stop and wait for the next day or will you encourage them to trade more until they recovered their losses and made profits?

I like the one comment above about planning and implementation. Stick to your trading plan whatever the result is.

[Mighty_crypt]

Not indiscipline but lack of knowledge or wanting to know more,that's what makes many lose money in trading, for a new beginner I expect learning the basics first before giving a try

[Mighty_crypt]

I'm curious to know what advise would you give to the traders who already suffered losses in their first trade. Would you tell them to stop and wait for the next day or will you encourage them to trade more until they recovered their losses and made profits?

I like the one comment above about planning and implementation. Stick to your trading plan whatever the result is.

When we fail we must stand up again until we defeat but newbies of today don't even bother to learn trading first, there is a difference here, the loss won't be huge if the learn first, those who don't learn first always trade recklessly

[xvids]

This is what most new traders problem they are too greedy that even if they already have a profit they wouldn't take it and wait for a higher profit,
Then the price would start to decline and they would still continue to hold until they no longer have profit and their capital is already decreasing.

[maydna]

I'm curious to know what advise would you give to the traders who already suffered losses in their first trade. Would you tell them to stop and wait for the next day or will you encourage them to trade more until they recovered their losses and made profits?

I like the one comment above about planning and implementation. Stick to your trading plan whatever the result is.

Perhaps, stop for a while will be better because if he continues, I am afraid he has a high tension to recover his losses, and that can make him make a wrong analysis related to the current market. Besides that, he needs to learn more about analysis so he can do better than before, and he needs to avoid greed when he can make a profit.

When we trade, it is normal if we get lost, but we need to hold ourselves before we decide to continue or stop trading. If the market still has the right movements, we can continue to trade, but if it's not, it is better to leave the market until the situations change. The important thing is we can analyze the price to buy and sell, and stop trading so we can prevent worse conditions.

[jossiel]

Discipline is a must whether you are a trader or investor.

This attitude is very important to control yourself and avoid further losses. Without discipline and you're just letting your emotions move you, you will have a bad ending and you will be disabled to control greed.

Without which, you will always end up losing even though you're pursuing yourself to make money.

[mbakruroh]

When you have made enough money, it's better to call it a day and wait for another day of opportunity.

From this one problem came, " enough " is definition high profit. When people decide target, mostly is not realistic and want revenge when fails, totally wrong. People always have greedy and lazy but disciplines can be train to solve the problem. Using demo account, making trading journal and share experience with expert is how to do that. Have limit and don't break it, your future is depend what your act today.

[Ailurophile]

Trading cryotocurrencies is not so easy but very profitable.  majority find it difficult to retain their profit after a successful trade which is mostly caused by greed and indiscipline. When you have made enough money, it's better to call it a day and wait for another day of opportunity. Instead, indiscipline will make you open another trade to make more money which is what usually  lead to  losing the profit you already made from your first trade. Anyone can make this mistake and the most important lesson is to learn from our past mistakes because the mistakes are the lessons.

Not just in trading but also in other things like gambling and investment.
Greed and indiscipline is mostly the root of our loss,
If we couldn't control it then for sure it would only cost us more loss in the future.

[irixo10]

Trading cryotocurrencies is not so easy but very profitable.  majority find it difficult to retain their profit after a successful trade which is mostly caused by greed and indiscipline. When you have made enough money, it's better to call it a day and wait for another day of opportunity. Instead, indiscipline will make you open another trade to make more money which is what usually  lead to  losing the profit you already made from your first trade. Anyone can make this mistake and the most important lesson is to learn from our past mistakes because the mistakes are the lessons.

True words you have said and it can't be argued whatsoever. Greed has done more harm than good to traders, I have seen traders who regret entering one trade or the other and when asked, I found out they didn't analyse well before entering, and what really caused this? The entered because it looks profitable and the profit from past trade was available so it was easy to enter, what if the profit was in another wallet, maybe they might have a changed mind. Having a target is one thing and sticking to it is another, so I think traders should be disciplined, once gotten the target for the day exit the market, rest, analyse and come back another day, there are many coins and there will be Opportunities everyday.

[Coyster]

What if after a successful trade, the person opens up a new trade and is still successful in it, would you still call the person greedy or would you say such person is lucky for that particular day. I just gave this illustration to show you how two sided trading can be.

I know many time and again people get too confident and maybe forget about caution when trading, it can have a really unpleasant outcome. But for me as long as you're investing what you can afford to lose then there's no problem with that,  just stop when your losses are now accumulating or exceeding your limits.

[nutriagrigia]

if we do not make mistakes then we do not develop ourselves. in trading, it works very well. if you made a mistake and did not analyze it, then be prepared to lose money again and this will happen until you learn not to make the same failure

[davinchi]

Trading cryotocurrencies is not so easy but very profitable.  majority find it difficult to retain their profit after a successful trade which is mostly caused by greed and indiscipline. When you have made enough money, it's better to call it a day and wait for another day of opportunity.

This must be very basic requirement of success in trading. Some traders do have limit for their number of trade per day or how much they may lose per day but not for profit per day. When you limit yourself on both losses or profits within a day basis then you can avoid such problems. All these are just based on how good we are with our emotion control capabilities. Emotional things will be under our control over the experience and not just from the beginning.

indiscipline will make you open another trade to make more money which is what usually  lead to  losing the profit you already made from your first trade. Anyone can make this mistake and the most important lesson is to learn from our past mistakes because the mistakes are the lessons.

Being discipline will hep eliminating such incidents. We need some plan and must follow that plan all the times regardless of exciting or frustrating situations.