When Greed Comes First in Trading, the Result is Bankruptcy

[Fatunad]

early in my career I went bankrupt because of greed. But in the end it taught me a lesson to be able to control myself from greed and to prioritize common sense.

This has ended the career of a lot of traders. Too bad that a lot of them don’t have sound knowledge about this crypto trading, and the only thing they know is the story of millionaires that were born through cryptocurrency. So, they just think that it is very easy, forgetting that there are millions, if not billions, of people around the world that are also doing the same thing and has been doing it for a very long time and still has not become millionaires. Anyone that let’s their greed take over them is definitely going to lose the money they are investing, because every action they will be taking will be because of greed.

When you do make yourself get dragged with the hype into those who had been become millionaires then you would really be having this kind of mindset without minding on how to handle up yourself
on possible experiences that you might face on thats why research initially would be always the key and dont make out rush up decisions which would really cause up some trouble later on.
Dont let your greed control you or else you would really be experiencing those common problems which you would really be regretting later on.

[Ziskinberg]

When you do make yourself get dragged with the hype into those who had been become millionaires then you would really be having this kind of mindset without minding on how to handle up yourself
on possible experiences that you might face on thats why research initially would be always the key and dont make out rush up decisions which would really cause up some trouble later on.
Dont let your greed control you or else you would really be experiencing those common problems which you would really be regretting later on.

That it talks about jealousy and greed. And that person who carries that kind of mindset will surely not going to succeed but end up losing. It can be found very common around us and sometimes they are obvious but trying to look at in their situation, they look like a hungry animal wanted to bite us.

That kind of person is hard to change, as long as these mindsets live inside, they'll die keeping those things. That is why we have to know our limitations, tried not to surpass them, and accept reality.

[kawetsriyanto]

early in my career I went bankrupt because of greed. But in the end it taught me a lesson to be able to control myself from greed and to prioritize common sense.

Greedy in the first career is normal for me. Not only you, I guess there are many other people who experienced the same as you. The problem when you are still a newcomer is not only about self-control but also related to lack of knowledge and experience. When you have sufficient knowledge and experience, I am pretty sure that you can be easier control yourself because you know already how to trade properly. The more time you spend for trading, you will know more about what don'ts and what dos in trading.

[doomloop]

When you have sufficient knowledge and experience, I am pretty sure that you can be easier control yourself because you know already how to trade properly. The more time you spend for trading, you will know more about what don'ts and what dos in trading.

Yeah, experience may get you control over your emotions still how mush being disciplined will determine the final outcome. I have seen even experienced traders do face losses after failing to book profits around target levels. They are experienced and they are good in technical analysis but when they are confident about the continuation of market trend, unexpected market fluctuation lead them to lose.

as long as these mindsets live inside, they'll die keeping those things. That is why we have to know our limitations, tried not to surpass them, and accept reality.

Yes. We need to adopt according to market conditions; if we were able make 10% profits last year means then we should not expect the same now as well but need to exit whenever TA indicates. Being greedy is inside devil which may lead us at sensitive market situation which may not be avoidable even for experienced traders.

[suzanne5223]

I think it nice to see greed as a negative weapon in crypto trading, it's good to be greedy at some point but having an excess of it is what causes a negative result and the best way to start something is to know the basic aspect of it, know what best for you before doing it. This will also help prevent the excess of greed.
This is what happened to the OP, she understands the basics of trading and the best form of trading that will be good for her.

When traders are unable to identify what is the level of greedy to be termed as good or bad under market pressure I guess it would be always better to avoid being greedy while trading. In my opinion that greed is always a negative factor even it helps you to maximize your profits some days on few trades (I mean you cannot expect greed to be helping you out in your favor).

If you still prefer to have remain greedy in your trades for some extend like maximizing your profit to keep running then you should go for trailing stop-loss for that and this way, you may not lose your unrealized profits out of being greedy.

You make a good point. I always compare crypto trading with gambling because they almost involve the same risk and decision make contains both risks with profit until the trade is successfully initiated.
Meanwhile, I believe a crypto trader is never genuine if she hasn't understood her trading limit and how to control her greed level just like a gambler need to control her buzz.

[ScamViruS]

I hear a lot of people new to trading make mistakes out of greed, myself included. and I think it was a very valuable experience where in trading greed will destroy everything and greed is human nature which is very difficult to control so if you lose in trading because of greed may be one of the very big reasons not to fall into the same greed on the next trade.

Most of the people who come to trade make a lot of losses in the beginning. This is mainly due to their misconceptions about trading and being influenced in some way by some influencer. If you can't control greed, you won't get good results in any sector, especially when it comes to trading.

My trading journey started in a very bad way because at that time greed was difficult to control due to lack of knowledge about trading. Now I am very careful about the reality.

[checkmatesir]

Greed is not a good thing so many individuals loss their money due to greed. I think that there is not such a need to be in greed because that will come to you for which you are working hard. Some people have profit  but they keep their coin and does not sell because they are such in a greed that they think that they will make more profit so in this way and manner they loss their profit too.

[adzino]

Not only in trading, but everywhere greed causes a disaster. Greed can destroy someone in few seconds. You are correct, in trading greed can cause major financial loss (i wouldn't say Bankruptcy, until you did something very messed up). FOMO is one of the result of greed. They see a currency going up, they end up investing everything at the wrong time hoping they will get rich overnight. But that never happens. They invest in shitcoins hoping that they will hit the jackpot, but that rarely happens. The same thing happens with gambling. They get too greedy, they end up losing everything they have.

[jrrsparkles]

Just inspire don't be greedy, nothing will suit for everyone if someone is successful with doing something it doesn't mean we also can be successful by doing the same. Make yourself familiar with cryptocurrency trading and just enter it into the actual capital as investment until that do it basis on the trial and error method. If you are making profits meanwhile losing as well then you can correct your mistakes and become successful in the future or if you never become successful no matter how much efforts you had given then better choose other options like HODL which is easier and more returns.

[BitcoinAccepted]

Greed has put many people in vain. When a trader is dominated and clouded by greed, the decisions that will be made are those of somehow ignorant of the risks and impacts of such actions because the sole focus is on the reward that was anticipated to receive after doing such. And this does not do good especially in crypto market where everything is volatile. But, sometimes they say that good greed is what will motivate a person and lead to greater success. I think that this would be applicable depending on the capacity of the person to handle greed and ability to make good decisions at the same time.

[worle1bm]

Greed is the most important factor that is responsible for your loss because when you don't have any satisfactory point of profits then you loose all what you have invested.We have seen many people losing their funds as they were greedy enough to dive into the ocean of making more profits but end up losing all.

When you become over greedy then you don't make any research and start losing all the amount slowly so this must be avoided at any cost but still we see many people doing the same mistake and end up in that rabbit hole.

[aranacj]

Last 2013 I didn't know crypt at that time and started trading FOREX.

I saw a lot of hype about Forex that days and how much they said they've earned. Which is actually really impressive
and thats when my greed kicks in. I invested almost 30% of my net worth and started trading.
It all starts good, I'm earning decent amount until after 8 months and
I said "well I can earn more just by increasing my open position".

I didn't think that time about R:R ratio and yeah that's when I lose my whole 30% net worth. I was able to withdraw some like $20 

[freedomgo]

Greed has put many people in vain. When a trader is dominated and clouded by greed, the decisions that will be made are those of somehow ignorant of the risks and impacts of such actions because the sole focus is on the reward that was anticipated to receive after doing such. And this does not do good especially in crypto market where everything is volatile. But, sometimes they say that good greed is what will motivate a person and lead to greater success. I think that this would be applicable depending on the capacity of the person to handle greed and ability to make good decisions at the same time.

I agree on you. Although it is really known that if you trade with greed, you'll end up losing all what you have started. But there are instances too that greed may sometimes lead into a more fruitful success because you will be doing your best because of the rewards that you will get if you will end up the trading successfully. However, in most cases, its still not advisable to be driven with greed if you are in trading since you will lost your focus on the real goal because you are eager on the profits that you may get.

[jostorres]

there are instances too that greed may sometimes lead into a more fruitful success because you will be doing your best because of the rewards that you will get if you will end up the trading successfully. However, in most cases, its still not advisable to be driven with greed if you are in trading since you will lost your focus on the real goal because you are eager on the profits that you may get.

That is a common scenario among most traders.

Traders do get massive profits out of greed occasionally but they are taking that as a "perfect example" and might be following that same kind of waiting time for all other trades as well which mostly getting them losses in the end.

This is the reason we must have a generalized opinion about greed like we should never allow greed to dominate in our decision making otherwise we might be misguided by a wrong example one day or other.

The profits that we are making out of emotional failure with which can be panic or greed should not be considered as an achievement so that we will always able to stick within our predefined trading plan. Only by following our plans, we could get consistent profits.

[2girls]

Greed is very dangerous, Newbie thinks the trading as gambling due to their greed. They think that today they will put 1000$ tomorrow they will get 2000$. They don't even know what the project is about in which they are investing.
The most common mistake of newbies is they buy at high in FOMO and then sell at too low in panic.

[Oilacris]

Greed is very dangerous, Newbie thinks the trading as gambling due to their greed. They think that today they will put 1000$ tomorrow they will get 2000$. They don't even know what the project is about in which they are investing.
The most common mistake of newbies is they buy at high in FOMO and then sell at too low in panic.

Even us when we are just starting do really have that kind of mindset on where we do believe that we could able to handle out the market or simply those trades on a simple manner

on where we do thought that it would really be just easy to make money but once you do able to taste up the reality then you would really realize that it isnt really simple as it looks.

You might see those profitable traders but you dont know on how they do able to get out and make profits on this very unpredictable market not only focusing in trades
but on overall investment.

[stadus]

Greed is very dangerous, Newbie thinks the trading as gambling due to their greed. They think that today they will put 1000$ tomorrow they will get 2000$. They don't even know what the project is about in which they are investing.
The most common mistake of newbies is they buy at high in FOMO and then sell at too low in panic.

If we have prepared ourselves before trading, then we should know by then that trading with greed will never end up profitable. It may result for some temporary profits that will boost you to get into another trading, but its always known that at the end of it, greed will only make you fall into losses. And if you have considered knowing the early traders, they are less driven with greed so most likely, they end up successful trades. Totally different with what we have observe with newbies right now since they are more on a FUD or FOMO and when the price gets dump, they resort into panic selling that makes them total losers in the end.

[Silberman]

Greed is very dangerous, Newbie thinks the trading as gambling due to their greed. They think that today they will put 1000$ tomorrow they will get 2000$. They don't even know what the project is about in which they are investing.
The most common mistake of newbies is they buy at high in FOMO and then sell at too low in panic.

This is one big issue many newbies have, instead of setting themselves goals they can actually reach with their limited experience and knowledge they instead set themselves goals that even the best traders around the world will have a problem achieving, so from day one they set themselves for failure, and as long as they do not change their mentality and what they expect from the market then there is little doubt they will accomplish none of their goals.

[LastKiss]

Greed is very dangerous, Newbie thinks the trading as gambling due to their greed. They think that today they will put 1000$ tomorrow they will get 2000$. They don't even know what the project is about in which they are investing.
The most common mistake of newbies is they buy at high in FOMO and then sell at too low in panic.

This is one big issue many newbies have, instead of setting themselves goals they can actually reach with their limited experience and knowledge they instead set themselves goals that even the best traders around the world will have a problem achieving, so from day one they set themselves for failure, and as long as they do not change their mentality and what they expect from the market then there is little doubt they will accomplish none of their goals.

Since their mentality is to get rich fast then the greedy will control their mindset so they wont satisfied just with small winning. They should set their mindset if they're new they should grateful for not getting lost from trading and dont feel down if they lose money from trading due to lack of experience.

[lenovop-70]

Congratulations to the OP who has managed to learn from his own mistakes in the past. Yes, I also have a story that is almost the same as yours, and I also rose from my mistakes, and here I am as a crypto enthusiast who earns daily income from it.
Greed is misleading in the trading world, so be careful with it. Our main enemy is not the others, but how we conquer ourselves, bravo!