When Greed Comes First in Trading, the Result is Bankruptcy

[Mpamaegbu]

Many people who enter the world of crypto trading start with their greed because they see people who have had great success through crypto trading.

Well, I count myself out. That wasn't how I came into the crypto space. Mine was more of curiosity than anything else because as at then I didn't even know anyone who was into cryptocurrencies let alone one who acquired wealth through it. My curiosity was occasioned by bewilderment as I wondered how a single Bitcoin could be more than the much treasured dollar in that magnitude. I think Bitcoin traded around $750 then. However, I think greed is an elementary part of man. It's innate and shouldn't be viewed as something out of place. It's like ambition. Ambition becomes a problem when it becomes vaulting just like greed which also becomes a problem when it becomes excessive too. Advice will be for traders to control their greed. Again, greed cuts across all facets of life. It's not just trading alone.

[dunfida]

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!

Conquering someones greed couldnt really be able to achieve if you dont actually able to experience it and would made out some self realizations via those real experiences.

Greed could really mess up your entire financial state if you dont know on how to handle up your finances well thats why its really crucial on considering it or else you would
face up some problems.

Just like on that gambling activity on which when on the time greed comes it then you would surely be ending up on a big loss.

[romero121]

As in the above post when greed accompanies automatically the end will be big loss. If the same happens with gambling then it could cause bankruptcy. With trading it is always good to go with the right coins and if you're holding some potential altcoins with very slow growth, then you should be able to make some minimal profit out of the market fluctuations than waiting for large margin. Following this one can stand out of big losses even when invested on unpopular altcoins.

[andriarto]

a common thing that happens when we trade for the first time, greed becomes the biggest enemy in us. sometimes we have made big profits, but seem never satisfied, so crashes occur and we experience panic. I think things like this are experienced by many novice traders. therefore we must improve ourselves gradually

[lienfaye]

Its not unusual for some newbies to think trading is easy and there's no need for deep knowledge to understand it, because of what they see on other traders who managed to earn huge and succeed as a trader. Sometimes we need to experience failure to realize our mistakes like being greedy to earn in snap.

When I was a newbie I also have experience of losing my capital (though not to the point of going bankrupt) but that experience teach me to do better and be serious if I really want to be a trader who gain more than losing.

So newbies need to take time learning to better understand the nature of trading. Dont think its easy to earn as a trader because it depends on your plan and strategy.

[iv4n]

a common thing that happens when we trade for the first time, greed becomes the biggest enemy in us. sometimes we have made big profits, but seem never satisfied, so crashes occur and we experience panic. I think things like this are experienced by many novice traders. therefore we must improve ourselves gradually

I agree with you, it's a common thing that happens to everyone when they start trading... when things look "easy and simple" and we think we can make a fast profit without much effort! I guess we all go through that stage sooner or later, the only question is how many mistakes we need to make before we learn!? And for sure some people learn it faster and some never learn!
Improving should never stop! It's something we often forget, in the second we think "we know all" and it's the moment when we make a mistake! So taking things slowly and gradually is advisable, never risk too much if you can't afford it, it's what can lead to big problems!

[stomachgrowls]

a common thing that happens when we trade for the first time, greed becomes the biggest enemy in us. sometimes we have made big profits, but seem never satisfied, so crashes occur and we experience panic. I think things like this are experienced by many novice traders. therefore we must improve ourselves gradually

I agree with you, it's a common thing that happens to everyone when they start trading... when things look "easy and simple" and we think we can make a fast profit without much effort! I guess we all go through that stage sooner or later, the only question is how many mistakes we need to make before we learn!? And for sure some people learn it faster and some never learn!
Improving should never stop! It's something we often forget, in the second we think "we know all" and it's the moment when we make a mistake! So taking things slowly and gradually is advisable, never risk too much if you can't afford it, it's what can lead to big problems!

When you do let yourself being greedy with this investment then you would really be ending up on getting wrecked because this isnt something involves some sort of race but rather be mindful on

how you do sustain yourself into the market and with the use of proper risk management and when it comes to financial handling.You would able to realize these things whenever you do

experience unfortunate events but somehow it isnt really necessary for you to do so since you could really be aware if you do just know on how to read up various real time experiences
which you could apply for yourself.

[Peanutswar]

Trading requires understanding and knowledge also it's all about the emotions and actives of the trading. This is the reason why trading is difficult. Always stick to the trading plan if theres a signal already given to you better to make a stop loss and take profit not all the time its ideal to stay and to hold becomes greedy might increase the amount of total damage to your assets and emotional state might cause a revenge trade just to urging your money back.

[pinggoki]

Not really, if you're trading in bitcoin and you become to greedy, you can always just wait for things to go your way and wait it out that is unless the money that you've put in that trade is all the money that you've got and that you're relying on trading as your means of making a living. Greed most of the time can cause bankruptcy but it's not going to be always the case.

[AicecreaME]

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.

This is definitely the problem.

People want to be rich overnight, they don't want to experience failures, that's why they never grow. So, instead of making profits, they are making regrets every single day by trading with their greed (in a negative way). It's not bad to be greedy, but of course it has to be in a right manner, you have to have a plan in trading, you have to do technical analysis always, there's no short cut on being good.

[TheUltraElite]

Always stick to the trading plan if theres a signal already given to you better to make a stop loss and take profit not all the time its ideal to stay and to hold becomes greedy might increase the amount of total damage to your assets and emotional state might cause a revenge trade just to urging your money back.

It should not become like gambling, spot trading should be an EV+ thing. Revenge trading, like you mention, is common in the first days of any trader, trying to fight against the movements. Usually a trader will make profit if they move the opposite of the trend. Meaning they buy when the market falls and sell and when the market rises. For a newbie in trading, these basic things can be tough to comprehend and therefore paper trading should be tried first.

However, like the OP says, there will be a group of uses who trade or gamble under impulses and they can end up ruining their finances by this, they need to be kept away from such platforms.

[Questat]

Not really, if you're trading in bitcoin and you become to greedy, you can always just wait for things to go your way and wait it out that is unless the money that you've put in that trade is all the money that you've got and that you're relying on trading as your means of making a living. Greed most of the time can cause bankruptcy but it's not going to be always the case.

You've got it, right mate.
There are many ways that could brings us into that very particular situation and being a greedy person is not enough to cause us bankruptcy, may this will also be a reason for becoming rich. And instead of OP pointing it out, he may consider that Trading is totally risky in the first place and even you are not greedy, you'd somehow lose just like the others.
the case is that trading couldn't be in winning, couldn't be in success always, losing gonna happen as well even though we don't like it.

[BitcoinAccepted]

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.

Indeed. I think that the right amount of positive greed will impact our drive to do more and to do good. But, as anything in excess in poison, then too much greed will do no good for anyone. I think that the best thing to do is to have a goal to reach, and a goal to continuously learn as well because in trading nothing is stagnant, everything changes, and thus it is risky.

[so98nn]

Its the most basic lesson in the investment world.

You will find tiny, bold and underlined sentence everywhere when you go to a investment site: "Investments are subject to market risk and you are responsible for the losses" OR they are rephrased in different ways for different localities but meaning the same at all.

So yup, when you enter the market the very first thing you have done is you have given your money to someone else for temporary site and you will be loosing it if you dont play it fairly.

Another thing is, greed is emotional thing and it can eat you everywhere, trading, gambling, stocks, or even simple appraisal at the job. So yup, be cautious.

[tygeade]

Usually a trader will make profit if they move the opposite of the trend. Meaning they buy when the market falls and sell and when the market rises. For a newbie in trading, these basic things can be tough to comprehend

There are lots of similar techniques are available everywhere for better trading and when traders are adopting such a strategy along with being greedy may not harm them. But, entering positions and then trying to profit booking without proper plan and strategy but only out of greed might be very dangerous and definitely such type of trading habits will lead to bankruptcy in the end.

[FanEagle]

I think that the right amount of positive greed will impact our drive to do more and to do good. But, as anything in excess in poison, then too much greed will do no good for anyone. I think that the best thing to do is to have a goal to reach, and a goal to continuously learn as well because in trading nothing is stagnant, everything changes, and thus it is risky.

Is there any such thing as positive greed? Because according to the dictionary, (Oxford languages) greed is an intense desire or a selfish want for something such as wealth or power. Everything that we are doing, we have to make sure that our mind is neutral, we should set a target of what we want to achieve and make sure that the target we are setting is not one that makes it seem or makes us become greedy.

We should know the things that are achievable at our level, and then try to work towards that. And when we might have achieved that, we can then move forward to setting another target or goal that is also achievable. If we decide to work with greed, then we are more likely to fail in achieving our targets.

[lixer]

Many people who enter the world of crypto trading start with their greed because they see people who have had great success through crypto trading.
greed makes them rush to jump in and start trading without exploring it first. and they lose because of their greed.

Are you one of those who have experienced it?

me: yes

This is something that happens in every aspect of our lives, we see things that others have achieved and we would want to achieve the same thing without even knowing how far it took them to be able to achieve such. Due to reasons like this, a lot of people has been misled in the cryptocurrency trading market. They always try to rush things, they don’t even have patience and they don’t take calculated risk at all.

[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.

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.

This is what I think as well, a newbie that comes to this market and does not earn money during his first year or even losses a little bit should be happy about his results, this may seem odd but I mean what I say, investing is not a race but a marathon, the ones that earn the most money are the ones that can survive to all the negative movements of the market, so if a newbie after one year still has most of his capital then they are on their way to success, even if it does not seem like that is the case at the time to them.

[Rengga Jati]

When Greed Comes First in Trading, the Result is Bankruptcy

For me, this is exactly true. and this becomes one of the very precious lessons that I got from my previous last year trading in 2021.
I lost my worthy chance to take profits because willing higher and higher percentage even I have reached my first target to take profits. But because of greediness, I precisely lost it and the price keeps down until right now. Some are until liquidated because in the future trading (fortunately it was only a few amounts). and Some are in the spot trading which is also very dropped because too late to take profits or even too greedy.

Actually, this has been a very long time issue that everybody can experience. I also have learned about that from year to years in order to decreasemygreediness. However, sometimes, the greediness comes again and I cannot control or amnage it very well. Sometimes, learning needs more times to learn, I know that thismay be a stupid experince that I did, but that has been lost and I just try again and again to controlmy emotion in trading.

[Fatunad]

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.

This is what I think as well, a newbie that comes to this market and does not earn money during his first year or even losses a little bit should be happy about his results, this may seem odd but I mean what I say, investing is not a race but a marathon, the ones that earn the most money are the ones that can survive to all the negative movements of the market, so if a newbie after one year still has most of his capital then they are on their way to success, even if it does not seem like that is the case at the time to them.

Some noobs do mind off to learn things overall in just a span of 1-2 months but honestly speaking considering yourself to learnt up on 1 year observation basis.Yes, its too long but i would say that this would be sufficient
for you to learn up everything and take a good grasps on how this market works.This isnt just you could deal with in a short time.Greed might normally appear which is normal but once you do
gain up experience you would able to control yourself pretty well.