Greed when trading

[bigmanik]

Good day everyone hope we are all doing fine
Well I'm new to this forum so my rank is still newbie but I've been trading for sometime while I can't say I'm a master at trading I have atleast gotten some level of experience and knowledge since I started
Well that aside I want to to ask you a question what is the effect of greed when trading
Yes I know if a trader is being too greedy during trading he runs at a risk of loosing it all and as a trader I myself have been greedy sometimes unknowingly to me at the time that I was being greedy

Greed in my opinion is like a pitfall for traders and this will make them do somethings that defy the laws in which they made for themselves to keep them from unnecessary loses
Some of these decisions are

1 they begin to make irrational decisions and not thinking things through before trading
2 they begin to trade too much(over trading) and this exposes them to unnecessary risks
3 they site unrealistic goals for themselves which just makes them prone to lose
They may be others tha i dont know about and i would love you guys to tell me about them we are all learning after all

Being too greedy can never be good for a trader as it will lead you to debts,it can cause health and mental issues, it can destroy your reputation
In some cases It may actually not be greed but over confidence that you will surely double or triple your money

What are the best ways in which one can overcome greed

1 have a mentor that will always set you back on the right track when you are going off the road
2 don't start big and don't always go big trading is not a long term process
3 set rules for yourself and develop the discipline you need to abide to those rules

Well this is my my opinion atleast and I am a newbie here so I'm open for correction



Please feel free to drop a merit
 

[Oshosondy]

What are the best ways in which one can overcome greed

1 have a mentor that will always set you back on the right track when you are going off the road
2 don't start big and don't always go big trading is not a long term process
3 set rules for yourself and develop the discipline you need to abide to those rules

You do not need to have a mentor before you should learn how to overcome greed. Your mentor can not always be with you.
The rules like if you have your profit already, close the trade. There are many times now that I do not close the trade after reaching my profit, but many of it end up in regret.

[bigmanik]

Yes you do not necessarily need a mentor to overcome greed but for a newbie who just started trading he or she may not even realise that they are being greedy that's where the role of a mentor comes in

[JeffBrad12]

just do demo account enough to get the grasp of the trading market quirks, you will eventually understand why greed could literally rekt you, demo account is a good way to know how to trade without losing money at all with real market data.

on the other hand as mentioned, mentor isn't the only thing that could stop you from being greedy, i would bet that if there's anyone that are willing to be the mentor, that mentor probably also greedy sometime, it's about self control, not to overtrade and not to seek for too much profit when clearly there's resistance where the price can reverse back.

I always keep in mind that the more I get greedy, the bigger chance market will turn against my favor, my luck isn't great so I should compensate with level headed decision.

[yudi09]

1 they begin to make irrational decisions and not thinking things through before trading
2 they begin to trade too much(over trading) and this exposes them to unnecessary risks
3 they site unrealistic goals for themselves which just makes them prone to lose
They may be others tha i dont know about and i would love you guys to tell me about them we are all learning after all

That's according to our assumptions about them. But for them those three things don't apply. They think that what they are doing is right.
Now let's forget about that and think more realistically about the activity of a trade by asking some other questions.
Can they make decisions if they don't know what they are doing? Of course not. Decisions are made based on knowledge. If the results are wrong, then the knowledge must be improved by studying harder.
Everyone has a goal and the goal in trading is profit.

[Rampagoe004]

What are the best ways in which one can overcome greed

1 have a mentor that will always set you back on the right track when you are going off the road
2 don't start big and don't always go big trading is not a long term process
3 set rules for yourself and develop the discipline you need to abide to those rules

Well this is my my opinion atleast and I am a newbie here so I'm open for correction
 

Greed cannot be stopped by anyone else except the traders themselves if it does not meet expectations. The first point is that all traders have their own mentors. In looking for the right direction, just getting news, the mentor becomes useless when a coin trend appears. Beginner traders see the results of other people with large capital in trading as a role model so they use all their money to trade without knowing the risks first. Sometimes the rules that beginners have learned are just a distraction for information.
For me, that's the most fatal mistake without wanting to actually learn how to trade, anyone can do it as long as it is accompanied by trading knowledge that will only benefit yourself.

[betswift]

just do demo account enough to get the grasp of the trading market quirks, you will eventually understand why greed could literally rekt you, demo account is a good way to know how to trade without losing money at all with real market data.

on the other hand as mentioned, mentor isn't the only thing that could stop you from being greedy, i would bet that if there's anyone that are willing to be the mentor, that mentor probably also greedy sometime, it's about self control, not to overtrade and not to seek for too much profit when clearly there's resistance where the price can reverse back.

I always keep in mind that the more I get greedy, the bigger chance market will turn against my favor, my luck isn't great so I should compensate with level headed decision.

Great choice! A demo-account can really help to understand what could potentially happen with a trader.
And, a mentor is a good choice too, especially one who is not looking only to drain your funds in the long run, but overall, you should try to work on yourself, your temptations and trade responsibly. It's essential to keep your goals while going into the trading sessions and if you spent your budget for it - just stop for today.

[bigmanik]

Well I don't know about others but fir me I feel there's a big difference between trading with a demo account and trading with a real account yest demon accounts are very very useful and helps a us understand how the market works but when it comes down to loosing money it just doesn't do justice
What I mean is that yiu may be loosing money in your demo account and not be bothered because you know its not real money and you may even take some crazy decisions when using a demo account
But when you switch over to a real account you are literally scared if you see the market going against your trade abd this may lead you to take irrational decisions
What do you think🤔

[hugeblack]

Greed is not a problem, without greed you will not join the cryptocurrency market or trading and you will be satisfied with the safe profits provided by banks, but the misuse of the emotion of greed is the problem. To control greed you need to train yourself on a trading plan that determines the level of risks and profits, and from there you can control this emotion.

[TheUltraElite]

It is sometimes a mindset change but many times greed is not something one can control.

In fact the entire market of speculative trading and gambling exist because of human greed. You have to learn to control your emotions even when they appear painful only then you can start to master trading.

The points OP mentioned are good enough - setting a goal before starting and sticking to that goal allows a control over greed but it takes practice.

[betswift]

It is sometimes a mindset change but many times greed is not something one can control.

In fact the entire market of speculative trading and gambling exist because of human greed. You have to learn to control your emotions even when they appear painful only then you can start to master trading.

The points OP mentioned are good enough - setting a goal before starting and sticking to that goal allows a control over greed but it takes practice.

Yep, responsibly trading will benefit you in the long run, otherwise, your temptations will consume your funds and you yourself.
It takes time, but it's worth it.

[Rruchi man]

1 have a mentor that will always set you back on the right track when you are going off the road

A trade mentor is not a perfect individual, and to some extent, not all mentors have mastered everything in trading, including emotional intelligence, so you have to be careful. Some trading mentors are still susceptible to greed, and they still fight hard with their emotions because emotions can play a fast one on you even when you think that you have mastered it. I have the opinion that when it comes to greed and mastering your emotions, it involves a constant practice of reminding yourself of the rules that you have set for yourself.

[mirakal]

Honestly, I’m greedy, but not in an extreme way. It’s normal for everyone, but excessive greed can put us in tricky situations, often leading to losses in trading. When greed gets out of hand, it pushes people to make poor decisions, leaving them feeling perpetually unsatisfied. The key is to shift that mindset about trading and learn to manage emotions better.

Many have tried their hand at trading, but not everyone has luck on their side, often due to their mindset and strategies. It can be a tough game, especially when self-control is hard to come by.

[Strongkored]

Well that aside I want to to ask you a question what is the effect of greed when trading

1 have a mentor that will always set you back on the right track when you are going off the road

Greed will make you ignore everything you have set and greedy traders will only lead to losses, because it is impossible for traders to sell at the highest price and buy at the lowest price, so just make predictions by looking at every indicator available.

You don't need a mentor to be a non-greedy trader, because greed is only about mindset and discipline, when you can think well and know that it is impossible to always get big profits, then you will be able to be disciplined in doing what you have previously set about the profits you want to get.

[Marykeller]

Greed is a natural phenomenon that exists in human life; it hardly disappears forever without recurring once in a while, even when several practices are put in check to reduce the advances of greed in one life.

I put greed to be what comes to test us in our approach to trading, whether we will fall to it after setting a rule of discipline for ourselves not to be overcome by greed because greed is what can put someone in regrets after making good profits for themselves.

That being said, I think greed is an individual habit to control. Allow it to dwell in you for much longer, you will be the one to regret it all, not your mentor. Letting it go as early as possible, you will be fascinated by what you will stand to gain as you advance in trading.

[Oshosondy]

Yes you do not necessarily need a mentor to overcome greed but for a newbie who just started trading he or she may not even realise that they are being greedy that's where the role of a mentor comes in

That is true. Mentoring can be good for newbie traders. But a newbie that will not discipline himself can have a mentor and still make mistakes. Also I think newbie traders will certainly make some mistakes which would be used in the process of learning. Newbie traders may not be good with risk management but as he continue to trade, he will understand this.

Many have tried their hand at trading, but not everyone has luck on their side, often due to their mindset and strategies. It can be a tough game, especially when self-control is hard to come by.

Trading is generally hard. Especially those short time trading like scalping and day trading. Holding good coins like bitcoin at the right time is better.

[SquirrelJulietGarden]

Well this is my my opinion atleast and I am a newbie here so I'm open for correction

First, Newbies Stop Teaching When You Need To Learn.

You don't need to trade and if you see trading is risky, don't trade. There is another thing that is safer and better than trading, it's investment. If you already see trading is risky, and know that there is another thing like investment which is safer and better than trading, you will have less reason to trade.

If you trade, use stop loss order.
One of the Best Weapons in Trading

[Dewi Aries]

Yes, overall greed is indeed a disease that causes many bad disasters to a person's trading activities, and of course this does not only apply to trading but also to several other things that you do. On the other hand, this is also one of the reasons why a trader must have good planning and apply a profit target per session or per day and also have a good level of discipline.

On the other hand, some of the solutions you provide may be useful to prevent us from greed, but I have my own opinion that in my opinion what is more important is that a trader must first know and understand what and how the world of trading really is, such as from the risk side, because when you know and really understand it, then indirectly it will prevent you from being greedy when you have succeeded in achieving a number of profits, so understand it and maintain a level of awareness.

[Questat]

Greed is not a problem, without greed you will not join the cryptocurrency market or trading and you will be satisfied with the safe profits provided by banks, but the misuse of the emotion of greed is the problem. To control greed you need to train yourself on a trading plan that determines the level of risks and profits, and from there you can control this emotion.

We all have greed right before we enter trading, that's because human beings are greedy in nature. So it's something we have to acknowledged. However, the moment greed becomes unmanageable, that's where the problem starts. We no longer trade in exchange for small and limited returns, but we end up rushing into trading using a huge amount because we always want quick and big profits, and once trading not working based on plan, eventually we lost our focus and end up losing our trades.

[Peanutswar]

People have different learning phase some of the people doesn't know how to make a trade like they are totally zero from the world of trading and of course you dont want to lose your money instantly reason why they hire some coaches just to heads them up about the basics and also there are some learners came from their experiences which is quite more expensive than usual because you are doing a trial and error but now tons of features offering like paper trades just people come up to learn basic fundamentals of trading. Time goes by you will learn techniques and strategies.