Greed when trading

[Lida93]

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

Having a mentor to guide you can really be helpful as a newbie trader you won't have to make many of the expensive mistakes that those without a coach are prone to falling into. But there's something a mentor can't always be there to decide for you in your trading which is greed. You've to work on it yourself to get better at controlling and resisting it while you trading.

Starting big isn't bad if you think base on your evaluation that you can go big on with bigger trades depending on the size of your balance. It's just for you as a trader to know when it's right to go big on your position base on the opportunity at that moment and just know where to place your SL & TP according to your risk tolerance. The problem about some traders is that they don't have set rules and some that have don't stick to it. If as a trader you can make rules and keep to it it helps to eliminate greed and trading emotions.

[$weetne$$]

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

Having a mentor would not just stop you from becoming a greedy trader that losses because of his greed. A mentor that has a greed problem is going to transfer that problem unknowingly to you without knowing because all his directions will be making you become hungry for more profits therefore making you to become greedy. There are some traders that are not contended with what they have gotten, they want more profits and when they go after the profits, it disappoint them because what they get in return is losses. Greed comes from lack of discipline therefore as traders we should not only be learning how to trade and the strategy that we are going to be using but we should also learn some good manners we should be having as traders as it will help us to become good traders, making money.

[Jegileman]

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

Your points are very cleared and valid but not everyone will want to have believe in this your points because they’ll want to have a contrary view to some of the above listed points you’ve mentioned to be able to overcome greed. Firstly, a swing trader needs to be greedy if he/she wants to make a lot of profit. The market will take a long term and when you want to just exit the market so some, you’ll miss out on the bigger profit that awaits you holding for the long term.

A newbie may not want to go swing trade in their first year of trading and learning about trading and that’s a good one for them if they really want to stay long in the market and win. Big trading is not a long term process but how you approach the market and the type of trading you want to do will determine how far you want it to take for you to be profitable.

Setting of rules is something very important for every trader and your ability to abide by those rules is what makes you to achieve your goal on the pre determined level you want it to go. Been disciplined as a trader is not something easy and if you’re able to do that, you’ll see yourself breaking boundaries you never thought you could.

[mirakal]

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.

We can’t force ourselves, especially when we doubt our abilities, because in the end, we’re the ones who will suffer. Holding is a solid choice and has proven to lead to profits. In fact, many people have transitioned from trading to holding because it’s way less stressful and they believe they can make it.

That is why important to take a good look at ourselves and understand our strengths—after all, not everyone is meant to be a trader. We can give it a try, but we shouldn’t focus solely on that thing; there might be even better opportunities out there waiting for us like just holding bitcoin! 

[zuzie]

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

In my personal opinion, overcoming the problem of greed in trading depends on ourselves. What is meant is that when we want to start trading, we must instill positive thoughts because that is the right step in doing any activity and if balanced with the right rules and discipline, the results will be more optimal and we also prevent bad behavior such as greed.

[ethereumhunter]

In my personal opinion, overcoming the problem of greed in trading depends on ourselves. What is meant is that when we want to start trading, we must instill positive thoughts because that is the right step in doing any activity and if balanced with the right rules and discipline, the results will be more optimal and we also prevent bad behavior such as greed.

That is right because if we can not control our minds and still want to chase the bigger profit but the situation is not right, we can lose the chance to take the profit. We surely glad to get a nice profit but we need to know that taking a small profit is also good because not many traders can get it.

We can collect small profit many times so that will be a big profit too. As a trader, we must know how good the market situation so we can decide to delay of takes the profit or we need to take profit immediately before the market change.
We can not greed when it is hard for the price to still increase so we can adapt to the current situation so we can still take profit.

[bitzizzix]

In my personal opinion, overcoming the problem of greed in trading depends on ourselves. What is meant is that when we want to start trading, we must instill positive thoughts because that is the right step in doing any activity and if balanced with the right rules and discipline, the results will be more optimal and we also prevent bad behavior such as greed.

That is right because if we can not control our minds and still want to chase the bigger profit but the situation is not right, we can lose the chance to take the profit. We surely glad to get a nice profit but we need to know that taking a small profit is also good because not many traders can get it.

We can collect small profit many times so that will be a big profit too. As a trader, we must know how good the market situation so we can decide to delay of takes the profit or we need to take profit immediately before the market change.
We can not greed when it is hard for the price to still increase so we can adapt to the current situation so we can still take profit.

It is clear that greed plays a big role in cryptocurrency trading and greed will always be there because you want to get big and short profits, and this must be really learned and also adapted to be able to train emotions and greed so that this does not happen. Such behavior can cause great losses and also regret in making decisions and also opportunities when getting profits even though they are small and they are big profits, if done repeatedly over a long period of time, because the cryptocurrency market is very volatile and unpredictable and this is what must be really known and also studied very well in addition to learning to analyze and also enough time to do it.

[shinratensei_]

try to control risk and don't trade with too much capital on risk just because you're feeling lucky.

I have seen plenty of people overtrading because they feeling lucky only to give what they earned from the market back to the market .
the market will always have a way to put us in a difficult position if we don't trade responsibly, moreover the market also knows how to take advantage of people from the psychological aspect, have you seen a market where it seemed as if the market is coming to an end, dumping so fast in a minute only to break ATH again the next day? I've seen plenty and I consider such thing to be a psychological war of the market against the weak paper hand .
this can definitely be mitigated if you already set your target and stop loss.

[sosruko]

Greed might drive traders to take on more risk than they can afford, raising the chances of large losses. fear of missing out (FOMO) can drive traders to chase after rapidly rising prices, often leading them to buy at inflated prices. When traders are greedy, they may overlook their trading strategy and make emotional mistakes.we may find it difficult to recognize their mistakes and stop losing money if they are driven by greed. Alternatively, they might cling to losing positions in the hopes that the market would turn around, which frequently leads to even worse losses. in word greed, a powerful human emotion, can be a significant obstacle to successful trading. When traders become overly focused on maximizing profits, they often make irrational decisions that can lead to substantial losses.

[yudi09]

Greed might drive traders to take on more risk than they can afford, raising the chances of large losses. fear of missing out (FOMO) can drive traders to chase after rapidly rising prices, often leading them to buy at inflated prices. When traders are greedy, they may overlook their trading strategy and make emotional mistakes.we may find it difficult to recognize their mistakes and stop losing money if they are driven by greed. Alternatively, they might cling to losing positions in the hopes that the market would turn around, which frequently leads to even worse losses. in word greed, a powerful human emotion, can be a significant obstacle to successful trading. When traders become overly focused on maximizing profits, they often make irrational decisions that can lead to substantial losses.

Greed is not a good thing, but it is a bad action that can make people regret it later. Talking about greed will never end and in every point of what to avoid in trading, greed is always included in it apart from other points.
Humans do have desires and controlling desires is difficult to do because the nature of wanting to get more is always present amidst the euphoria of pleasure. If we always talk about surrender not being a good action, then remove that nature from ourselves.

[uswa56]

Greed might drive traders to take on more risk than they can afford, raising the chances of large losses. fear of missing out (FOMO) can drive traders to chase after rapidly rising prices, often leading them to buy at inflated prices. When traders are greedy, they may overlook their trading strategy and make emotional mistakes.we may find it difficult to recognize their mistakes and stop losing money if they are driven by greed. Alternatively, they might cling to losing positions in the hopes that the market would turn around, which frequently leads to even worse losses. in word greed, a powerful human emotion, can be a significant obstacle to successful trading. When traders become overly focused on maximizing profits, they often make irrational decisions that can lead to substantial losses.

Greed is not a good thing, but it is a bad action that can make people regret it later. Talking about greed will never end and in every point of what to avoid in trading, greed is always included in it apart from other points.
Humans do have desires and controlling desires is difficult to do because the nature of wanting to get more is always present amidst the euphoria of pleasure. If we always talk about surrender not being a good action, then remove that nature from ourselves.

You're right, most new people regret the greed that is done when they have lost what they have gained before and in trading greed will of course make someone unable to benefit them because if they are greedy when trading, of course it will be very difficult for them to have a profit so they just trade in vain.
It is true that being able to control oneself is not an easy thing for everyone, especially someone has an emotional nature, but I think if they continue to practice to avoid things that they don't need to do, of course they will be able to trade well, of course this will be very beneficial to themselves and I agree with you for anyone who trades to be able to get rid of their greed when doing trading in order to be able to do by getting results that are in their favor.

[crwth]

I believe you have great insights. It's definitely a pitfall for greedy people who make emotional decisions that aren't ideal for their goals.

It's definitely like gambling. The chasing of losses and the sudden trade of a higher leverage or maybe even max leverage for some, making even riskier trades that they have no assurance of, are just going to lead to greater losses.

Personally, I think it's important that you develop a trading plan. This plan, with clear goals, will guide your entries and exits, preventing impulsive decisions. By sticking to the plan, you're taking control of your trading. Regularly assessing your decisions will empower you to make adjustments and stay on course.

[Antotena]

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 is everywhere and it's nature of human being to try to make money in every opportunity they see but that's not how the market want you to be like. You have to be a risk taker to make money in trading but you have put management risk at your side, you have to understand it and greed will be far from you but the problem is that many traders or newbies that are trading crypto today don't care about this, they just want to follow trend and print their profits but instead, they get reckt.

Another mistake is that most of today traders don't even have the experience of trading, they don't even learn about trading so they don't have the training of trading and they don't invest in trading knowledge and that's why they make this mistake and when you don't even understand the technical and fundamental analysis of trading, the only thing that will be controlling you will be your emotion and greed.

[Stable090]

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

If you already understand the way things work, then you should be the one guiding yourself, you don’t really need any mentors. Just set rules for yourself, and never go against those rules. You can’t keep on meeting someone always, and it’s kind of difficult to get someone that’s really a crypto expert as a mentor in my region, the ones that are available don’t really have much time, so they will always tell you they are busy, so it’s just better you learn to do things yourself.

2 don't start big and don't always go big trading is not a long term process

How will you start trading, and you will decide to start big? That’s really bad. As a beginner in trading, you are supposed to start with just a little amount of money. The more you keep on understanding how things work, the more you will keep on increasing the amount you trading with. If you start trading, there are chances that almost all the money will be gone, so if you start big, then you have caused problems for yourself.