Trading and Greed

[Davidvictorson]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

[Oshosondy]

My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

Accept loss and do not trade to try to recover losses.
Do not have the mentality of depending on trading for income.
Have a means to make income from reliable sources like from your job.
Try as much a possible to trade with the amount of money that you can afford to lose.
Trade good assets like bitcoin and not altcoins. Trading altcoins is like you are gambling if you do not understanduch about it.

[mindrust]

I think I mastered it. It is because I am not following the charts most of the time during the day. I trust my assets and It doesn’t matter what they do in the short term. Unless there is a fundamental change in one of my assets, I don’t change positions so easily. I am not interested in the short term market movements and that makes me calm and clear headed.

People who make many trades in a day get stressed easier and they make lots of mistakes too. These people are in panic. They can’t control their greed and therefore they are the losers in the long run.

[Bushdark]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

They said experience is the best teacher. I believe the guy must have made lots of mistakes in the market because of greed to turning $10 to $100 in a day. Sometimes I just laughed when I see newbies trying to use small amount of money to get huge amounts because of greed. Many traders have not worked on their risk management that's why they keep making consecutive losses in the market.

Some have turned trading into gambling because what they want to keep seeing is profits and they don't want to make bag loses.
Trading should not be focused on making profits because that's one of the ways you could even lost more because your attention had been programmed for the money and you are not ready to make any losses.

[kentrolla]

There are different perspectives because some people often misunderstand between trading and investing (hodling). Most of the traders prefer small but constant profit instead of waiting for huge profits which only hig risk traders do while trading with meme coins or shit coins. But I would say people who hodl on to coin end up earning more than most of day of traders. But it also depends on strategy as a experienced trader know what to do during bull, bear and sideways and swing market conditions.

[Victorybit1]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

One way to conquer to greed is to have a target and trying not to exceed it, there's a limit you shouldn't cross as a responsible trader that's working on minimizing losses. Traders that make 200 dollars or more with 10 dollars are into flip trades, this isn't strategical in any way, it's gambling and it can either go in your direction or it doesn't. Trading and learning how to withdraw your profits after each trade will help you to reduce the losses you incur, instead of staking up and trying to flip continually. Risk management is one of the most important thing you need to practice.

[Stalker22]

I think the best way to get a handle on greed is to lose some money.  Im not kidding.  When that money vanishes before your eyes, you start second-guessing those "cant miss" opportunities real quick. 

Ive seen folks get overexcited about this stuff.  And the ones who get burned are the people thinking they got some inside track and the rules dont apply and  maybe your buddy should keep blowing small chunks until the lightbulb really goes on.  Or maybe he should find another hobby.

[Charles-Tim]

But I would say people who hodl on to coin end up earning more than most of day of traders. But it also depends on strategy as a experienced trader know what to do during bull, bear and sideways and swing market conditions.

It does not depend much on the strategies but traders that risk low and leave their trades for long time like swing traders do are the ones that make money most in trading which is kind of a little similar to trading. Holding is always better or have the mindset of not selling while losing but make sure you trade good coins like bitcoin and only buy when the market really fall significantly. Also to short while the market has significantly increased and use not more than or not up to 1x margin.

[Questat]

The realization that trading isn’t all about profits but certainly losses as well. If you don’t know how to accept losses while trading, and just keep on chasing to recover your losses or attract bigger profits, you will never be good enough in trading. Traders are those who can control and limit their emotions, even when they are currently experiencing its losing streak. If you tolerate your emotions and create uncontrollable trades, still you will end with even great losses instead.

[hyudien]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

Frankly this is the hardest way in volatile crypto trading where the increase that triggers to take more profit often becomes an unavoidable trap. Your friend's short story is basically what I did but in a slightly larger ratio. The point is there is a pattern that I apply to meet trading targets in a week or a month must be managed in a personal book for example with a target of 10-15% that is enough. Of course it is not easy because greed is not free from us even reliable traders cannot avoid it. We must slowly be able to learn from past mistakes.

[logfiles]

Greed is one of the biggest challenges in trading. I was a victim of it so many times. When you make some good few trades a few times, you become overconfident and start targeting 100% in one trade. Folks, it never ends well 

I also have a couple of friends who learnt trading crypto through me. They would tell me how greed was their biggest obstacle. 4 years down the role, one of my friends is yet to curb his appetite for huge profits, and he keeps blowing up his accounts in the process.

[tvplus006]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."

I think it will take a little more time and he will realize that the profit should be fixed at the resistance and support levels, depending on the open order, and not when there is a small profit. And it's not about greed, because if Risk/Reward is not respected, it will eventually lead to a loss of the deposit.

[GeorgeJohn]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."

If everyone have the mentality of this your friend I don't that people will quit from trading because of losing in trading, its obvious that one of the things that makes people to lose from trading is as result of greediness, because I know very well that greediness is what makes to experience a lot of loses

Using $10 as op gave an instance to make a profit of $200 in trading is like greediness, some people will making a profit during trading but due to the profit is not that much, they will not cashout and before they could realise the trade became against them. So its good to have a limit of profit in any trading you op, despite the amount use to establish a trader, just try to draw a profit margin, so that you will not lose all due to greediness.

[Dailyscript]

My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

My interest in trading is a bit shady. But i can relate to what you have said. I have friend in school that year that makes $5 everyday in the hostel. He eliminate greed and only target $5 profit so that he can eat, smoke and eat again. This was his daily routine to mass through the difficulty of the four walls of the higher institution but i see it as a talent. The capital he has was only $40 imagine if he has $500 he can be making $40 everyday without greed.

[Strongkored]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

It can also be said that your friend does not dare to take big risks in order to get big profits.
It's great if there is no regret when seeing that the profit he took could have been bigger if he waited a little.
But it is true that daring to take risks with greed is not much different, the important thing is to accept every profit well even though it is small and not regret it.

I would also prefer small but consistent profits compared to big profits but experiencing more losses even though overall it is still a profit because when we experience a loss it is not easy to accept it.

[Yamifoud]

Greed certainly can't be denied that it is hard to manage, and it remains a big challenge for most. How to control it? That lies in our mindset and dedication to control it.

That is why I appreciate those traders who are contented to earn $10 a day. They are just a few of them, but despite the earnings, they will remain proactive about the situation and continue their journey. But those who aim high find themselves miserable as they are not just chasing their losses but mentally stressed.

[Marykeller]

Anyone who refuses to learn from the mistakes of others will surely learn by force how to follow up on things. That's how life lessons are. You can't be losing on a particular thing regularly without having your mindset changed.

A trader who doesn't know how to control their greed will burn out of trading losses. Your friend understands that, and it might have taken him some time to realize that before opening it to you because not all trader accepts that they are greedy at the early stage of the trading session. They thought that profiting from trading should be a normal thing for every trader should experience to test their level of professionalism in trading, whether they are improving or not. By the time they have understood themselves, they have lost a whole lot from trading, leading them to bankruptcy

[harapan]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

You're right, greed is inevitable in the life of an individual especially when that person is can't really understand what life is all about. I wonder how alot of people think that once they start trading they are open to profits and results in no time. At this point the situation of greed is just rampade, and like they say experience is the best teacher if you can't learn from life sure your own experience will teach you better. I witness this actually and from my experience I had to learn patience, I had to understand that trading needs patience and time a whole lot and giving it that time you'll surely get results.

[jcojci]

Feel enough of what you get from trading whether if that is profit or lose. You can profit in other days so you don't have to greed especially when you already take profit this day. If you lose this day, you don't have to feel sad but accept your losses and trying again in other days. You must believe that you can make a profit like other people but you must patience to pass your way.

No need to chase bigger profit especially if the market is not in the right condition or hard to analyze. If you force yourself to chase more profit, you may lose your profit before and you need to wait for some time before you can make a profit again.

It need time before you can manage GREED so you must keep trying and not give up. Patience, discipline, self control and other things will help you to control your greed. So you should do your best to stay away from the greed.

[stomachgrowls]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

If you are someone whose really that learning from others mistake and apply it currently with the current dealing then it is really that a good step and you would really be able to somewhat fasten up your learning phase since you are already wary on what are those probabilities that could really be able to happen along the way on which it will really be better that we do at least having that kind of awareness first but never the less you would really be still be able to experience those loses and mistakes on which we can say that it is really just that part of this career on having the loses. On the moment that it do happens then you do really know on what you should gonna do,but still when we do speak about learning then it would really be a never ending kind of situation on which you would really be able to learn along the way.

Greed is something a normal thing that you will be able to encounter on which we do know that its normal since we arent perfect beings on which mistakes could really be able to happen since we do love money in the first place. It is really just that there are those times or moments that we arent that focusing too much on whats happening and just trying out to make money as much as we can without even thinking about the potential risks on which i could say that this is really that a usual case to happen.