Do you think raising your order is always better?

[Perfectbaby]

Greetings fellas..
Though never wanted to raise this concern but I have to free my doubts and possibly take screenshots of some comments over to here to give to a friend who is into trading newly. Recently, a friend of mine started trading and when he placed a sell order on the mirror watching himself (monitoring his trade) while the market keeps increasing, nearly to his orders and instead of him allowing the order to execute he kept shifting and raising his orders since the market has moved gradually from 85k approaching to 88k plus, he went and canceled the order and placed it a bit higher above the previous, and I cautioned him not the right way to trade because what I am purely sensing here Is greed.

Apparently, after telling him he said why would he just sell at that price knowing too well that price is increasing, same thing happened when it was around 91k before it dropped unknowning to around 84k before having this rise again I told to take profits before the market drop he didn't obey but ended up regretting why he didn't obeyed and set a buy order around 85k, by now he could had ended up in profits while trading on spots.

Is this not a sign of greed?

[Wiwo]

Traders have different emotional reactions to market movements,  all though taking the right step always place a trader on the profits side since if he hard sold off at the first rise, he could have bought back at a more cheaper price when bitcoin drop to the 84k.

This is just a normal thing that most newbies trader faces and that is what causes the pressure from the market,  if the volatility hit hard their will definitely get demotivated same way they reacting with the increasing price and sell order shifting.

[tbct_mt2]

when he placed a sell order on the mirror watching himself (monitoring his trade) while the market keeps increasing, nearly to his orders and instead of him allowing the order to execute he kept shifting and raising his orders

Apparently, after telling him he said why would he just sell at that price knowing too well that price is increasing, same thing happened when it was around 91k before it dropped unknowning to around 84k

Is this not a sign of greed?

It is both greed and arbitrary and I guess your friend did not know why the sell order should be set up at that price. Likely he took that sell price from you while don't know why. If he knew how to calculate a waiting buying price and a waiting selling price, he would not cancel it as market usually will have to be corrected, pulled back or bounced after hitting such price.

Experienced traders know how to make price calculations and wait for such prices to be hit for taking profit or to be executed for purchasing order.

[Perfectbaby]

Traders have different emotional reactions to market movements,  all though taking the right step always place a trader on the profits side since if he hard sold off at the first rise, he could have bought back at a more cheaper price when bitcoin drop to the 84k.

This is just a normal thing that most newbies trader faces and that is what causes the pressure from the market,  if the volatility hit hard their will definitely get demotivated same way they reacting with the increasing price and sell order shifting.

When I observed the market the had to hell him what to do but then he thought of waiting a bit to see how the market would reacts without knowing that most time news do influences the market, and we to be sincere I can't really tell what causes the Sharp drop to that range but, when I checked the chart I saw and indecisive candles which to me, knowing too well that there would be likelihood of dropping below so I sold off before the Sharp drop and the buying order also triggered, meanwhile I was expecting him to take same action but he didn't. I think this is a pure sign of greed.

[Mrbluntzy]

As a trader, you must be disciplined and decisive of your action, your friend seem not to have any of those characters and he is likely to make more wrong decision in the future if he continues with this attitude of not being decisive in making trading decision. If one must be a trader, you must be prepared and not to attach emotions. The reason why I don't trade is because I know I can not handle my emotions very well, I could even do worse than your friend despite knowing that it's wrong to do that. So, I will suggest you advise your friend to take his time and learn more about being a good trader.

[Frankolala]

Majority of traders that run at loss on a daily basis are greedy traders. He is lucky that he's on spot trading. Although, the market is unpredictable and not as easy as you put it. However, luck can give you profits if the market goes as predicted. I don't like to involve myself on giving advice to a close friend when trading because if anything goes wrong, he will put the blame on you

[OcTradism]

Majority of traders that run at loss on a daily basis are greedy traders. He is lucky that he's on spot trading. Although, the market is unpredictable and not as easy as you put it. However, luck can give you profits if the market goes as predicted. I don't like to involve myself on giving advice to a close friend when trading because if anything goes wrong, he will put the blame on you

When you want to get money and profit from the market, you are greedy but there are different options for you like becoming an investor, a trader. With trading, there are some options, like Spot, Margin and Futures, and the max greediness is with margin and futures trading types.

You can lose money in the market as a trader with Spot, Margin or Futures trading and with investment as if you make bad entry, and can not control your exit, you will have loss. Not all investors can start their investment well, like they can make loan for investment, that is start of a nightmare. Market can move up and down unpredictably so if you have loss, loan expiration call, you have to sell your bitcoin for loss. You don't need to be a trader to have loss in this market and with trading, loss severity can be different too.

[EarnOnVictor]

-Snip-
Is this not a sign of greed?

You can't empathically call this greed, unless it is better investigated. Don't forget that the outcome of this same action could be in his favour next time. What will you say to that? For me, he was only looking for a better price, which is possibly smart, depending on his approach. For the fact that he regrets it now doesn't mean he was wrong.

What could make him wrong, in my opinion, is if he acted unprofessionally while doing that. What do I mean by that? We don't just trade, we first analyze and act based on speculations. So if he shifted the orders based on his strategy, then he is justified regardless of the loss. The best setups still end up in losses at times, don't they?

However, if he acted without a guide, then he is not only greedy, but also recklessless.

[abaeze]

Emotions do not work in trading, but emotions are the biggest enemy of new traders, so they often make wrong decisions and regret it later. Many people think that if the price drops, Bitcoin may be gone, so they panic and sell, which is also not a good plan. Some new traders think that if the price drops, Bitcoin may be gone, so they panic and sell. Many people want more profit if they make a little profit, but later lose everything. Therefore, putting aside these human emotions and controlling the market emotions, the job of a real trader is to trade with patience.

[mrust_mobile]

This is a newbie behavior. They simply cannot wait for their orders to get filled. They probably take too much risk which clouds their reasoning as well. We all been there done that. Everybody has a learning curve and your friend will eventually figure it out and make smarter decisions.

Don’t be mean to your friend. Warn him lightly maybe but don’t do it aggressively. Otherwise your warnings may backfire. He will think you are interfering with his business too much and he will be right in a way. It is his money, his time…

You can also try to talk sense into him by showing your own trades and how much you make. That will instantly change his tone.

[Jatiluhung]

Is this not a sign of greed?

If his actions are based on his own analysis, such as when he decides to shift his position to take advantage after seeing a breakout and seeing the price of bitcoin break through a resistance point that has the potential to continue rising to a higher price, then your friend's actions are not wrong. However, if he does so based solely on emotion and without careful analysis, then it could indeed be a sign of greed.

Sometimes it is better to stick to the initial plan that has been carefully made. Although some changes may occur, taking profits gradually is better.

But I'm curious whether your friend is trading in the futures market or the spot market, because in this case there will be two different indications. In the futures market, we can even continue to raise orders or shift our orders to higher prices without fear of losses if the price falls. And the way to do this is to shift the stop loss order to a zone where we can still take profits when the price falls after an increase.

So the method is that every time we move the take profit order to a higher price, we must also move the stop loss to an area that was initially at a loss level we could tolerate to an area that still provides a profit. The point is that this is about risk management in the market itself.

[Ziskinberg]

This just normal for any high-risk taker trader, as you don't just settle on the same order and expect the same amount of profits, but in times you could also set some higher order so that as a return, if you trade luckily, you will also reap a more impressive amount of profits.

There is no wrong with this, as long as you are still trading on the amount that you are comfortable to lose. If you are earning well in your job, for sure you also want to reap higher profits when trading. That's not greed, you just want to take  advantage of a bigger opportunity while it could still be possible.

[Perfectbaby]

-Snip-
Is this not a sign of greed?

You can't empathically call this greed, unless it is better investigated. Don't forget that the outcome of this same action could be in his favour next time. What will you say to that? For me, he was only looking for a better price, which is possibly smart, depending on his approach. For the fact that he regrets it now doesn't mean he was wrong.

What could make him wrong, in my opinion, is if he acted unprofessionally while doing that. What do I mean by that? We don't just trade, we first analyze and act based on speculations. So if he shifted the orders based on his strategy, then he is justified regardless of the loss. The best setups still end up in losses at times, don't they?

However, if he acted without a guide, then he is not only greedy, but also recklessless.

To be frank I have watched him incurring several loses and he also regretted his actions for not doing that as said earlier, but whenever it's time for him to take action and implement it he become sliding a bit whether If the market direction could change, already before whatever the charts already tells us what the next candle gonna be, viewing from 30 minutes, 1hr time frame, then when you go back to the 5 minutes time frame you would see that it is still bullish while the 1 hr candle usually tells you how the charts is in between.