Do you think raising your order is always better?

[Adams0001]

That depends on how the market moves. We don't know what will happen in the next minutes so if we see the profits, we can close the trade and search for other positions. No need to raise your order to a high price because there is no guarantee the price will keep rising. Your friend seems to have difficulty controlling his greed and wants bigger profits. He should know when to take profits because the price can falls anytime. You can suggest him to take profits but if he still wants to do that, you can let him and see what will happen to him.

Some traders are greedy that is why even if they are into profit they won't like to sell they will always need huge profit and trading is always unpredictable we don't know how he goes sometimes, he can be the moment you wait for huge profit that is when the market will drop and you will lose everything both the capital and profit you achieve. We should always take what we achieve greedy make alot of people lose there funds in trading. Sometimes the market will always favour you even when you raise your other and you will be profitable but you should know that not everytime you raise other we will be profitable.

[Alone055]

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?

It's greed, without a doubt. Trading without discipline is not good trading, and he will soon regret what he's doing, but he will slowly learn and if it's not in his nature, he will be able to adapt and change, but if he's greedy by nature, then there might be no hope, but since he is in spot trading, he might eventually get some profits if he doesn't keep doing that, but if he keeps getting greedy, and keeps thinking it will go up even if it reaches $100k, then there is no solution for him and he will only keep losing money over time.

Ask your friend to do long-term investments only. This way, he might have more patience, and then he might be able to sell his assets when he needs to instead of waiting for the price to go higher. For example, if he buys during the bear market, and keeps holding until the bull run, when he sees the profits he has gotten throughout that time, he wouldn't be able to resist, and will surely take profit, unless his greed is way too much.

[Josefjix]

Instead of to screenshot the comments, why not copy the link of this to show your friend, he can read through even if he hasn't created an account on the forum.
Anyway, creating an buy or sell order wouldn't need to execute immediately, your friend should learn how to wait patiently for a trade to execute so he wouldn't be disturbing his investment.

[Perfectbaby]

Snip

Ask your friend to do long-term investments only. This way, he might have more patience, and then he might be able to sell his assets when he needs to instead of waiting for the price to go higher. For example, if he buys during the bear market, and keeps holding until the bull run, when he sees the profits he has gotten throughout that time, he wouldn't be able to resist, and will surely take profit, unless his greed is way too much.

I haven thinking this lately because since he doesn't want to follow up and keep doing what doesn't aligned with the market, it would be better that he go on long term investment than trading because when he loses more than he may keep blaming me for letting him to lose such amount of money knowing too well that I can just tell him to invest on bitcoin and hold for years or maybe whenever he gets the required profits from his investments.

[Lannakosa]

Instead of to screenshot the comments, why not copy the link of this to show your friend, he can read through even if he hasn't created an account on the forum.
Anyway, creating an buy or sell order wouldn't need to execute immediately, your friend should learn how to wait patiently for a trade to execute so he wouldn't be disturbing his investment.

It seems to me that if you see that the market is growing well, and you want to move your sell order higher, then in some cases you can do that. But in such a situation, if you move your order higher, it would be wise to place a stop below that order. In this way, if the market reverses and starts to fall, your stop will be triggered and you will lock in profit. And if the market continues to rise, then you can move your order higher, and move the stop higher as well.

[Japinat]

Besides being a manifestation of greed, your friend didn't have a plan when he started trading. As a trader, a plan is essential to maintain stable money management.

Trading without a plan is simply guesswork. If he's lucky, he makes a profit, but if he's unlucky, he loses. It's better to be clear from the start about where to enter and exit, and set a loss limit. This way, trading doesn't feel like gambling and your mental state won't be easily shaken.

I guess that's what lacking there. A trader without a long term plan and long term goal may still be in profits, but he will never experience such life-changing profits throughout his trading journey. This is why before trading, one should observe the market well and study trading immensely so that you will know when to create your best entry and best exit in the market. That way, you won't be confused and get pressured at what price you'll gonna sell your coins, or you might hold a little especially if you have seen bitcoin price has been showing price fluctuations often.

[Oluwa-btc]

 

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

It may seem like a sign of greed but since he's just starting to trade, he needs to get knowledge of few things if not all about trading especially the markets and how to control how to buy order and the rest of them. On a norms while the market is increasing there's possiblity that if you raise your order you might be lucky with some profits but you need to understand how the market works deeply including understanding the price drop and when to strike to get profits.

[Perfectbaby]

Snip

It may seem like a sign of greed but since he's just starting to trade, he needs to get knowledge of few things if not all about trading especially the markets and how to control how to buy order and the rest of them. On a norms while the market is increasing there's possiblity that if you raise your order you might be lucky with some profits but you need to understand how the market works deeply including understanding the price drop and when to strike to get profits.

Yes, but since he wasn't that routed into the system to understand how things work, okay, have you think if he raises his orders and the market reversed back what would you do? Maybe he could have been using that medium to buy back waiting to target another sell entry point where he could make little profits from his trading. Look, trading is actually difficult but if you don't apply greed you would be that profitable in trading because whenever every single dollars matters to you, you would never want to lose it when its come.

[Jegileman]

Is this not a sign of greed?

Having set out your plan, it is the best thing you should do when trading and not just follow your intuition just like that. The market is volatile and unpredictable, but when you stick to your plans and strategies, it reduces the risk of losing a lot of money and help you better manager your risk well. The market is very competitive, so as the market is buying, you should also be expecting a reposing sell at any moment. I just feel being patient and making your plans play in the best because if you want to really want to allow the market to control you, you’ll not enjoy trading for the longest or best of time during the process.

[DPHOR]

Having set out your plan, it is the best thing you should do when trading and not just follow your intuition just like that. The market is volatile and unpredictable, but when you stick to your plans and strategies, it reduces the risk of losing a lot of money and help you better manager your risk well. The market is very competitive, so as the market is buying, you should also be expecting a reposing sell at any moment. I just feel being patient and making your plans play in the best because if you want to really want to allow the market to control you, you’ll not enjoy trading for the longest or best of time during the process.

You know as a good trader and someone who is wanting to improve himself for trading should also be up and doing to be that smart towards the market and those who can only survive with the market are those who are that brave and doesn't apply greed while trading. The most reason why some people do lose wholly is because they aren't having fixed target or being that rational toward their aim and desire of what they are trading on. Some people could likely have little fixed plans of accumulated at least 1-4$ per day and this, if they save it up for months you would see that they could end up having profits while trading.

[SuperBitMan]

The major reason why a lot of Traders are losing their money everyday is because of greediness, majority of this Traders you see are very greedy and that is why they keep losing to be honest with you if you are not a greedy type you will be making huge amount of money always from trading, some traders will see one thousand dollars as profit and they will refuse to collect it some will even see a profit of Three thousand dollars And they will refuse To take it Because they want more And in the course of wanting more They will now lose And Won't even get anything From the market Which is very bad, as a trader try as much as possible to defeat greed in your life if you can achieve this then you have already solved 70 percent of your problem as a trader.

[armanda90]

Regarding OP story, your friend fully greedy when order already fill cancel and open new order by selling more higher price, actually is not wrong at trading but the technical for selling order not fully worth better tell to your friend spent few percent selling order with difference higher price. You can tell your friend if have order selling 1 bitcoin you ask them by selling 30% at $87k then increase 30% left for selling at $90k to all order left sell higher price than previously order.
I think this way selling order your friend not really need to cancel order already place if can't fill yet maybe just one or two order only, the previous order already selling at little lower price will be fill than your friend have cancel order and loss opportunity for selling at higher price before bitcoin getting down to lower price.

[alastantiger]

Well, that is greed. What your friend is doing is not smart trading, his emotions are at play. The moment you place a sell order, you have already made a decision based on your plan. Canceling it again because price is still going up means there was no real plan in the first place, just hopes for more. The market does not reward that 'just a little higher' feeling, it will punish it. That move from 91K down to 84K is exactly the lesson to be learnt. He watched profit turn into regret because he wanted the perfect top and in trading, nothing like the perfect top unless that you are lucky and that is your day. Taking profit is not a crime, you can always buy back. locking gains and re-entering on pullbacks is how consistency is built. What he did was the opposite, he ignored profit, rode greed and then chased price back down.

[bitgolden]

Being greed is a most common emotion, every trader do encounter while trading. But, you can handle your emotions wisely if you are aware of few strategies. When you are near to your target but you are confident about market will keep rising then you can go for "trailing stoploss". It is a simple strategy, innovated just to feed your greed but in precautionary way of protecting your floating profits. Even in falling market, you can go for altering your stoploss to minimize your losses and to protect your capital. Being greedy while trading is common but you can handle the situation with few strategy if you re knowledgeable and experienced.

[crwth]

Since we cannot really control the market, it's hard to stomach the "what could've been" if you had just stayed with your original order. We need to accept the fact that there is no assurance with anything. What you could do is implement risk management and planning, as the other members have said as well.

What I'm doing is automated trading—ensuring I don't get emotionally involved and adjusting to the market.

[Strongkored]

Is this not a sign of greed?

That's a sign of ignorance about crypto trading, or perhaps a lack of trading skills. If he had good skills, he wouldn't have done something like that. I suspect he's the type of trader who constantly monitors his trades, so he spends a lot of time in front of the screen, which isn't healthy in my opinion.
A true trader would stick to their initial target. If the market moves favorably, they would open another position, rather than continually canceling their positions because they see the price continue to rise.
And it can also be said as greed.

[BlackBaron]

It is greed and he is not committed to the target that has been set at the beginning because he wants to get even bigger profits because he sees the market going up. Honestly, I have experienced something like this and what happened was that the profit I got had to be lower than my target when in fact the price had touched the target I set and because I was greedy I just raised it at a higher price.

Honestly, I really regret my decision, but on the other hand this is a very valuable lesson for me. Because even though I could not get a bigger profit, but when we remain disciplined with the target set at the beginning, at least I can get the profit I expected.

[Judith87403]

Is this not a sign of greed?

That's a sign of ignorance about crypto trading, or perhaps a lack of trading skills. If he had good skills, he wouldn't have done something like that. I suspect he's the type of trader who constantly monitors his trades, so he spends a lot of time in front of the screen, which isn't healthy in my opinion.
A true trader would stick to their initial target. If the market moves favorably, they would open another position, rather than continually canceling their positions because they see the price continue to rise.
And it can also be said as greed.

That’s right. Any trader who really understands the dynamics of trading would never be ignorant of the fact that a single move cannot capture the entire move. There’s no way you can compare when a trader chooses to take a planned profit and then deciding to go back into the market after taking the profit to deciding to move the goalposts because there’s every possibility of it going higher. The first is structured while the other one is emotional.
And yeah, you’ll always find greed at the core, and most of the times, it’s usually not the obvious kind of greed but the the one that’s very subtle, being moved by everything that the market presents as an opportunity without minding the risks attached to it.

[Findingnemo]

It's not just greed, it's pure greed. LoL.

I take it as a rookie mistake, who got excited to see the market moving upwards so the one who is trading just got the dollar signs all over his eyes, so he kept increasing the sale order value until reality hit with a red dildo.

Trading can be deceiving, you didn't make any money until you sell them either so just set your margin while entering the trade and try to stick with it for sustainability.

[programmer3666]

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?

If he took profit at $91k, his decision was good. If he set a buy order at $85k, in my opinion, I don’t see any signs of greed here, especially if he did it through spot trading, because if he’s a newbie and he did this in the spot trading category, it seems like a reasonable and practical move to me.

Now, even if Bitcoin’s price continues to rise in the market, I don’t see anything wrong with setting a buy order at $85k
(assuming the word b is a typo for "buy order" or similar.)

There is no bigger sign of greed in trading than that constant urge to raise the sell order and you are chasing the market as well, at least when the price was at $91k, then it would have be a very smart thing to just take profit and setting a good buy order by targeting the price at $85k is surely a fine thing since it is in spot trading, at least there is a bit of less pressure in spot trading but the main issue is just discipline because greed only surface when you ignore the fact that you need to lock in the gains but instead you keep hoping blindly for more profits, rather than just keeping to the plans.