Have you been this greedy before several times

[Doll2233]

We all have been fallen for this trap of greed atleast once. Real account killer is our ego desperate to have a "perfect" day with zero losing trades. After hitting daily pnl securing profit is the best option, but we let hopium take over. Holding onto a losing trade just because you want it to miraculously catch up to your winners is pure greed. Market does not own us a green screen. If our basket is in profit and we hit our daily pnl then we must take it out don't be selfish, greedy and stubborn losing position can wipe out all our profit. From the winners to losers it is just a matter of seconds.

[Hamza2424]

It was greed.

Has it happened to you before or you close all the position after making the day profit?

Anyone that is doing this, know that it is not good.

I was going to say why you opened the rest of the positions in the same direction as the first, but then you said after making profit from any two, you keep the third so you could make more from it and lose all the profit. So bro basically you were already taking more risk in the first place, then you took more in the second phase where you did not close the trade.

I don't think it is a long lasting strategy. It might work once or twice but I don't think we can use it again and again although it could work with other factors like what we are buying and in which state that coin is. If it is in a good state from its fundamentals point of view and is only being driven by the BTC market then we are good, but if there is any maintenance or any upgrade going on, or any hack that could impact the price for a shorter time frame, then it is a different story.

Anyway, I have lost to my greed but eventually we learn the lesson.

[Bushdark]

We all have been fallen for this trap of greed atleast once. Real account killer is our ego desperate to have a "perfect" day with zero losing trades. After hitting daily pnl securing profit is the best option, but we let hopium take over. Holding onto a losing trade just because you want it to miraculously catch up to your winners is pure greed. Market does not own us a green screen. If our basket is in profit and we hit our daily pnl then we must take it out don't be selfish, greedy and stubborn losing position can wipe out all our profit. From the winners to losers it is just a matter of seconds.

Greed is part of the human creation and it is left to us to focus on how we can help ourselves to become a better human.
Traders can be greedy in most cases and this can be as a result of so many reasons which can include lack of profi.
If you are not making money as a trader, there is no way you can be happy for yourself. Traders have no option than to continue checking the market for opportunity to click on the buy or sell button. Greed can be restricted when we use sufficient rick management for trading.

[FanEagle]

Yes, it was greed. It was also an very important lesson in your life and I don't think you would make that mistake again. Opening multiple positions might look okay but people mostly ignore the research time behind those. Just opening the position is not going to give us any profits, right?

We need to make the necessary market research and keep monitoring the charts. Monitoring one or two pairs at a time is manageable but imagine monitoring more than 5 pairs at a time. You won't even have time to take a deep breath. Usually this has happened to me as well. I keep a few positions open which are still in loss and close the profitable ones(only if they hit TP). For those loss making orders, I would continue closely monitoring the chart and keep adjusting my stop-loss accordingly. I will never leave a position open without SL.

[Jatiluhung]

We all have been fallen for this trap of greed atleast once. Real account killer is our ego desperate to have a "perfect" day with zero losing trades. After hitting daily pnl securing profit is the best option, but we let hopium take over. Holding onto a losing trade just because you want it to miraculously catch up to your winners is pure greed. Market does not own us a green screen. If our basket is in profit and we hit our daily pnl then we must take it out don't be selfish, greedy and stubborn losing position can wipe out all our profit. From the winners to losers it is just a matter of seconds.

We might find ourselves in situations like the ones the OP described several times, and sometimes we realize that what we’re doing is wrong. However, very often the problem is that we end up making analyses based on our feelings rather than on real data and what should be a technical approach.

And if we start to realize that we’ve taken action based on emotions, I usually prefer to cancel my order if it hasn’t been filled yet and try to reanalyze the situation before re-entering. But if we’re only trading in the spot market and only trading Bitcoin, Ethereum, or Solana as the OP illustrated, then I think we’ll be fine even if we wait for prices to start recovering from a correction. But don’t do this with other coins or in the futures market. Because, especially in the futures market, we must be stricter in applying risk management. We must have already set our stop-loss and take-profit levels correctly.

[SquallLeonhart]

I was going to say why you opened the rest of the positions in the same direction as the first, but then you said after making profit from any two, you keep the third so you could make more from it and lose all the profit. So bro basically you were already taking more risk in the first place, then you took more in the second phase where you did not close the trade.

I don't think it is a long lasting strategy. It might work once or twice but I don't think we can use it again and again although it could work with other factors like what we are buying and in which state that coin is. If it is in a good state from its fundamentals point of view and is only being driven by the BTC market then we are good, but if there is any maintenance or any upgrade going on, or any hack that could impact the price for a shorter time frame, then it is a different story.

Anyway, I have lost to my greed but eventually we learn the lesson.

Sometimes, even if major coins go in a single direction, there are still chances that a few coins can have larger gains. For instance, bitcoins can pump by maybe 2% while ETH does a 4% gain. I think this is why OP has invested in multiple coins following the same direction. The profits would still vary from each of these coins and sometimes, 2 out of 3 can still give profit but the 3rd one can be a loss making as happened with OP.

It is very rare when we can profit from all 3 open orders in a single direction. I used to do the same but it was later when I realized how big of a mistake this was. Now, in extreme times, I would open 2 orders but in different directions both set with stop loss and profit levels. I would somehow automate those traders so there is no or minimum manual intervention.

[Ndabagi01]

This is us as traders trying to outsmart the market and playing a tricky one on it but we don’t know that we’re enabling more losses our way and we and up leaving the market that day liquidated of all our capital. I have been in that situation before and I can tell how stupid it made me feel today that I’ve tried that out before. Trading is not a game of hope or luck, you have to be diligent in your decision making and not make decision that could jeopardize the whole of your capital and effort into the market. Risk only what you can afford to lose that day, if the market goes against you, you can come back another day to trade and if it goes in your favour, take your profit and come back another day to try again.

[Hamza2424]

It is very rare when we can profit from all 3 open orders in a single direction. I used to do the same but it was later when I realized how big of a mistake this was. Now, in extreme times, I would open 2 orders but in different directions both set with stop loss and profit levels. I would somehow automate those traders so there is no or minimum manual intervention.

I thought the same thing while I was reading that post. That he must have taken the trade in the same direction with that idea in mind. And that's usually how it works, bro. If Bitcoin pumps 10%, Ethereum or some other altcoin can pump up to 20%, so the profit can be higher. But on the other hand, the loss can also be much bigger.

Opening transactions on both sides is beneficial in futures, but I am not a futures trader. Even in spot it works and you can make money or at least lose less.

Anyway, OP must have his reasons for this strategy. He seems like a pro trader to me.

[Achalugo BTC]

Greed is part of the human creation and it is left to us to focus on how we can help ourselves to become a better human.
Traders can be greedy in most cases and this can be as a result of so many reasons which can include lack of profi.
If you are not making money as a trader, there is no way you can be happy for yourself. Traders have no option than to continue checking the market for opportunity to click on the buy or sell button. Greed can be restricted when we use sufficient rick management for trading.

Good one, but greed doesn't just show up if one doesn't give in to it, that's why people ought to always be in control of their emotions, so that they will be informed whenever their emotions wants to spike up for the worst, and to some people when they find themselves in such situations, they will just walk away and do other things that will calm them down before they will do something that will  not be beneficial to their lives, because lack of indiscipline or self control makes a lot of people a failed trader, as they do trade by the law.