Greed when trading - page 7. | Bitcointalksearch.org

Jody.Drummer

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Quote from: Natalim on September 29, 2024, 09:58:02 AM

While greed may lead a trader to take excessive risks, however if greed is bearable and even well-controlled, then there's nothing to worry and avoid being greedy. We are born greedy from the start. That becomes even our drive to strive hard and work more effectively so that we will eventually reach our goal of success.

But if instance you are trading just for the sake to satisfy your greed and gain quick short term profits, then I have to say, you are trading the wrong way and that will definitely bury you into inevitable losses and regrets in the end.

Yes you are right, we are born with greed, it will always be attached to us, it becomes a challenge for us to be able to control it so that it does not become something that can cause harm to our lives, in this case when we trade.
From the beginning our goal in trading is to seek profit and if it is possible we definitely want a very large profit that we can get, it will always be in the minds of traders. However, as humans who can think rationally, whether it makes sense or not, I mean whether it is based on the capital we bring, knowledge and so on or not. Usually greed will come faster when we cannot think rationally, it could be because it is influenced by emotions or others. So with full awareness we must be able to control the negative things that are in us.

Natalim

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While greed may lead a trader to take excessive risks, however if greed is bearable and even well-controlled, then there's nothing to worry and avoid being greedy. We are born greedy from the start. That becomes even our drive to strive hard and work more effectively so that we will eventually reach our goal of success.

But if instance you are trading just for the sake to satisfy your greed and gain quick short term profits, then I have to say, you are trading the wrong way and that will definitely bury you into inevitable losses and regrets in the end.

zuzie

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Quote from: ethereumhunter on September 28, 2024, 08:29:30 PM

Having a clear mind will make us know what we must do in the current situation so we can adapt ourselves better and we can also see a chance to take profit. Greed will always show up when we already see a small profit and the market is green so if we don't have a clue where the market will moves in the next minutes or hours, we should take the profit and monitor the market. Maybe we can enter to market after take the profit so we will have more chances to make more profit.

Yes, that's how it is, clear thinking is very much needed by a trader in developing his trading business in order to continue to make a profit in good conditions even though the profit is only a little at least the trader is still safe as long as he maintains the strategy properly and correctly.
Correctly monitoring market conditions is also very important for traders in carrying out buying and selling activities if market conditions are good then traders must be smart in making rules on how to trade to make a profit but if market conditions are bad then traders must be willing to be patient with the situation.

arwin100

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Quote from: Antotena on September 28, 2024, 12:13:22 PM

Quote from: bigmanik on September 26, 2024, 10:56:06 PM

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.

Its human nature but that doesn't mean it cannot be corrected. Usually people came to that point are those unknowledgeable person they came out on the scene and just think that there's easy way for them to earn money. Huge figures they see earned by other individuals create certain hunger that they can also do the same that's why usually they do crazy decision since what they always think they can hit bigger gains if they keep waiting for those opportunities to come. This is how the danger start and with if they caught up with bad luck then they totally got wrecked with unforeseen circumstances that they didn't expect to happen.

People who want to trades should gather information that can help them and also they should do better approach and also do good assessment on each situation so that they would get an idea on when to sell and when to buy. Technical and other fundamentals is important since without having a knowledge on this aspect will provably make those traders get huge chance to lose their money on bad trades.

liasbaa

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The level of greed depends on the financial ability. If you are relatively financially solvent properly, the level of greed may be lower. However relatively there should be adjustment between your ability and trading.

SquirrelJulietGarden

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Quote from: ethereumhunter on September 28, 2024, 08:29:30 PM

If that is related to greed will not gives you a good result. You will suffer with your greed and hard to achieve anything you want. In trading, you need to manage your greed so you will have a chance to make a profit because the situation in the market can change anytime so you need to adapt with the current situation and know when you must take profit. It will not be a problem if the market show the sign to go up but we still don't know if that is real sign to go up or that is just a trick to give a big dump. That is often happen to the market so you need to be careful and if you lose control over your greed, your profit will be gone and make you regret of your decision.

If it is only words to say, people will not believe it, we need to have proofs and results of fear and greed.

Firstly lets check two things, one is from Warren Buffet and one chart on market psychology cycle.

Warren Buffett: Be fearful when others are greedy; and be greedy when others are fearful"
The psychology of market cycles

See how people in Bitcoin market did in the past, when they were fearful, greedy and results that are reflected on Bitcoin price chart.
Bitcoin fear and greed index. Green is greed, red is fear; and most of people bought when color is green and sold their bitcoin when color is red. They were greedy when market has high risk of top and were fearful when market is bottoming.

If you can do oppositely, you will get profit.

ethereumhunter

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Quote from: bitzizzix on September 27, 2024, 10:21:18 PM

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.

If that is related to greed will not gives you a good result. You will suffer with your greed and hard to achieve anything you want. In trading, you need to manage your greed so you will have a chance to make a profit because the situation in the market can change anytime so you need to adapt with the current situation and know when you must take profit. It will not be a problem if the market show the sign to go up but we still don't know if that is real sign to go up or that is just a trick to give a big dump. That is often happen to the market so you need to be careful and if you lose control over your greed, your profit will be gone and make you regret of your decision.

Quote from: zuzie on September 28, 2024, 07:19:13 PM

Of course my friend, and with a clear mind, all the actions we will do, we must have thought carefully first, it is undeniable that every person who trades sometimes has a greedy attitude in achieving goals that must appear suddenly, but if that happens, then as traders we must be able to control this greed well and in a controlled manner so that our trading efforts are not in vain and trigger big losses instead of wanting to have big profits but instead we will receive business losses later.

Having a clear mind will make us know what we must do in the current situation so we can adapt ourselves better and we can also see a chance to take profit. Greed will always show up when we already see a small profit and the market is green so if we don't have a clue where the market will moves in the next minutes or hours, we should take the profit and monitor the market. Maybe we can enter to market after take the profit so we will have more chances to make more profit.

zuzie

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Quote from: ethereumhunter on September 27, 2024, 09:56:29 PM

Quote from: zuzie on September 27, 2024, 09:04:11 PM

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.

Of course my friend, and with a clear mind, all the actions we will do, we must have thought carefully first, it is undeniable that every person who trades sometimes has a greedy attitude in achieving goals that must appear suddenly, but if that happens, then as traders we must be able to control this greed well and in a controlled manner so that our trading efforts are not in vain and trigger big losses instead of wanting to have big profits but instead we will receive business losses later.

Stable090

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Quote from: bigmanik on September 26, 2024, 10:56:06 PM

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.

Quote from: bigmanik on September 26, 2024, 10:56:06 PM

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.

Antotena

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Quote from: bigmanik on September 26, 2024, 10:56:06 PM

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.

crwth

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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.

uswa56

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Quote from: yudi09 on September 28, 2024, 11:20:20 AM

Quote from: sosruko on September 28, 2024, 12:33:02 AM

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.

yudi09

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Quote from: sosruko on September 28, 2024, 12:33:02 AM

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.

sosruko

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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.

shinratensei_

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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 Grin

.
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 Grin

.
this can definitely be mitigated if you already set your target and stop loss.

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Quote from: ethereumhunter on September 27, 2024, 09:56:29 PM

Quote from: zuzie on September 27, 2024, 09:04:11 PM

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.

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Quote from: zuzie on September 27, 2024, 09:04:11 PM

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.

zuzie

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Quote from: bigmanik on September 26, 2024, 10:56:06 PM

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.

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Quote from: Oshosondy on September 27, 2024, 08:43:33 AM

Quote from: mirakal on September 27, 2024, 06:18:14 AM

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!

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Quote from: bigmanik on September 26, 2024, 10:56:06 PM

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.

Topic: Greed when trading - page 7. (Read 1889 times)