How to deal with greed whilst trading? - page 4.

idham29

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Quote from: Xenrise on April 24, 2019, 09:11:48 AM

Trading is really fun especially when you are harvesting good profits. But it could be devastating as it is when you are being swallowed by your own greed. To deal with this kind of emotion I tried trading with care. When I lose -20% of profit, cut-loss to minimize the loss. Or whenever you open up for big positions, TP out immediately, let's say 20% profit or so.

When trading, emotional instability occurs when prices rise sharply or fall rapidly. That's because you want to sell to get a big profit if the price goes up, or you want to stop the loss if the price drops. Here there is a logical conflict with emotions.
Unstable conditions can damage the conducive atmosphere which makes the brain work not concentrated, the impact of the policies taken can be damaging. Execution must be done quickly, no need to wait for big profits, because the crypto price can go down quickly so that the profits in front of the eyes can be lost.

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Quote from: rijaljun on May 07, 2019, 12:19:43 AM

You don't need to deal with it or to find a way to avoid it. If you can learn how to trade, then keep learning. I do believe with the more experience you got from trading and your greed, you will know how to deal with it automatically.

of course we must be able to find ways to avoid that greed. greed is a human nature that does not think of anything and is more selfish. if the person is experienced in trading but its nature is not then it is useless. so you must be able to control your nature before trading.

rijaljun

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You don't need to deal with it or to find a way to avoid it. If you can learn how to trade, then keep learning. I do believe with the more experience you got from trading and your greed, you will know how to deal with it automatically.

maxreish

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A trader whether he is a new or an expert trader usually suffering from this natural feeling-Greed. We have to remember that the crypto market is so volatile and that the greed is unhealthy when we are doing some trades. The market shows no pity to the greed traders. If you want to become a successful trader, you have to overcome this kind of obstacle. Self control is the main key.

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Quote from: bitgolden on April 24, 2019, 03:15:54 PM

Quote from: thegoatiest on April 14, 2019, 09:08:54 PM

How do you deal with this particular emotion in trading?
I'm trying to be as mindful as possible - but i get really excited.. and start getting reckless.

I think I need to read some more books on trading psychology.

There’s no treatment that you need, you just have to remind yourself that you don’t really have to be greedy. Whenever you’re trading just have it in your mind that you’re not meant to be greedy whenever you’re trading . That’s the best thing you can do.

Or maybe you should try to have a target that doesn’t seem greedy and work on that particular target, and once you accomplish your target, don’t go ahead to seek for more, just be content with what you have accomplished for that day. Maybe that way you will be able to fight off greediness.

Right. Set a target plan that will aid you in trading. When your target price has been reached, sell some of your coins so that you can still make profits. Do not be too greedy on making profits because you might not notice you have been neglecting all the possible chances that will make you sucessful in trading. Just be contented of what you have right now and value all of them because not everyone here have given the chances to experience the profits you have right now.

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Quote from: thegoatiest on April 14, 2019, 09:08:54 PM

How do you deal with this particular emotion in trading?
I'm trying to be as mindful as possible - but i get really excited.. and start getting reckless.

I think I need to read some more books on trading psychology.

There’s no treatment that you need, you just have to remind yourself that you don’t really have to be greedy. Whenever you’re trading just have it in your mind that you’re not meant to be greedy whenever you’re trading . That’s the best thing you can do.

Or maybe you should try to have a target that doesn’t seem greedy and work on that particular target, and once you accomplish your target, don’t go ahead to seek for more, just be content with what you have accomplished for that day. Maybe that way you will be able to fight off greediness.

Golftech

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Quote from: Xenrise on April 24, 2019, 09:11:48 AM

Trading is really fun especially when you are harvesting good profits. But it could be devastating as it is when you are being swallowed by your own greed. To deal with this kind of emotion I tried trading with care. When I lose -20% of profit, cut-loss to minimize the loss. Or whenever you open up for big positions, TP out immediately, let's say 20% profit or so.

Good projections and anticipations, if you know how to use system that will generate good edge to your trading practice you will be performing a kind of trades with emotionless practice, its fun if you are willing to take chances and if you have good mindsets to overcome greed and fear of losing, you have to
be more selective and you have to set your goals and never to exceed with it.

jonaire99

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Emotion is one of the worst enemy of every trader especially to those who are starting to trade. You can't easily get rid of your emotion during trading but you can learn how to set aside it as you progress in learning the art of trading. New traders should instead focus on learning different kinds of trading tools and indicators and use only small fund in trading for practise trading. Emotion usually runs high when a newbie start trading so it is better start small and learn how to control your emotion at the same time.

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Quote from: Xenrise on April 24, 2019, 09:11:48 AM

Trading is really fun especially when you are harvesting good profits. But it could be devastating as it is when you are being swallowed by your own greed. To deal with this kind of emotion I tried trading with care. When I lose -20% of profit, cut-loss to minimize the loss. Or whenever you open up for big positions, TP out immediately, let's say 20% profit or so.

I understand your strategy and I am also using this strategy when it is very effective because greed is always known to everyone is a very difficult thing to control, and blocking as soon as it appears is impossible, so the strategy here is to prepare and be ready to handle all problems before the greed explode. It means that we will always establish profits and manage losses, work according to the data we have established, rules and discipline will limit greed but I think -20% is too high to cut loss, put 3%-5%

Xenrise

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Trading is really fun especially when you are harvesting good profits. But it could be devastating as it is when you are being swallowed by your own greed. To deal with this kind of emotion I tried trading with care. When I lose -20% of profit, cut-loss to minimize the loss. Or whenever you open up for big positions, TP out immediately, let's say 20% profit or so.

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It has to do with one having full control over ones emotions.
Programming ones mindset to take profit whenever you see it no matter how little.

harizen

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Quote from: thegoatiest on April 14, 2019, 09:08:54 PM

~snipped~

Faced it. You can't control your emotion if you are not to used to it.

Afraid of mistakes and being busted if you follow your emotion? That's why you need to build experienced. Eventhough people will say to you that "you need to control your emotions" , it's human nature therefore it can't be avoided.

Believed me, while you progress and working your way up, you will now able to learn how to deal with your greed unless you are building your experienced in the wrong way.

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Quote from: thegoatiest on April 14, 2019, 09:08:54 PM

Hello!

I'm doing alright trading, learning.
However - I spotted myself being very greedy earlier. I wanted a bigger position as I was confident of the direction of the market..
So I entered in at a lower spot, with a higher position - lowering my entry quite significantly.
I've actually done this twice in two days.

How do you deal with this particular emotion in trading?
I'm trying to be as mindful as possible - but i get really excited.. and start getting reckless.

I think I need to read some more books on trading psychology.
TG

yes it will definitely be the difficult side to face the greedy for every trader and it need to be true by everyone who are in this field and following the procedure is not important you need to be more careful in all the situation with alert it is enough for everyone to get successful at the end.

Whosdaddy

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Quote from: adzino on April 19, 2019, 12:58:34 PM

Self control is what you need. You need to learn how to control yourself and have to strictly organize your finance. You will have to keep track of yourself and your money. Make sure you are never exceeding the line. The best thing to do is keep tabs on your finance through a spreadsheet. Set your daily limit/goals of profit or loss. Once you reach this limit stop and don't continue for that day.

Nice one man, you just made a really good point on this. You should always have goals and whenever he has accomplished those goals, he shouldn’t go ahead I looking for more. That’s the best way you he can be able to get over being greedy. Though there’s something else, he should also have it in mind that there’s risk, and profit doesn’t come at all times, there are times he might lose and there are times profit come. Whichever it is that happens, he shouldn’t let greed to get over him and try to make decisions based on greediness… he should avoid that seriously.

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Quote from: leowonderful on April 21, 2019, 08:19:23 PM

Set targets for every entry you make and exit when you hit you hit your target(s). You're much more likely to be a greedy trader if you don't set plans for yourself and follow them. Also, try to remember even small gains will add up over time and not every trade has to generate you massive profits.

You should ideally also not be using more than 10x leverage on a site like Bitmex. You never want to be liquidated, and you can always set a tight stoploss with a position to prevent excessive losses. Also keep in mind if you're trading on a site like Bitmex you get a rebate on fees if your orders are in the books instead of a market order. Fees can get pretty expensive with larger positions, and you should always try to prevent fees whenever possible. They stack up over time.

setting targets for entry and exit is the most effective strategy to avoid greediness when you are trading. Having discipline for yourself also count as a good way to control yourself from holding your entry even though it already hits your exit price. Just keep doing that and you will be fine and you will create a lot of profit without being greedy.

bamboylee

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Quote from: thegoatiest on April 14, 2019, 09:08:54 PM

How do you deal with this particular emotion in trading?
I'm trying to be as mindful as possible - but i get really excited.. and start getting reckless.

It seems that you are new to trading that is why you are still making those types of mistakes. There is no short cut in doing this. There is no way you can totally remove it but you can lessen the occurrence of it.

There is no replacement for practice and experience. You just need to trade more and learn from all your mistakes. Eventually, you will get more objective on your trades and you will separate greed and emotions from it. The more experience you have the better you get.

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Greed is the main enemy of traders, many think that they will get greedy when they get profit but sometimes when we lose we can remain greedy because we feel we have to return what has been lost, so when trading we need to make a goal what percentage of the targets for profit, and how many percent that we can bear when we lose, without a target or our goal will be very greedy.

leowonderful

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Set targets for every entry you make and exit when you hit you hit your target(s). You're much more likely to be a greedy trader if you don't set plans for yourself and follow them. Also, try to remember even small gains will add up over time and not every trade has to generate you massive profits.

You should ideally also not be using more than 10x leverage on a site like Bitmex. You never want to be liquidated, and you can always set a tight stoploss with a position to prevent excessive losses. Also keep in mind if you're trading on a site like Bitmex you get a rebate on fees if your orders are in the books instead of a market order. Fees can get pretty expensive with larger positions, and you should always try to prevent fees whenever possible. They stack up over time.

BigTeeths

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In my personal experience, it's hard to manage your greed when it's a bull market. Because in a bear , you won't get influenced by greed because you don't get money a lot and greed is where you want to have more after you get something which is not possible in a market that does not do good. The best thing to do to deal with it is better to experience your mistakes to not do it again or the other one which is sell 70% - 80% as always like it's your trading rule.

Finestream

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Quote from: futile-resistance on April 21, 2019, 02:16:36 PM

Quote from: emmybd on April 15, 2019, 09:35:23 PM

We hunan beings are greedy in general. We are not content with small gains, so we want to earn more. Most traders want to earn huge profits in a quick time, as a result they make mistakes.

Depends on how you define the greed. If you want to get your profits maximized under a set plan and strategy by speculating in Bitcoin and holding on till the all price high, that is not greed. People hodl for years to be able to claim big profits in crypto. From a gambling perspective, greed is trying to win another game to make more after you win one and since there is uncertainty in the gambling, tying to win every consecutive game is greed and is a curse in gambling.

Greed is what makes a person end up as a failure.We have nothing to do with this but only self management.We are born naturally being greedy and if we let this greed managed our whole life as a trader,we will surely make huge losses in the end.So learn to control our emotions because our main concern here is to make profits and not just emotional satiscfaction.

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