How to deal with greed whilst trading? - page 8.

omonuyak

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Quote from: thegoatiest on April 14, 2019, 10:08:54 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

Why people trade and invest in cryptocurrencies through panicking is because they don't have deep knowledge on how the cryptocurrencies market. Knowledge is the keys to successful trading and it what can keep you patience with your holding especially when it is going against you.

1Referee

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Quote from: izanagi narukami on April 15, 2019, 08:43:10 AM

Personally I prefer to trade crypto for long term because of it's volatile value.
Of course I'm also want to achieve high profit but I do not want to loss either

You are basically referring to buy low sell high, right? It depends on the trend and your time horizon for it to be profitable.

If you bought into the market above the $10,000 level in 2018 thinking it offers a good longer term investment opportunity, you might be up for an unpleasant surprise. Time in this case will not help you, and the only thing that you are left with is your will to hold. There aren't that many people here capable of holding through a bear market for such a long period of time.

Based on the trend, it makes more sense to be a bit more flexible with your trades and consider shorting one or more crypto currencies (chances are that you're too late with that already). It would have made you a whole lot more than holding through a bear market, which essentially is you losing out on a precious opportunity to make more Bitcoin.

christian07

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In trading you need to predict the crypto market like pick btc and some alts with potential to grow of course so this is basic knowledge about how to do investment here

Then to deal with it better to study this very well because of high risk so there's no assurance in this so don't rely your income in this and always make your own move still you can read different ideas by many users here so try to combine that in your own strategy or if that's more good than your strategy then use that,Moreover do invest little by little until you learn how trading here really works so control yourself like don't be greedy

izanagi narukami

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A Greed is always being apart on human no matter what do you do especially on trading/gambling when they want to achieve profit as much as possible.

Personally I prefer to trade crypto for long term because of it's volatile value.
Of course I'm also want to achieve high profit but I do not want to loss either

BitBustah

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You need to distance yourself from your emotions. There is a reason these bubbles all play out the same, humans are driven by fear and greed. You need to train with the emotion of a robot but with the insight of a human if you want to succeed.

N0sferatu

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[insert coin to continue]

This has nothing to do with trading but your own mental state.

There is a reason why you get greedy / emotional in such situations. Ask yourself: Why?

1. Are you doing this for a living? - if not, no need to panic at any point.
2. Are you trading with all of your assets? - if yes, change that! Trading smaller portions of your portfolio will make you feel more comfortable.
3. Are you in desperate need of additional money? - if yes, trading assets is not the right place to be. If not, no need to be emotional.
4. ....

Try to get yourself to a better starting position before you start trading

Haunebu

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Everyone experiences this regularly in the world of trading since no one is immune to greed, but it is possible to minimize to a large extent in different ways.

One of the best ways to minimize it is to not trade too often and just buy and HODL for the long term which is my preferred way to trade.

Crypto Girl

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Your response is still norm sine you've just been carried away by the market and initially don't experience big losses. Yet, not everytime is your lucky day and being greed is nothing but a traitor. And what have they mentioned above, it's only you can help you to control your greed or otherwise experience first how to loss everything and you realize that you've been impulsive and greedy in taking decisions.

You're new in this space so take it slow because it's a long and rough road. Wink

Bitinity

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Quote from: freedomgo on April 15, 2019, 03:26:55 AM

Only you can handle that greed because you are the one who are controlling yourself.
If you still cannot learn how to control yourself, then for sure you will loss more in the long run, better stop trading to minimize the losses.
This is an honest and straight forward comment, so try to evaluate yourself if you can still continue.

100% correct. No matter how many users suggest him about how to deal with greed or how to avoid it while trading but it will always depend on himself.
Greed is something personal and human nature, he needs to learn how to control himself first as suggestion/opinion will be useless if he cant control himself

Quote from: thegoatiest on April 14, 2019, 10:08:54 PM

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

Reading wont help you a lot, practice is the key. Practice yourself in controlling your emotion, sticking in a target of your profit. Sell all what you bought once it reach the target then leave for a while to enjoy the profit.

joeperry

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It's normal reaction for traders but once you've got a lot of experience you will control yourself including your emotions and in my personal strategy in order not to be reckless and be greedy I tried to set a goal for example 3%-5% of my investment and i will sell it automatically through stop-loss limit so I wouldn't need to look at the market to be tempted by a bullish swing.

I'm doing a day trading by the way and so I don't need a huge amount of wins and so I should be satisfied and secure any amount of profit.

Mpamaegbu

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Greed happens to the best of us. It's a known problem among traders. An easy way out is to always remind oneself that there will always be another day to take off money off the table. Take the little you can each trading day by setting a reasonable TP on every trade you take. Don't try to be rich on a single trade. That should solve that itch.

freedomgo

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Only you can handle that greed because you are the one who are controlling yourself.
If you still cannot learn how to control yourself, then for sure you will loss more in the long run, better stop trading to minimize the losses.
This is an honest and straight forward comment, so try to evaluate yourself if you can still continue.

traderethereum

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That is normal to see ourselves become greedy in the market especially if we see the price turns back to the higher price. So far, I am trying to control myself not to become greedy, and I understand how hard things to do. But there is no choice for you to keep practice to control yourself and only take the profit when the price is reached for example 10%, or more so you don't have to become greedy because you want more profit.
Decide how much profit you want to take and stick with your decision because you need to work hard to practice and you need a big effort to control your greediness.

Thanasis

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Quote from: thegoatiest on April 14, 2019, 10:08:54 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

Keep your profit margin as low as possible and keep trading more often to increase profits which is pretty much safer than looking for big profit at one shot.You realized that you are too greedy while trading so which is enough to change yourself from that habit just use the emotions of others to make profits.

gabmen

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Quote from: thegoatiest on April 14, 2019, 10:08:54 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

Lol. Everyone experiences that every now and then dude. Even experienced traders sometimes can't get a hold of that emotion. But for starters, have a good plan to follow. If you can make it detailed then better. And then try your best to follow your positions in that plan regardless of how the market moved.

Lakai01

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The ability to control your emotions differs a good from an exceptional good trader, that is very hard to do and needs a lot of experience.

Try to plan your trades before you place them:
- whats your entry point
- whats your stopp loss
- whats your take profit point

And dont change those values as soon as you placed your order.

Vitalicus

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Quote from: Ailmand on April 14, 2019, 10:14:00 PM

Quote from: thegoatiest on April 14, 2019, 10:08:54 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

I know it is difficult not to be emotional when trading. But, if you have already experienced being too confident, greedy or emotional and lost money because of it, then that should've already taught you a lesson. Never be to confident with TA since the market can move sideways any time. Take note that even experienced traders' TA often fail and they aslo incurr losses. Just take all the profit you can and don't be too greedy.

We all face specific risks and psychological control is always a top priority for many traders. In my opinion, you should set a goal to sell before you buy and never wait for the price to increase to sell because this will make you become more greedy. Maybe everyone is worried about trading but I believe that keeping calm is the best key to reaching a trader 's success.

Ailmand

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Quote from: thegoatiest on April 14, 2019, 10:08:54 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

I know it is difficult not to be emotional when trading. But, if you have already experienced being too confident, greedy or emotional and lost money because of it, then that should've already taught you a lesson. Never be to confident with TA since the market can move sideways any time. Take note that even experienced traders' TA often fail and they aslo incurr losses. Just take all the profit you can and don't be too greedy.

thegoatiest

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Activity: 200

Merit: 12

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

Topic: How to deal with greed whilst trading? - page 8. (Read 980 times)