Topic: When Greed Comes First in Trading, the Result is Bankruptcy - page 5. (Read 729 times)

its definitely hard to control our greed since most of the time, we are overwhelm with emotions and so we let it carried what is on our mind. But if you trade with full of greed as your motivation, expect that you will find it hard to trade successfully. Maybe don't be too emotional when you trade so you can focus on your strategies and attain your goal, because if you cannot control your greed in the first place, i guess even if you have been trading for years, it will definitely won't work on you.

Well, its definitely hard to control our greed since most of the time, we are overwhelm with emotions and so we let it carried what is on our mind. But if you trade with full of greed as your motivation, expect that you will find it hard to trade successfully. Maybe don't be too emotional when you trade so you can focus on your strategies and attain your goal, because if you cannot control your greed in the first place, i guess even if you have been trading for years, it will definitely won't work on you.

Not only because of greedy that sent people into losing or bankruptcy, but it was also because they are too impatient and so aggressive which they can never think quite good but always in a hurry.

I can't figure out if I have in that situation. Maybe I was not greedy but somewhat impatient until I realize that it was wrong and I change it. Our experience is always a lesson to learn and that experiencing failure means a lot for our development and self-discovery. That is why I don't make any regrets when I lose but I use this to become knowledgeable and to be wise in making decisions.

Leverage is definitely one of the main reasons why people go bankrupt over crypto. I have seen way too many people who get a loan from a bank and use that to do leverage trading and end up losing all they have. This could sound very silly and idiotic to you but unfortunately there are still people who do this type of thing. I do not know why they do it, and how they recover from it but I have even seen people who commit suicide because of the financial situation they put themselves in.

Many people who enter the world of crypto trading start with their greed because they see people who have had great success through crypto trading.
greed makes them rush to jump in and start trading without exploring it first. and they lose because of their greed.

Are you one of those who have experienced it?

me: yes

early in my career I went bankrupt because of greed. But in the end it taught me a lesson to be able to control myself from greed and to prioritize common sense.

While I can easily understand that greed can get you into the world of crypto, it can easily be seen as easy money (although it's usually incorrect), I don't understand how can one become "bankrupt" from this.

I mean that this would also mean a huge degree of irresponsibility. One has to know that he cannot just put all his money into one investment without doing some research. Then, in order to be at such a great loss, one has to also sell his assets when the price is low. While newbie trader wannabes can easily FOMO buy (buy high) and panic sell (sell low), this should be not done repeatedly (one should understand that he's done wrong and start learning) and with small funds (funds one can afford to lose). Otherwise it's not trading, it's gambling.

On the other hand, if you bought high and didn't sell yet, you have lost nothing. Of course, this means that you may recover your loses or lose more, depending on how the price evolves and the moment you sell.

---
Since you asked, I'll also tell that while I was newbie too, I've also done may fair share of trading without being completely aware of what I'm doing. What I've lost was mainly my time, since I was smart enough to do that with rather small funds. I've got good trades, I've got bad trades, the overall balance was positive, but the wasted time was big, especially because after the learning - small funds period I didn't go forward to actual trading-as-a-business, instead I understood it's not for me and I've dropped it.

You can see it as a criticism (irresponsible, wasted more money you could afford), or you can see it as something you can learn from. Your choice.
Good luck and keep in mind that trading is not for everybody. Heck, even HODLing is not for everybody.

Greed is never been recommended or something you should really take in control whether you are doing investments or doing gambling because this would really result into disaster if you do really let

yourself get dragged along with greediness inside you specially when you are aiming on making profits in short term.You would really be that impulsive when it comes to that
which would result into bad decisions.

Be sensible on your actions and be aware on what you are doing.Dont rush up things and taking that slowly but surely kind of path.

greed makes them rush to jump in and start trading without exploring it first. and they lose because of their greed.

early in my career I went bankrupt because of greed. But in the end it taught me a lesson to be able to control myself from greed and to prioritize common sense.

It's no secret that greed is the cause of human destruction...

I see 99% of people who go bankrupt in terms of gambling, trading or investment are the result of their own greed, learning to manage greed from an early age is a good thing that everyone must do so they don't regret it later.

Bankrupt as in all your life savings included? If you use all your money for the things that you know there's a high risk involve, that is not greediness but rather foolishness since you didn't do risk management. There's a time that you need a greed to have a huge profit but you should allocate only a certain amount of money by doing that. Foolishness is when you all-in without thinking the possible repercussions of your action.

Greed is sort of psychology types and it has effect on your emotion then actions when you trade or invest. Consequently your initial plan will be broken because of uncontrolled psychology or emotion.

However, most of times, when you are greed, you make bad decisions which in turn will put your position under margin call, liquidation, etc.

The hilarious fact is people are greed when they are poor and they use leverages when they want to get rich. However, this approach only makes them poorer.

My advice is oppositely: If you are not rich, don't use leverage!

Because when you are poor, you will go to bet with high leverage and don't have enough collateral in order to keep your position safely to face with liquidation, margin calls.

One way would be to put all the money he borrowed in an investment fund that guarantees 25% profit in 24h. But since the OP is referring to trading probably leverage is the only culprit, you think a coin would go to the moon because of random dudes on Twitter or pump groups on telegram and then you're left with everyone mooning you and penniless.

Of course, it would have been far easier if OP would have actually explained how he/she/they went bankrupt, but...I smell a merit fishing scheme than some financial advice, especially based on past history.
I'm also curious about this "bankruptcy", and I'm wondering if he even knows what that is.

Many people who enter the world of crypto trading start with their greed because they see people who have had great success through crypto trading.
greed makes them rush to jump in and start trading without exploring it first. and they lose because of their greed.

Are you one of those who have experienced it?

me: yes

early in my career I went bankrupt because of greed. But in the end it taught me a lesson to be able to control myself from greed and to prioritize common sense.

thanks for reading.
please input criticism or suggestions.

Many people who enter the world of crypto trading start with their greed because they see people who have had great success through crypto trading.
greed makes them rush to jump in and start trading without exploring it first. and they lose because of their greed.

Are you one of those who have experienced it?

me: yes

early in my career I went bankrupt because of greed. But in the end it taught me a lesson to be able to control myself from greed and to prioritize common sense.

thanks for reading.
please input criticism or suggestions.

While I can easily understand that greed can get you into the world of crypto, it can easily be seen as easy money (although it's usually incorrect), I don't understand how can one become "bankrupt" from this.

When I bought at a high price and the price after I bought it turned out to be down drastically.
Because I didn't know the market situation and conditions, I panicked and was in a hurry to resell the coins I had bought at a high price. and in the end I lost.

I don't see the main point of bankruptcy is greed which I think there are too many factors to consider when you experience a massive loss in trading. 
~
If you don't have those skills and knowledge, it seems you're dreaming about how to fly without wings.