Greed kills your trade
Trading is a very difficult thing, and it does not work well for everyone. Sometimes we will see the profits in front of our eyes, but unfortunately, we might miss it because of greed. I recently had a similar situation where I bought some Hive when the price was close to 21 cents. I saw the price reaching 23 cents, but I was greedy, thinking that the price would touch 25 cents, and I was waiting. I saw a decent profit right in front of my eyes. But I wanted to wait and book a bigger profit.
Unfortunately, the price dropped and the price is now around 20 cents now, which is even lower than the buy price. This is where greed made me miss a golden swing trading opportunity. If I had sold my Hive when the price was around 23 cents, I could have purchased Hive back at the current market price, which would have given me a decent profit. When we start trading, we usually set our minds to smaller profits and get started. But gradually, when we see a decent profit, we want to push hard and wait for more. This is where the mistake happens, where we end up missing a great opportunity.
For some people who are doing the trading professionally, this may not happen because they might have a stop loss in mind. For example, if the price reached 23 cents and if it happens to go below 22.5 cents, then they might book the profits. We should always think that it is very unlikely for the price to go above 23 cents in that case. This way, we will have a stop loss that will trigger and book our profits. If we leave a loose end and wait for it to go further up, it can suddenly drop down below 21 cents, which is the buy price, and ultimately give no profit at all, and sometimes a loss too.
I know it is easier said than done. But some people automate this strategy and try to book decent profits. By automating this trading strategy, it is a good thing because it will not trigger our greed but instead things will go systematically. In my opinion, I have to overcome this slight greed and be open to accepting smaller profits. If I had done that, I would now have another opportunity to buy again and wait for it to go high again to sell.
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Posted Using INLEO
I've learned not to be greedy from past experiences and I am simply balancing my yields between more volatile assets and stablecoins. I still realize that I have a bit higher expectations for some of my assets, but that's simply because I believe in their value and market has proven their value. I guess patience is what we need now and I feel I have enough of that. ;)
You're right. I've also fall victim of this greed and learned the hard way.
Thanks for sharing.
I can totally relate to this because it has happened to me, sometimes we just pray and hope for higher yield and end up getting something less
I can totally relate to this. Greed really does mess up trading decisions sometimes. Setting clear profit targets is so important, otherwise emotions take over and ruin the plan.
This is not only applicable to hive but also our daily lives
Biting more one can afford to chew ultimately calls for looming disaster.
Trading is as much about discipline and mindset as it is about strategy. Managing greed and setting clear stop-losses can turn volatile markets into consistent opportunities.
This is absolutely true. I tell you in every post that there is profit in the crypto market, but achieving it is the most difficult task, and those who cannot do this should never enter this market, they will always remain in loss.
Trading in general is an Anti-greed game.... It is important to stay less greedy to the market. Although it is easier say than done, discipline is the key...
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It is important to set the target before getting into any trade. Once you reach the expectation just execute rather than fooled bybthe greed factor
that is the reason I stopped trading for now, as I had mentioned I blew up my profit on XRP on forex because of this greed factor.
I hope the price will get back up so that you can get the profit.
Generally greed kills in life and that is why we must be careful of it
Greed really is the enemy of trading. Setting clear targets and sticking to them is so important. Waiting for higher profits often backfires and can turn a winning trade into a loss. It happened to me with Leo tokens receny
Some people always want to wait. They want to wait till the token gets to a particular price but it doesn’t get there and they lose it all or go lesser than the price they bought it
It’s truly good to take profit
You see this greed?
That is one of my problems 😂. But I think my bigger one is fear. But still, I am trying to change right now.
I am waiting for hive to become bullish and everyday it drops I slap myself but I still leave it, I believe when I am done it would make a huge difference in my behavior before I even dive fully into trading.
Few days ago when it was 22 cents I know how hard it was for me not to pull everything out.
What makes many people lose out in crypto trading is the greed they have, that's why the greed index is more higher in trading.
Greed is the biggest enemy in trading because it is much wiser to secure small profits than to risk large losses. That is exactly how I trade.