Don't get greedy, Just take the already earned profit and leave.

[Dr.Bitcoin_Strange]

I started rehearsing my trading skills and strategy again on my favorite derivatives trading exchange, which is Digifinex. Although I am not yet trading with real money, I am still on the demo account, which usually offers a demo balance of $1000. Honestly, since I started practicing again, I have blown the demo balance more than three times now. First, when I started, I increased the balance from $1000 to $1500+ just in a day. I should have just rested for that day after making such a profit, but I got greedy (that's what it is) and decided to keep trading if I could increase the balance up to $2k, but my last trade blew the account.

It happened again the second time and again the third time, and I just kept blowing those accounts after making enough profit that I should have just taken a break every day and continued the next day.

You guys might be thinking that this is just a demo, so why worry? And my reply is that there is a need to worry because you can actually use the demo account to learn how to master and control your emotions and how to listen to your inner voice when it speaks to you to stop. You will also learn how not to get greedy, but you can achieve those characters if you actually handle your demo balance as if it's already your main balance (your real money).

Conclusion: I feel that greed is one problem in trading that can actually lead to unexpected losses. My advice is that, as a trader, always take that profit you have made. If, for example, you entered a position and it's really going in your direction, if you have seen a +$100-$500 profit, it's better to take it first.

[MrSpasybo]

I feel that greed is one problem in trading that can actually lead to unexpected losses. My advice is that, as a trader, always take that profit you have made.

Perhaps all traders are and will continue to have/test/retest unpleasant emotions and experiences like this. Traders all know that before learning how to make a lot of money, we must learn how to protect capital and protect profits. Although greed makes us expect the best and continue to hold positions, we need to control risk well to protect our hard-earned profits. Stop-loss and Take-Profit will help traders protect capital and profits effectively. Discipline will help us avoid many regrets.

Anyway, that's still just theory, depending on traders' expectations, the actions will be different. For example, when trader bought BTC from $20K and expected BTC to reach $150K by 2025, the decrease in BTC price from $49K to $42K is still not worth worrying about even though it blew away 17% of the profit 😅

[Captain Corporate]

I would say it depends on the amount we are talking about to be fair. If you are trading with 1000, and make it 1500, then maybe you could stop but I could understand not stopping neither, 500 dollars is not an amount that would mean anything to anyone, sure its good to have, I would be insanely happy if I had that much now, but that doesn't mean that you are going to end up with that much profit in the end, its not that clear. So when you get to do that, I would guess that it could maybe make sense for you to have some sort of different income possibilities. On the other hand, if you turn 1 million into 1.5 million, you should obviously stop lol.

[LUCKMCFLY]

As for my way of trading, it is very peculiar, it is simple, when I do it I establish what is my stop and what is my take profit, but since some exchanges do not have both things established at the same time, well, what I do It is to put a stop loss with a maximum of 8% loss, never 10%, and a take profit of 3xstop loss, in case the exchange is accepted I do both things like this, and I don't have any type of emotion, I just return at night and I check, if it touched my stop loss then I assume my loss and that's it, there is no problem, but if I win, well, because I have seen the trading in the correct way, the exchange that is ideal for me is BITFINEX, and I like it because the operations are entered with a stop loss and a take profit at the same time, this is something I like a lot, because that's the only way I can be calm, on the exchanges where you can't do that, basad that Bitifinex is very expensive to do anything, because I only keep an eye on the price and I move the stop loss, but it is something that is stressful because I have to be glued to the PC all the time.

[famososMuertos]

...//:::

+1
In simple words (fish), stops are not set only for profits, in fact it is the same for losses, and it is something that must be taken advantage of according to the exchange, doing it manually is "sick".

In the case of OP, I think that "playmoney" is the result of how you would do it with real money, that's what it is for, and in fact it never stops being used, there are strategies that are tested out there before, even having experience, they use play money is not just something for beginners.

[Dr.Bitcoin_Strange]

As for my way of trading, it is very peculiar, it is simple, when I do it I establish what is my stop and what is my take profit, but since some exchanges do not have both things established at the same time, well, what I do It is to put a stop loss with a maximum of 8% loss, never 10%, and a take profit of 3xstop loss, in case the exchange is accepted I do both things like this, and I don't have any type of emotion, I just return at night and I check, if it touched my stop loss then I assume my loss and that's it, there is no problem, but if I win, well, because I have seen the trading in the correct way, the exchange that is ideal for me is BITFINEX, and I like it because the operations are entered with a stop loss and a take profit at the same time, this is something I like a lot, because that's the only way I can be calm, on the exchanges where you can't do that, basad that Bitifinex is very expensive to do anything, because I only keep an eye on the price and I move the stop loss, but it is something that is stressful because I have to be glued to the PC all the time.

Yes, I equally agree on setting the stop loss and take profit because it will help the trader exit the market without mixed emotions. If perhaps the trader was to cancel the trade manually by themselves, they might have mixed emotions, considering if they should stop the trade or wait a little longer, and at that moment they could actually take a decision that could result in a bigger loss or profit. The results might not be certain at that moment.

Digifinex, which I am using, has features that satisfy my needs; as a matter of fact, they also have stop-loss and take-profit. I think I will have to initiate the use, like your suggestion.

[debra]

I feel that greed is one problem in trading that can actually lead to unexpected losses. My advice is that, as a trader, always take that profit you have made. If, for example, you entered a position and it's really going in your direction, if you have seen a +$100-$500 profit, it's better to take it first.

Of course, greed always becomes the obstacle to succeed in trading. If we always feel greedy, we probably will end up with sever losses and missed the chance to gain good profits. I have experienced it several time, I failed to get good profits because I became too greedy. Sure, if we are in the right way to take profits around $100-$500, it is better to decide taking profits. There is no guarantee that we can get higher profits.

[sampoerna]

This may be considered ordinary advice and we are used to hearing this advice. This advice is really important for those of us who trade so that we don't get greedy when trading cryptocurrency. Because after all, if we are greedy, this will make us more likely to not make a profit or actually make a loss. and this may lead to certain regrets.

That's why it's true that we have to have an understanding so that we can set our trading target at a certain number and then decide to exit after getting a profit at that target. Don't let us be tempted by changes in the market so we quickly change our position without thinking about what the future holds. Actually, this is to reduce our risk of loss.

[DAMKAR]

~ if we are in the right way to take profits around $100-$500, it is better to decide taking profits. There is no guarantee that we can get higher profits.

You're right
If we already get $ 100-500, I think we should decide take profit.
Don't be greedy.
Trading is how about to manage our emotion.
I agree with you no guarantee that we will get higher profits.
And we know market is always movement, go up and down every time.
Keep focus.

[ZAINmalik75]

Conclusion: I feel that greed is one problem in trading that can actually lead to unexpected losses. My advice is that, as a trader, always take that profit you have made. If, for example, you entered a position and it's really going in your direction, if you have seen a +$100-$500 profit, it's better to take it first.

I agree with your point and faced this issue in my trading experience too. I also become greedy while making trades, I guess you must have taken break from trading for the same reason of not having control on your emotions I also have the same emotions and I can't control on them sometimes. I mostly made loses due to following signals of big influencers, and the big mistake I mostly did is become greedy or underestimating the signals those influencers have already have.

For example, if they said to book profits then we should book profit and should not wait further in order to make more profit, and I made such mistakes few times and faced a lot of loss. I learn this lesson now but still sometimes I make the same mistakes.

I suggest to those who are new, to book profit whenever they have the opportunity, but sometimes booking profit quickly in the fear of losing all also a become a big mistake, so we have to keep balance in them using knowledge.

[Hamza2424]

You are right, we should not become greedy over more or little money both. Because in your scenario you became greedy while you made $500 profit with $1000 only which in the first place is insane, and the human nature is already very greedy, because if you become greedy with the thought to make $500 more to make it $2000 then even after achieving this target. Your nature, our nature, will make us to trade more with the target of $500 more and this never stops until we make regretful choices.

Besides this, we also be called as greedy if we book profit which was not that much, like we make $100 profit which for me is a good profit, but considering the state of the market, if it can make me $1000 profit while I am booking it at $100 then it also called as greed. Because I greed for $100 while I should have known that I can make $1000 profit, if I would have done the analysis right way.

[famososMuertos]

...//,,,, like we make $100 profit which for me is a good profit, but considering the state of the market, if it can make me $1000 profit while I am booking it at $100 then it also called as greed. Because I greed for $100 while I should have known that I can make $1000 profit, if I would have done the analysis right way.

It's not about being greedy, it's about being clear about the percentages. You say that $100 is a good profit, it depends on the percentage of profit in reference to the initial investment:

ROI = [(income – investment) / investment ] x 100

That is, it is a 10% profit. (in an investment of $1000)

So, if your profit margin is 15%, being greedy is not your plan (vice versa).

[KingsDen]

Apart from greed and whatever that is involved, I also think that there is a great difference between trading with demo account and real life trading. The emotions is different. While on the demo account, you are so sure that your money is not varnishing. Maybe you will be a little bit reckless, while you have to be careful trading with your real money. That's why it most times seems that there's a big difference between a demo account and a real account.

[jeraldskie11]

I started rehearsing my trading skills and strategy again on my favorite derivatives trading exchange, which is Digifinex. Although I am not yet trading with real money, I am still on the demo account, which usually offers a demo balance of $1000. Honestly, since I started practicing again, I have blown the demo balance more than three times now. First, when I started, I increased the balance from $1000 to $1500+ just in a day. I should have just rested for that day after making such a profit, but I got greedy (that's what it is) and decided to keep trading if I could increase the balance up to $2k, but my last trade blew the account.

It happened again the second time and again the third time, and I just kept blowing those accounts after making enough profit that I should have just taken a break every day and continued the next day.

You guys might be thinking that this is just a demo, so why worry? And my reply is that there is a need to worry because you can actually use the demo account to learn how to master and control your emotions and how to listen to your inner voice when it speaks to you to stop. You will also learn how not to get greedy, but you can achieve those characters if you actually handle your demo balance as if it's already your main balance (your real money).

Conclusion: I feel that greed is one problem in trading that can actually lead to unexpected losses. My advice is that, as a trader, always take that profit you have made. If, for example, you entered a position and it's really going in your direction, if you have seen a +$100-$500 profit, it's better to take it first.

We have to consider how many trades did you take to profit 300%, this is the way to determine if you just made it with luck or skill. If you only trade with just 3 to 5 trades and made 300% you're probably relying on luck but if you have taken 10 or more trades to get 300% this means that your trading plan is working.

The way you trade on a demo account vs a live account is different because there is no emotion involved in demo account that's why you can execute well in the market unlike with live account which really affects your execution.

[armanda90]

Have been human nature with greedy exactly their trading position earn much profitable, but I have bad experienced with greedy make me loss all much profitable with altcoin holding. Must take the already profitable earn or if believing with coin get potential raise more higher price take profit around 50% of assets and left amount hold it.
Actually I won't make the same mistake any more after many coins losses much profitable with greedy and not take profit as soon possible when getting chance.
Get limitation amount for taking profit in trading or investing, if some one get greedy will blame for taking profit until their disappointed one day later after price returning down.