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

[Penlex_Writer]

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.

i agree with you,you need to take any profit made,as you said greed is a bad habit that generate losses,in trading you must keep greed aside for you to have your chances of earning.

[Dr.Bitcoin_Strange]

i agree with you,you need to take any profit made,as you said greed is a bad habit that generate losses,in trading you must keep greed aside for you to have your chances of earning.

Most definitely, I’ve come to understand that the reason why most traders often encounter countless losses in trading isn’t really because they don’t always see profits in their trades, but because they’re always very greedy by setting a very high profit margin and if their profits doesn’t get up to that point, they’ll refuse to take it, which is a very bad habit, regardless of how small, there are situations that you need to just take the profit you’re seeing at that point and exit the market, maybe you can take your time to analyze and place another trade again, this manages to reduce and mitigate your losses while also increasing your profits.

[Chilwell]

I agree with you,you need to take any profit made,as you said greed is a bad habit that generate losses,in trading you must keep greed aside for you to have your chances of earning.

Everything that has to do with trading is risky, whether cryptocurrency trading or commodities trading, stocks trading and so on. And it (trading) can result in significant losses, and that is why many professional traders advise against reckless trading and warn people against the dangers of greediness, especially for newbies. Who started trading with the aim of making a huge amount of profit.

[Mr. Magkaisa]

          -      There is really nothing to worry about if we only use a demo account because the balance we have in the demo account will not be real money. But it is very different when you are trading with real money either bitcoin or cryptocurrency. compared to the demo account.

I also tried that, I thought that in the demo it would be the same as what you can do in actual trade in futures or spot, but it turns out it is not, because it is really different when it comes to actual trade, in theory versus experience.

[albon]

Everything that has to do with trading is risky, whether cryptocurrency trading or commodities trading, stocks trading and so on. And it (trading) can result in significant losses, and that is why many professional traders advise against reckless trading and warn people against the dangers of greediness, especially for newbies. Who started trading with the aim of making a huge amount of profit.

Most of the newbies face this kind of loss because they get confused by hearing about making money from trading from strangers. Successful traders are always one step ahead of other traders. And the real reason behind this is some special habits they have adopted and wasted a lot of time and money. So a new trader will never make a profit if he follows him.

New traders are more concerned about which direction the market will go or how much profit or loss they will make after taking a trade. They are out of our hands and there is no use in thinking about them. Instead, focusing on these useless issues increases the chance of making mistakes in the actual trading proces.

[Rruchi man]

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.

Like I told someone recently it is better for you to take profit and then regret not taking all the profit but have some than not to take profit at all and then regret not even taking some.

This is also applicable to meme coins.

[Uruhara]

       -     Honestly, there are many opportunities here in the cryptocurrency industry. The only problem with other communities that enter the crypto space is that they think all crypto assets are good opportunities for them. In which is where they are wrong about that matter, in reality.

Of course, before we believe in such things, we should first do some research so that we have an idea of ​​the cryptos that we see or hear on various social media platforms. That's why some people always say to always be vigilant as investors in which is true, not really.

For newcomers to Crypto who previously had experience in the stock market then they might be fine when it comes to the crypto market. because stock traders also understand high risks and how to make comprehensive analysis both fundamentally and technically. But the problem comes from those who are completely new to investing and enter directly into the crypto market which is full of high fluctuations. And yes, many people misunderstand and think most coins are good. even though everything can be said to be good or not after we go through the fundamental analysis stage, and beginners sometimes don't know this.

[JoyMarsha]

As a beginner who hasn't mastered something they are new to, it's nice to come up with the idea to test your learning skills from time to time to check whether you will fall into the trap of getting it wrong or right.

Trading is what most traders find it hard not to fall greedy to. I like how you started with a demo account, to check your capabilities in trading, whether you will be carried away by greed or not. Some people don't start with having a demo account on trading; they start to trade like that, making themselves vulnerable to trading with greed. When they lose to trading, they complain to the whole world about having lost huge money on crypto trading, forgetting that they once earned from trading but because of greed, they lose everything.

[bayu7adi]

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).

Demo accounts have no better emotional power because usually there is no sense of ownership at all.. usually demo account users will have different habits from users who use real money.. there are some people who are wrong in responding to the demo account...

Greedy habits are always interesting, but in the end they still regret... several times I have experienced this.. maybe the main trigger is a lack of self-awareness or maybe revenge... the revenge I mean is an example like this... someone previously sold with a small profit, but suddenly a few hours later the price chart actually went up, and he missed a bigger profit in a matter of hours.... then he tried to hold longer on other trading in the hope of getting maximum profit... even though the price movement is not always the same...

[enwi]

As a beginner who hasn't mastered something they are new to, it's nice to come up with the idea to test your learning skills from time to time to check whether you will fall into the trap of getting it wrong or right.

Trading is what most traders find it hard not to fall greedy to. I like how you started with a demo account, to check your capabilities in trading, whether you will be carried away by greed or not. Some people don't start with having a demo account on trading; they start to trade like that, making themselves vulnerable to trading with greed. When they lose to trading, they complain to the whole world about having lost huge money on crypto trading, forgetting that they once earned from trading but because of greed, they lose everything.

Practising in something new also helps us to discover how far preparing ourselves before actually getting involved in it. One of them is if they can try the trading currency freely without having to spend a single penny and this option is common in trading. Each move in trading always has implication and becoming aware of our attitude and response towards different scenarios will help us understand how to deal with risks in the future. It is not always easy to be all-prepared from the very beginning but learning some common pitfalls will prevent making hasty actions. We always have the chance to take further measures by working even better in elaborating our strategies in order to prevent our actions to be devastated by our emotions.

[Vx1]

Indeed, in crypto trading, what often happens is that dissatisfaction makes us lose the opportunity to take advantage. The price has gone up but we don't sell the coins but just keep waiting for the price to go up, and the opportunity is lost when the price goes down and doesn't go up again for a long time.

[Dr.Bitcoin_Strange]

Demo accounts have no better emotional power because usually there is no sense of ownership at all.. usually demo account users will have different habits from users who use real money.. there are some people who are wrong in responding to the demo account...

Greedy habits are always interesting, but in the end they still regret... several times I have experienced this.. maybe the main trigger is a lack of self-awareness or maybe revenge... the revenge I mean is an example like this... someone previously sold with a small profit, but suddenly a few hours later the price chart actually went up, and he missed a bigger profit in a matter of hours.... then he tried to hold longer on other trading in the hope of getting maximum profit... even though the price movement is not always the same...

I do totally understand what you mean mate. It’s true that some traders when using a demo account often don’t take things as serious as when they use a real account. Ordinarily, there are those who do not know how to manage their emotions when trading, and even when trading with real accounts, you’ll still see the same mismanagement attitude, and there are still those who, even with demo accounts, would trade and treat it like it were real money, so I believe it depends solely on the trader’s mindset and approach.

[tequilla_sunset]

Indeed, in crypto trading, what often happens is that dissatisfaction makes us lose the opportunity to take advantage. The price has gone up but we don't sell the coins but just keep waiting for the price to go up, and the opportunity is lost when the price goes down and doesn't go up again for a long time.

That's why we put take profits while we go into the positions  Otherwise, we may be tempted into not selling at all.

[Nheer]

Indeed, in crypto trading, what often happens is that dissatisfaction makes us lose the opportunity to take advantage. The price has gone up but we don't sell the coins but just keep waiting for the price to go up, and the opportunity is lost when the price goes down and doesn't go up again for a long time.

That's why we put take profits while we go into the positions  Otherwise, we may be tempted into not selling at all.

Even with Tp some traders don’t stick to their strategies, after seeing market moving in a very bullish trend they can intend to modify their strategies and take Tp even much higher than the previous one. So having a good strategy and sticking to you plan will make a very good profit for you.
So I guess we should try and stick to our plan and make a good profitable trade and moreover don’t let greed keep you off the profit don’t be to greedy stick to your plan.

[Vx1]

Indeed, in crypto trading, what often happens is that dissatisfaction makes us lose the opportunity to take advantage. The price has gone up but we don't sell the coins but just keep waiting for the price to go up, and the opportunity is lost when the price goes down and doesn't go up again for a long time.

That's why we put take profits while we go into the positions  Otherwise, we may be tempted into not selling at all.

If we are in greed, we can't possibly place that take profit. Because our hopes are too high where it is an impossible price, the point is if we have a lack of character then any price will be less. Unlike traders who take profits even though they are small but often, this is what is called a smart trader.