One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?
My way of conquering greed is by controlling emotions and anti-fantasy, usually people who always lose when trading are those who are influenced by their fantasies, they hope to win all the time when in reality it is the opposite, they actually lose because they place bets instead of trading.
Besides, if you think you will immediately exit when you make a big profit, you have made a big mistake. Successful traders are traders who make a profit from a percentage of the trading results they get, not the explosion of profits they get in a single trade.
What you are saying is right but I wanna add somethings to it, Emotional control is the biggest part of it, How can we control them? We can't control them only thing can we do is manage, we can manage them by put in place some strategies like after a loss go for walk for 5 min, like Managing ourselves is the best strategy, Changing lifestyle to healthy lifestyle, Eating foods that are nature created not human Manipulated, all that reflects in our trading account.
Sometimes Greed is less heavy then void to do something, to fill that void. We think we have to do something, by thinking that way we place positions that we should not have placed, that's the worst time to take any position, This is the start of big blow up if we continue placing trades without thinking Straight we will blow our account pretty soon.