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?
It is definitely good if you are satisfied with very small profits. Because the more profit you expect in trading, the more greed will grow in you. Because when you have the intention to make a lot of profit, you will not stop trading easily, because at that time any amount will satisfy you. Because of this, if you have a small profit objective and if you select a maximum profit margin, then you can probably reduce your losses in trading because small profits can be gained very easily from trading. But it is very difficult to maintain them if greed works in you, and if you cannot stop trading immediately. So in this case, I will appreciate your friend's strategy. And I can say that if your friend follows this strategy constantly, then even if he cannot make much profit from trading, he will at least be safe.