Conquering greed is not as easy as it may sound. I have not really taken trading completely serious, rather, I buy and hold, waiting for that particular coin to grow in price. Yet, selling them off to take out profit is not that easy, as it is prone to increase even more in time to come.
Most times when I trade, I get clustered with FUD, FOMO, but for greed, the moment I get profit in a trade I placed, not having intention of holding it for a long term, I quickly close the trade to secure my profit. That profit to me is very important to me, if I want to stay a bit longer I use the stop lose, while adjusting the take profit little by little.
Most times when I trade, I get clustered with FUD, FOMO, but for greed, the moment I get profit in a trade I placed, not having intention of holding it for a long term, I quickly close the trade to secure my profit. That profit to me is very important to me, if I want to stay a bit longer I use the stop lose, while adjusting the take profit little by little.
Every trader has its own strategy that is developed over period of time through personal trading experiences. When I was a trader, I set a target price and I sell mu coin as soon as my coin hit that particular target price. We don’t know when a coin is at its peak that’s we have to set a price where we have to sell.
To me trading is a risky and stressful work because you have to be active all time. There are scenarios where you sell bitcoin one day and the next day Bitcoin went up by 5k$. These are prime reasons why I invest in Bitcoin only for long term since I figured out that trading is not for me.
Would you consider yourself a "good and a long-term profitable trader"? Or if you pretend that if you kept a journal of your trades and compared them to simply denominating your capital in Bitcoin, would your "trades" have a better performance than if you simply HODLed Bitcoin?
This post is not a personal attack. It's a mere rhetorical question to keep ourselves honest with, ourselves.
