Quote from: Rruchi man on February 13, 2021, 03:58:36 PM

During the recent spike in the value of TWT, a friend of mine made double her capital trading. Although she had already made double her money, she set her exit point on the trade at a very high point hoping to triple her capital. Before the crash of the market and her profits along with it, she was excited and told me how happy she felt to have made something tangible trading on her own. I adviced her not to be greedy, that she should quickly sell since she has made double and not wait to make triple a her capital, but she refused and insisted on waiting. (I gave the advice knowing that TWT is not a stable coin).
Some few moments after our conversation, i saw her with a long face saying that the market had crashed and if she had known, she would have followed my advice.

(This is not the first time she has made such a mistake)

Could this be termed "Near success syndrome in trading?".
Are you or Do you know someone with a similar episode?

This is one of the most common mistakes in trading. People tend to be greedy if they are seeing the money the invested in being doubled. They feel like it can go higher just like your friend who thought that she can make her money tripled. Being greedy is a rookie and newbie mistake. We can never tell where the drop will come and so we need to set a strategy and respect our exit plan in order to secure profits. Profit is profit. You can always look for other opportunities if you already secured to the profit. This is the beauty of trading. We have endless opportunities so never focus on one trade and be greedy about it. Some may be successful in to that greedy trade but most will not. A good trading strategy is the one that will give you more profit in the long run.

migolmigol

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