Greed Is Very Dangerous In Crypto/ Forex Trading

Greed is inevitable, but we do our best to control it to the best of our abilities, there is no cryptocurrency or forex trader, both profitable trader's or not that will say he or she doesn't get greedy while trading.

Because we are all humans after all, when we are I all win trade, nobody wants it to stop, that's why we have something called Tp(take profit) and Trailing Stop, to help us control our greed.

When you set Take Profit, it means that when price gets to a certain price, it should take profit and close the trade for you, sometimes price might hit your take profit then it continues to go high that fine. The major thing here is that you made some profits.

But if don't want to do that, then you can use
Trailing stop, where as price keep going up you trail your profit or lock profit by setting a pending stop order, above your entry point but a safe distance below the current price.

So that when price decides to retrace, dump, correct or dip you don't lose all your profits, though at times price can dip to your trailing stop order, then continue to go up, i know it's painful but It's fine you still made some profits.

But if decide to be greedy and not use any of them, when decide to dump or dip, you will either be in huge lose or get liquidated (or as my mentor always say, you get an unwanted love letter). In the case of being in huge lose if you don't have patience to wait for your trade, then close, you have now lost both your profit and capital.

Don't be greedy, control your greed and take your profits, no matter how little it is, little drops of water makes a mighty ocean.

Posted Using LeoFinance ^Beta