Avoiding greed when the price is continuing to rise

[Tracee]

One of the major concerns that people have in the cryptocurrency world is giving in to greed and naturally so. WE all want to try and make the most that we can from our investment, and we want to try and get the largest profits as well. When we see a coin that is on the rising and the price and value continues to go up, we always want to hold that coin until it gets higher, and higher, until we sell our coins for maximum benefit.

However, this greed is very risky. Think about this scenario... If there was a whale at this point, they could sell off a lot of their coins and cause the price to crash, in which case the profit that you were expected to make can evaporate in a matter of minutes. This will result in you making a loss from what could have previously been a good profit.

It is important not to be greedy. When you reach your profit threshold that you want to achieve, you should make the sale rather than waiting for higher prices. The way that I do this is that I set the sell order when I buy a coin of what I want to sell it at. This way if that price occurs the sell order will execute, and I will be profiting from the coin, and preventing myself from getting greedy.

What ways do you use to stop yourself from being greedy when the cryptocurrency trend in value of a coin is rising?

true this has been a major problem today, many investors usually suffer from greed hence they end up loosing all their investments. like in my trading, i usually follow a compound plan once i am able to achieve the desired profit for the day, i immediately leave the market. i think this method should be put in place in our crypto investment

 

[Jlife]

Honestly everyone is guilty of this. I remember when i was in high school and gambling among my friends. I had already make enough gain and I was supposed to quit but I kept on until I lose everything and even borrowed more.

well this is what I've been happening to me most of the time in cryptocurrency and in forex trading but now I have developed the strategy that no matter the profit I make I must always take the profit no matter how it is, this has been working for me.

 

[btaliat]

Seriously, if a crypto user is not holding for long term investment. It is better to set target for each coins. And when the limit is reached, one can either use stop limit or even withdraw.

 

[Kunkun]

Well this is the better thing to do if you ask me compared to trading on the short term and losing a great deal of money in the process, buy and hold Bitcoin still has s a long way to go

 

[Fizzy_boi]

Definitely you should always avoid to be greedy it's definitely one of the major problems tht exist in the crypto currency world alot of people loose so much on this.

 

[Kingsley]

This is highly topical greed is one major problem with almost every investor. The human nature of greed always sets in when you trading and the profit margin is rising. We all tend to remain there and not take out our profit. Until we start losing again. And sometimes lose almost everything.

 

[eLdavis]

Greed has been our major problem and set back, we dont know when to count wins and also when to let go, not just in the crypto trade but even in forex trading. I happened to me once.. i had gotten my profit but i felt it was too small, i needed more i was greedy and in the end, i lost not just the trade but also my account

 

[Niftyyem]

I don't know if calling it greed would be right because there are times that you may sell off your coin at a price nowhere near the peak of the rise in price and it is even more painful when the coin retraces but never gets to the range at which you sold again for you to make a re-entry.

 

[Nomad]

If you are a trader, you may have to sell once the price reaches stagnation level or starts going down, however, if you are an investor you can continue holding.

 

[Ayokex]

At the time, it seemed all an adviser had to do was pitch any investment with "dotcom" at the end of it, and investors leaped at the opportunity. Buying of Internet-related stocks, many just startups, reached a fever pitch. Investors got greedy, fueling more buying and raising prices to excessive levels. Like many other asset bubbles in history, it eventually burst,

This is a serious issue that often affect many people in any online investment. Many people have lose their investment several times because of greed. The thought of saying "I want it to rise more" has always being the undo of many traders.

 

[joy101]

Greed is very bad disease that can destroy business, so when the price of cryptocurrency go up is best time sell it and one should never be greed when selling.

 

[Sotherefore]

This is one of the best advice for all cryptocurrency or forex traders because this thing has been affecting a lot of people,including me there was a time I was a victim to this that I lost so much Because I just believe the price will go up you.

 

[Trexxxy]

Everybody wants to make more money, and that is where greed comes in. Sometimes it gets extremely hard to resist the temptation to want to make more.

 

[Senator]

Most times it is ery easy for us to say I will avoid greed in the cause of trading, but only to see that we get hooked in the gains we're seeing and not want to pull out of the trades. These are dangerous

 

[Cash%]

That should be part of the factor i have been trying to sort out because at times you might just feel like to continue making profit as the market keeps progressing

 

[eLdavis]

Yes you are right and of course it happens. But the real thing is that when price going up and we sell our currency, but prices still going up so people think theu did wrong. Next time they waiting for highest price but price keeps going down this is the happening.

True there is this feeling of lost or when when we sell at a particular point, but the price still keeps on going higher and higher. Truth is that we cant actually tell when it would stop going down. I think the best thing to do is set a goal, once the price reaches a particular level, this is when i would sell.

 

[topfly007]

Truly, greed is one of the major cause why people do lose money in crypto investment. This is so because one tends to hold on to a rising coin forgetting that cryptocurrencies are volatile in nature

 

[Kelly5]

It take a lot strength and restraint and aslo decipline when it comes to stopping the breaks when a particular trade is in out favor when trading the foreign exchange market. This act of decipline to stay true must be learned to do this

 

[Richard92]

Honestly everyone is guilty of this. I remember when i was in high school and gambling among my friends. I had already make enough gain and I was supposed to quit but I kept on until I lose everything and even borrowed more.

I know it's normally tempting when the price is appreciating and increasing every day one will be too greedy and invest his old money on it what the best way to avoid greed is to sell and reinvest or allow it for the long run before withdrawing

 

[Justin]

If you are into short term investment, you know where you should stop. If you continue to be greedy, you never know when the pric will begin to fall and you will not make money