Welcome back,
Today we are going to talk about greed while you indulge in cryptocurrencies, be it for short or long term. In this blog, I am going to help you understand how to avoid greed and make sure you are able to make a profit without regretting missed opportunities.
Greed is something very natural, and it exists in each and every one of us, whether you are the richest person in the world or the poorest. It is present in almost everything we do.
In the crypto market, greed often triggers at different times. Sometimes, when you are trading an asset and you target a short-term profit, you suddenly see it going up and immediately change your target because of greed. The same happens in the long term as well.
For example, you bought Bitcoin at $20,000 and decided to hold it for at least two years, planning to sell it between $40,000 and $50,000. Now, suppose you forget to check the market, and today Bitcoin is trading above $100,000.
You might still fail to sell at this price. That happens because of greed. When you see Bitcoin at $100,000 or more, you forget about your initial targets and start following the news and market rumors, trying to decide what to do next.
This is not entirely bad, but if you want to make money, you should strictly stick to your targets. A good approach in such a scenario is to sell at least your initial investment value and hold the remaining.
Many people fail to do this and end up holding their entire investment, and when the asset falls drastically, they panic and sell at a lower value. This is exactly what greed does.
To control your greed, you must abide by the targets and goals you set for a currency in the first place. No matter what happens, stick to your goals and execute your targets once they are reached. That is how you make a profit without falling prey to greed. Once you learn to stay away from the greed, you will learn to make money from the market.
This is my personal opinion, and I know there are people who take a different approach in the market. I would love to know what you think about this, so feel free to share in the comment box of this blog.
Thank you and happy trading everyone.
Posted Using INLEO
In my recent testing, I also found that having a target helps a lot. I think it's better to cash in half and put the remaining Half at a trailing SL.
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