Do you think raising your order is always better?

[AakZaki]

Besides being a manifestation of greed, your friend didn't have a plan when he started trading. As a trader, a plan is essential to maintain stable money management.

Trading without a plan is simply guesswork. If he's lucky, he makes a profit, but if he's unlucky, he loses. It's better to be clear from the start about where to enter and exit, and set a loss limit. This way, trading doesn't feel like gambling and your mental state won't be easily shaken.

[Josefjix]

No, not greed, that's inexperience. You said your friend is a newly trader right, and the cause of that mistake is the ability to understand the market while trading with tension. I love that fact that he takes profit which is the most important thing he did the first place even knowing he was a trader to be smart in the beginning.

[FinneysTrueVision]

You might consider it greed, but the whole point of trading is to make as much profit as possible. The way they went about it, canceling and placing orders, is perhaps not the most effective strategy though. Instead they can set a scaled order and if the price starts to dump before the highest price is reached they can buy the dip with the profits they have already made. Unless they need the money right away, there is nothing wrong with setting a very high target when things are looking bullish, as long as they have the conviction to see it through instead of panic selling early.

[Zaguru12]

Greed is different, this is more about confidence. Greed could be used in this case if you think that someone is trying to get a bigger chunk only but that's it, in this case we are talking about also a risk, which is the fact that one could be wrong. Because there is a benefit and loss potential, we could say that this is about confidence of ones self.

In as much as this is an issue of one’s psychology and also emotions affecting the trader I think you can not deny the fact that it’s pure greed here, in the first instance there was increase of target price from $85k to $88k and on to $95k and with the only belief that the market will continue to increase, this wasn’t backed by any analysis just pure greed of getting more from the market and this is one of the easiest way to actually lose in a trade.

This is part of the most difficult aspect of trading, regardless of how good you’re in analyzing the market the knowledge for me just holds 30% of what you actually need to be a successful trader, you would have to be a disciplined trader with great psychology who doesn’t Chase the Market but actually follows through his strategy, this to me takes 70% of the trading success

[Jatiluhung]

Besides being a manifestation of greed, your friend didn't have a plan when he started trading. As a trader, a plan is essential to maintain stable money management.

Trading without a plan is simply guesswork. If he's lucky, he makes a profit, but if he's unlucky, he loses. It's better to be clear from the start about where to enter and exit, and set a loss limit. This way, trading doesn't feel like gambling and your mental state won't be easily shaken.

That's right. And sometimes most traders fail to make a profit after previously being in a profitable position when they don't even adhere to the analysis or planning they made from the start. Unless they are well versed in risk management. For example, simply moving the take-profit position to a level that appears likely to be reached soon. And this must also be accompanied by moving the stop-loss position to an area that still allows them to profit if the price reverses and hits the stop-loss order. However, this strategy can only be implemented in the futures market. In the spot market, I believe this feature is rarely available.

In the trading class I once attended, it was the Stop Loss+ strategy, where the initial stop loss position, which was at a loss point that could be tolerated, was moved to a profit point after the trade was already in a profitable position and we wanted to achieve greater profits and move the take profit order.

[Odohu]

Every good trading much have their well defined target and stop out level. This should be decided and added immediately the trade is executed to avoid the possibility of greed taking over when trade is going your way or holding on to losses when it goes the opposite side. This is how to protect the capital and ensure that profits are not wasted. Anyone that fail to set these rules and keep them will not enjoy trading because he will be beaten by the market.

[Fiatless]

Is this not a sign of greed?

It is not greed but risk. In trading, the higher the risk, the bigger the profit. If he had made more profit, he would have been a celebrated trader. However, experienced traders should have knowledge of avoiding careless losses.   

[Muba20]

I think gamblers should definitely set a limit. After taking a new trade, the market is going to rise, so it is not as if I will only trade up. If you are a trader, then you should definitely set a limit on the profit from that trade. You should not trade excessively knowing that the market is rising. Generally, those who trade should keep themselves fixed on small profits. If someone does not sell later in the greed of a small rise while doing trading business, then he will lose his money in a very short time. You have to mind set to control yourself in such situations. I don't want to compare this small thing to greed, but this is how a trader can become greedy.

[Dickiy]

This is clearly a sign of greed, and it's no longer a sign, but rather a proven fact. I'm sure his analysis was inadequate. If he had a good analysis, he should have recognized the point at which the price was beginning to saturate and sold before the market fell again, allowing for a correction.

On the other hand, regrets will always arise in trading if we pay attention to them. This is because we can't always predict the market accurately. This means that when you're about to make a decision, make sure you're prepared for whatever might happen.

[bettercrypto]

Greetings fellas..
Though never wanted to raise this concern but I have to free my doubts and possibly take screenshots of some comments over to here to give to a friend who is into trading newly. Recently, a friend of mine started trading and when he placed a sell order on the mirror watching himself (monitoring his trade) while the market keeps increasing, nearly to his orders and instead of him allowing the order to execute he kept shifting and raising his orders since the market has moved gradually from 85k approaching to 88k plus, he went and canceled the order and placed it a bit higher above the previous, and I cautioned him not the right way to trade because what I am purely sensing here Is greed.

Apparently, after telling him he said why would he just sell at that price knowing too well that price is increasing, same thing happened when it was around 91k before it dropped unknowning to around 84k before having this rise again I told to take profits before the market drop he didn't obey but ended up regretting why he didn't obeyed and set a buy order around 85k, by now he could had ended up in profits while trading on spots.

Is this not a sign of greed?

If he took profit at $91k, his decision was good. If he set a buy order at $85k, in my opinion, I don’t see any signs of greed here, especially if he did it through spot trading, because if he’s a newbie and he did this in the spot trading category, it seems like a reasonable and practical move to me.

Now, even if Bitcoin’s price continues to rise in the market, I don’t see anything wrong with setting a buy order at $85k
(assuming the word b is a typo for "buy order" or similar.)

[Beparanf]

This is clearly a sign of greed, and it's no longer a sign, but rather a proven fact. I'm sure his analysis was inadequate. If he had a good analysis, he should have recognized the point at which the price was beginning to saturate and sold before the market fell again, allowing for a correction.

On the other hand, regrets will always arise in trading if we pay attention to them. This is because we can't always predict the market accurately. This means that when you're about to make a decision, make sure you're prepared for whatever might happen.

It depends on the situation. I view this as maximizing potential profit due to the trend.

The price is pumping hard so it’s a right move to a wait a little further for higher price until it slow down before he sold for a better profit. Greediness is only take effect if didn’t take profit in the end even after the trend already stopped.

He already witnessed the trend so it’s better to ride it a little bit. He can always do a marker sell order in case the price movement already shown weakness.

[Alphakilo]

Greetings fellas..
Though never wanted to raise this concern but I have to free my doubts and possibly take screenshots of some comments over to here to give to a friend who is into trading newly. Recently, a friend of mine started trading and when he placed a sell order on the mirror watching himself (monitoring his trade) while the market keeps increasing, nearly to his orders and instead of him allowing the order to execute he kept shifting and raising his orders since the market has moved gradually from 85k approaching to 88k plus, he went and canceled the order and placed it a bit higher above the previous, and I cautioned him not the right way to trade because what I am purely sensing here Is greed.

Apparently, after telling him he said why would he just sell at that price knowing too well that price is increasing, same thing happened when it was around 91k before it dropped unknowning to around 84k before having this rise again I told to take profits before the market drop he didn't obey but ended up regretting why he didn't obeyed and set a buy order around 85k, by now he could had ended up in profits while trading on spots.

Is this not a sign of greed?

If he took profit at $91k, his decision was good. If he set a buy order at $85k, in my opinion, I don’t see any signs of greed here, especially if he did it through spot trading, because if he’s a newbie and he did this in the spot trading category, it seems like a reasonable and practical move to me.

Now, even if Bitcoin’s price continues to rise in the market, I don’t see anything wrong with setting a buy order at $85k
(assuming the word b is a typo for "buy order" or similar.)

From a stand point, I think it is entirely his decision to do whatever he sees fit despite the advice to take profit early.  Afterall, how does one become a successful trader if they don't test the market and have an experience for themselves.
It could be a tactical decision on his part, but ignoring risk management, being overconfident in a current dwindling market situation, is a bad and greedy move I must concur.

[JeffBrad12]

Greetings fellas..
Though never wanted to raise this concern but I have to free my doubts and possibly take screenshots of some comments over to here to give to a friend who is into trading newly. Recently, a friend of mine started trading and when he placed a sell order on the mirror watching himself (monitoring his trade) while the market keeps increasing, nearly to his orders and instead of him allowing the order to execute he kept shifting and raising his orders since the market has moved gradually from 85k approaching to 88k plus, he went and canceled the order and placed it a bit higher above the previous, and I cautioned him not the right way to trade because what I am purely sensing here Is greed.

Apparently, after telling him he said why would he just sell at that price knowing too well that price is increasing, same thing happened when it was around 91k before it dropped unknowning to around 84k before having this rise again I told to take profits before the market drop he didn't obey but ended up regretting why he didn't obeyed and set a buy order around 85k, by now he could had ended up in profits while trading on spots.

Is this not a sign of greed?

Obvious sign of greed and actually he's in FOMO mode, if your friend is newbie should've told him that this kind of thing exist and market can't just go up forever.
Trying so hard to buy by raising order is a red flag sign in this case, he's not trading using logic, he's trading using emotion.

[jaberwock]

And sometimes most traders fail to make a profit after previously being in a profitable position when they don't even adhere to the analysis or planning they made from the start. Unless they are well versed in risk management. For example, simply moving the take-profit position to a level that appears likely to be reached soon. And this must also be accompanied by moving the stop-loss position to an area that still allows them to profit if the price reverses and hits the stop-loss order. However, this strategy can only be implemented in the futures market. In the spot market, I believe this feature is rarely available.

In the trading class I once attended, it was the Stop Loss+ strategy, where the initial stop loss position, which was at a loss point that could be tolerated, was moved to a profit point after the trade was already in a profitable position and we wanted to achieve greater profits and move the take profit order.

That is called trailing stop loss, and is the best ever trading method there is in the world. You increase your stop loss the higher the market goes up, that way eventually you are selling when in profit, and it keeps crashing down. I have done this method with a trading bot once, and it has made me so much rich, all the way until bear market because in bear market obviously all things go down, so there is no way to make money, because it straight up goes down to the first stop loss which is at a loss.

Unlike gambling, you may go for increasing your orders based on the confident level with your signals. Without accurate signals, there would be no point of increasing your order size. Focus on perfect signals and over the time, we will come to know when to increase or decrease our order size based on market fluctuations.

[Cryptmuster]

Greetings fellas..
Though never wanted to raise this concern but I have to free my doubts and possibly take screenshots of some comments over to here to give to a friend who is into trading newly. Recently, a friend of mine started trading and when he placed a sell order on the mirror watching himself (monitoring his trade) while the market keeps increasing, nearly to his orders and instead of him allowing the order to execute he kept shifting and raising his orders since the market has moved gradually from 85k approaching to 88k plus, he went and canceled the order and placed it a bit higher above the previous, and I cautioned him not the right way to trade because what I am purely sensing here Is greed.

Apparently, after telling him he said why would he just sell at that price knowing too well that price is increasing, same thing happened when it was around 91k before it dropped unknowning to around 84k before having this rise again I told to take profits before the market drop he didn't obey but ended up regretting why he didn't obeyed and set a buy order around 85k, by now he could had ended up in profits while trading on spots.

Is this not a sign of greed?

This is the most common mistake, unfortunately even among experienced traders. When you open a trade, you should already know your goals, and when you'll close it. After that, you shouldn't worry about what happens next in the market. If you see the market continuing to rise and you see signs that it may continue to rise, you can open another trade, but it will be a different trade with different goals. If you continue to raising your order higher, you'll inevitably experience a market correction and end up without a profit, or worse, with losses.

[leonair]

Traders have different emotional reactions to market movements,  all though taking the right step always place a trader on the profits side since if he hard sold off at the first rise, he could have bought back at a more cheaper price when bitcoin drop to the 84k.

This is just a normal thing that most newbies trader faces and that is what causes the pressure from the market,  if the volatility hit hard their will definitely get demotivated same way they reacting with the increasing price and sell order shifting.

New traders always get demotivated because they don't enter when the market is down. But they can't accept the situation because of which they sell their coins. That's why most new traders can't last long in the market. They lose quickly and get demotivated and leave the market and consider the crypto market as bad and they get out of the trading world. Very few traders can trade successfully. That's why many are telling trading is not for everyone

[bettercrypto]

Traders have different emotional reactions to market movements,  all though taking the right step always place a trader on the profits side since if he hard sold off at the first rise, he could have bought back at a more cheaper price when bitcoin drop to the 84k.

This is just a normal thing that most newbies trader faces and that is what causes the pressure from the market,  if the volatility hit hard their will definitely get demotivated same way they reacting with the increasing price and sell order shifting.

New traders always get demotivated because they don't enter when the market is down. But they can't accept the situation because of which they sell their coins. That's why most new traders can't last long in the market. They lose quickly and get demotivated and leave the market and consider the crypto market as bad and they get out of the trading world. Very few traders can trade successfully. That's why many are telling trading is not for everyone

Trading in the crypto space we’re part of is also a measure of patience; the actual trades we take become our training ground for everything we’re learning. That’s simply how crypto-trading works as people say, “no guts, no glory,” and in this context it’s absolutely true.

We can’t truly define how much of a risk-taker we are unless we put ourselves in situations like these real trades. How will we ever know whether our analysis is correct
if we don’t take any action in the trading activities we’re doing, right?

[Faisal2202]

Is this not a sign of greed?

So your friend was greedy, I think this is not a problem that can't be solved, it can be easily overcome by anyone who is dealing with greed, the incidents like the ones you mentioned teach us how to react next time.

I am sure from now on, your friend won't be stupid enough to make the same mistake. If he do it again then he did not learned the lesson yet and more money is going to be lost by him. We all must not greed and sell and buy as soon as we can and should not marry the token but we should normalize divorce but only in cryptocurrency trading (Note)

[Dickiy]

Traders have different emotional reactions to market movements,  all though taking the right step always place a trader on the profits side since if he hard sold off at the first rise, he could have bought back at a more cheaper price when bitcoin drop to the 84k.

This is just a normal thing that most newbies trader faces and that is what causes the pressure from the market,  if the volatility hit hard their will definitely get demotivated same way they reacting with the increasing price and sell order shifting.

New traders always get demotivated because they don't enter when the market is down. But they can't accept the situation because of which they sell their coins. That's why most new traders can't last long in the market. They lose quickly and get demotivated and leave the market and consider the crypto market as bad and they get out of the trading world. Very few traders can trade successfully. That's why many are telling trading is not for everyone

I think this is a common mistake for beginners in any field, especially in trading. The reason is that ignorance leads to poor decision-making. I believe that most failures experienced by beginners are not necessarily due to a lack of motivation, but rather due to a lack of a strong will to achieve success.

All successful people are born from mistakes and failures. What they do when they experience failure is not to give up, but rather to use it as a learning experience and evaluation to avoid the same mistakes in the future. Therefore, I believe that what causes most traders to fail and quit mid-way is a lack of strong will and determination.

[Odusko]

No, not greed, that's inexperience. You said your friend is a newly trader right, and the cause of that mistake is the ability to understand the market while trading with tension. I love that fact that he takes profit which is the most important thing he did the first place even knowing he was a trader to be smart in the beginning.

Reading the whole piece make me to at least understands ops points a bit more clearly but along the line what i can say from this is that,  his friend was a bit smart and dumb at the same time, he took profits at earliest stage which is a smart move since trading is all about profits taking.
But his mistake is where we decided to wait a bit more than it is expected,  at that point he became vulnerable to the risk of losing his already accumulated gains.