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Home >> Stock Forums >> Greed

Greed

dekac said: "Hi Traders Greed tends to keep a trader from closing out a position when a reasonable profit has already been made, in the hope that the stock price will go even higher. It’s very easy to be greedy in this business. You always want more. If you have made 100 points profit in a trade, you want 200. And the moment you have 200 points profit, you start looking for 300. This lack of satisfaction is one reason why some people get themselves in trouble. [COLOR="red"]So how would you avoid this feeling of greediness?[/COLOR] happy trading..."

molder101 said: "Read the Bible - it's in all of us. Set what you want to make and if it gets to that number sell. Greed is an emotion and if you trade on emotion you can potentially lose big. Also, you can set trailing stops etc that "secure" your profit at a certain level. This helps to "guarantee" a certain amount of profit in the event of a downturn."

iTalkCash said: "[QUOTE=molder101;72529]Read the Bible[/QUOTE] I didn't see the part about when to dump! :cool:"

MoeInvested said: "I agree. It's the reason why God gave the Israelites strict rules to follow; it's because man needs guidance; otherwise he will run "rampant". I find myself in the position of trying to go a little more, instead of taking the profit. Or, holding on too long, and get hammered. The best thing to do, is set parameters to trade by. Take your loses at a set %, take your gains at a set %, AND STICK TO IT. Don't deviate from your own rules; that takes the emotions out of game, and makes you more of a "technical trader". :cool:"

molder101 said: "[QUOTE=molder101;72529]Read the Bible[/QUOTE] [QUOTE=iTalkCash;72536]I didn't see the part about when to dump! :cool:[/QUOTE] Read in Genesis 19 about Sodom and Gomorrah. Lot, the son of Abraham invested heavily in the city and because of it he did not want to leave. Eventually angels had to pull him out of there. In the end, because he didn't leave when he should have, he lost his wife who became a pillar of salt. The point is if we get to vested in anything sometimes it clouds our better judgement. In stocks, it's better to be a technical trader because you trade on what you "know" instead of what you "think" or "feel." If the stock swings one way or the other heavily, you may want to do what you gut says and not tell yourself it's a temporary setback."

StockHunter said: "[QUOTE=molder101;72550]Read in Genesis 19 about Sodom and Gomorrah. Lot, the son of Abraham invested heavily in the city and because of it he did not want to leave. Eventually angels had to pull him out of there. In the end, because he didn't leave when he should have, he lost his wife who became a pillar of salt. The point is if we get to vested in anything sometimes it clouds our better judgement. In stocks, it's better to be a technical trader because you trade on what you "know" instead of what you "think" or "feel." If the stock swings one way or the other heavily, you may want to do what you gut says and not tell yourself it's a temporary setback.[/QUOTE] I agree, when you make a trade/exit a trade on emotion you might as well take your money to vegas."