Greed, One of the greatest enemies in crypto trading

One will want to ask, why this topic today? Well, I'm delighted that most of my articles here are based on personal experience and that makes it even better because I have seen, I have tested it. Before this time, I only read in crypto guides that greed is a trader's greatest enemy and I never understood that.

Recently, I have confirmed this assertion because I had an encounter to remember. In truth, I have lost a lot of money to the crypto market and to be sincere, I can't even explain the reason for that. I guess the theory that every successful trader must have lost some subsequential amount is true.

I'm not yet successful in the crypto space but these losses and my zeal to continue pushing ahead despite all olds means that I may be successful in the end. I have said earlier that you only become a failure when you quit trying and I'm not yet ready to quit.

As a trader i.e. a future trader in the cryptocurrency market or any financial market, you should please know your target and never greed around when things are moving in your favour. I have said this. I have blown an account recently because I couldn't stand my target.

I made a trade that gave me about 190% of my capital using a leverage of 25x as you can see in the image above. These were a very big win for me because I used a good method to safeguard 110% of the profit and then I allowed 40% to continue floating in the market. Though I didn't enter the trade with a very good margin I was able to make about $8 profit.

At some point, I was kicked out of the market and I decided to enter the market again and more seeing that the market is in my favour but alas, the 1M candle liquidate my trade of about $16 before I could even set a stop loss. I was still supposed to leave the market but greed couldn't allow me. I went again and then got about $4 profit and decided to put in all my capital again.

This time, I was completely drained and an account of $30 dropped down to about $5. This was when the concept of greed came clear to me. Please guys have a target and once you have hit your target of say 20% or 40%, secure the profit and allow the remaining % to float in the market. If it goes in your favour fine and if it goes against you, please don't go into the market again for the day.

Also, learn to manage your risk by using low leverage and a good risk/reward ratio. I will discuss fully on this topic in my next publications. See you all next time and I wish you all a happy trading life ahead. Trade the future and win smart.