is there a difference between being greedy and being desperate?
we know greed generally results in a loss and that overtrading in search of extra pips can also be seen to be greedy.
If you have got nothing and end up with nothing are you still greedy? If you are so desperate to accumulate some pips, some equity to pay some bills, to make a withdrawal to pay your fines and to try to keep your family afloat whilst working you main job 10hours a day…is that greedy?
what is the difference from being greedy and being desperate, the desperate are definitely needy…
Good question. I’ve been the victim of greed. I’ve got greedy when a trade was really positive and instead of taking that profit, that was way beyond my initial TP, holding on for more and getting stopped out at break even.
I havn’t really experienced desperation in order to pay bills. I guess that would be like fear coming at you, from outside the trade it’self.
My first week in trading I almost cleaned out my account with a stupid noob move. (letting a loser run hoping it would come back) Then I got most of it back with a lucky revenge trade. Not desperation, anger I guess, but the most close I’ve been to desperation in terms of trading.
I guess greed and desperation comes within different situation but their consequences are basically the same.
Both emotion would make you think irrationally and you won’t focus on the right goal.
It’s really hard to avoid but a trader must stay away from this kind of emotions.
The difference between them depends of the causes, if you want to get some more because you want to waste it in some lazy stuff, yeah, that�s greedy, but if you need some money extra because you really need to buy something important for you or you family that�s desperate, or needy as you said.