Key insights
- The post describes a common pitfall in day trading: holding onto winning positions for too long, driven by greed and the fear of missing out on further gains. This often leads to reduced profits or even losses. The user seeks strategies to overcome this behavioral bias and consistently take profits.
I need someone to tell me to just sell when it's green the first time and not worry about how much I "could" make. Most of my day trades are green (not all, but more than 50%)
The problem is, I'll see $8,000 or $10,000 profit and go "eh, it's still going; let's see how high it goes. I'll sell when it's just a little more. A little more... a little more..." - but "a little more" is a fallacy. It's an infinite well of greed that will almost always result in a lot less.
I know that's regarded, but greed is human nature I guess, and I feel impatient and pressured to make more.
Then it reverses, 6k, 5k, 2k then sometimes I wait and it goes red. Most often I end up with a 1-3k profit instead of the 8-10k I could have had. I just want to take moderate gains and not stress h to e rest of the day.
What are some methods you guys use to just take your gains and not worry about the what-ifs and what could've beens?