GREED in Trading

Discussion in 'Psychology' started by J_Commisso, Sep 24, 2002.

  1. I wanted to start a thread to discuss the hindrance or empowerment of GREED in the game...

    I was going to start the thread off with some of my own thoughts -- but after some reflection I think it might be a better idea to let the thread take on a life of its own; for the intention is to have an open discussion on the topic and not my particular views...

    PEACE and good-trading,
  2. I really can't put myself to say if greed is good or bad. Look, it's something that gives us drive to a certain point. We want to make money in this game right? But soon we, ok I, realized that there's no stopping in this. We keep on wanting more and more. I keep a journal of my trading ideas and thoughts and about 4 years ago, I thought having a million dollars was my goal but as I kept on getting close and reaching it, the goal kept on going higher and higher.

    Reading back at my trading journal, and with some deep thinking it seemed like the goal would be endless. But still would I quit trading? No, I've put to much to it and there's technical, quantative performance, and executive goals other than cash I had with trading. I can say for me, I don't trade for money as much because I have something that works and I have goals as a trader rather than monetary stuff. One would be filling the 30% of Gann that I still haven't worked on, another would be to be consistant as a discretionary trader, which needs mental control. There's too many to list.

    Still, I appreciate the fact that I worked on my greed and let that drive me to a certain point. Also, I was able to let most of it go. I'm not saying all, I'm not a greedless person. There is a greed for accomplishment too.
  3. IMHO : if one does not have a certain degree of greed in his soul, he would not go into trading. (you don't become trader for the pretty girls, you take dancing lessons instead!).
    Therefore, greed is one of the reasons that push one into the trading world, and also one of the reasons that destroy him as a trader.

    Cheers !!! :)
  4. Ahhhh live by the sword----->die by the sword :p
  5. remember the quote Gordon Gekko said to the shareholders of teldart papers in the movie, "Wall Street?" I totally agree with what he said.

    I kinda see it like how most people think rich people are greedy and evil. I think these people say bad things about them because they have no money, and how come they work hard to get a payraise? Their greed makes them do things to get promoted whether ethical or not. Kind of a double standard don't you think?

  6. greed is evil. period. please do not confuse greed with sound business or the profit motive. Greed is a perversion of those. You guys knew I'd weigh in on this one.

    The love of money causes people to make merchandise of people and concoct all manner of rationalization to justify it.

    I'll never forget my biggest client when I was a stockbroker. He'd come by my office, and we'd research stocks together (we bought a ton of stuff after the Crash of '87). He'd tell me he didn't trust analysts, CEO's, the firm, etc.

    I'd say, 'c'mon, why would they lie?' He'd say, 'Charlie, people <i>kill</i> for money.' He said it in such a way that it really made me think about it. Wow. People do kill for money. They'd do just about anything to just about anyone for money.
  7. Just for the record, he was quoting a line from Ayn Rand's 'Atlas Shrugged.' A must read.
  8. How would you differentiate greed from sound business in trading?

  9. Maybe I'll cover that in a PM. Apparently it is verbotten here. But I might have already in the previous post, which I edited.
  10. Please do.
    #10     Sep 24, 2002