What ruins traders? It’s greed that is provoked by unrealistic expectations. It’s good to take risks, but if it’s uncalculated, then you’re ruined. Enter into the market with only small capital, do not risk more than you can afford to lose. And indulge yourself in learning since it’s what determines your success in trading.
How To Control Greed While Trading? You Should Know.
- Thread starter somrat4030
- Start date
You should learn to control your emotions and greed while trading. It is an essential requirement for a fruitful successful trading career. It is recommended for a trader to control their emotions and keep it away while trading. It is possible only by adopting a traders mindset.
PriceNTime
Active member
Spot on article. The looking for shortcuts aspect is one that trips so many traders up. Whether it is in acquiring the skill or trying to grow their accounts. Sadly living in a world where instant gratification doesn't help at all. We see people doing well on social media in what appears to be overnight success and assume it can be replicated.
Greed is an emotion that may destroy your trading journey and you could end up blowing your account. Don’t ever take it lightly and focus on controlling it. In order to control greed, you must be focused and have a solid trading plan. Follow the trading plan consistently and avoid over–trading. In order to make profits in the long run, focus on sharpening your skills and be realistic.
Emotions like greed are natural and when you know that there is money to be made in the market, it becomes more difficult to keep calm. But without knowing what reality looks like, you may find it a little difficult to control your emotions. So, trade however you want to until you know what you need to improve.
Until you know the impact, you won’t understand how harmful greed can be for your trading career. So, instead of just reading about it, get your feet wet and see what happens. Once you will pay the price of being greedy and not sticking to your plan, you will be careful next time.
Greed can be a dangerous thing when it comes to forex trading. When you allow greed to take over, it can lead to making impulsive decisions that can be costly. It is important to stay focused and disciplined when trading forex, and not let greed get the best of you. When you are able to avoid greed, it can help you to be a successful forex trader.
Greed is surely something to watch out for as a forex trader. Sometimes greed is unconscious and we don’t realise that we are being greedy until we encounter continuous losses. Having a well-defined strategy and sticking to the same with a disciplined approach can help us a lot to overcome greed. Thank you for sharing the tips and I am sure this will help a lot of traders to manage their emotions while trading.
Probably, you will have to find out what lures you the most and when you do, find a way to make up your mind that it’s not as easy as you may think of it. Even if it requires you to take a few risks and make some losses, go ahead because that’s the only way of controlling your greed.
Monique Rich
Member
A lot of frauds have been happening in the forex market in the name of gurus. They will tell you all the good things about the forex market and won’t really tell you what it is in reality. This often leads to unnecessary losses that new traders can’t handle. You better learn to control your greed so that you don’t exceed your risk appetite.
Alexandra Preston
Member
It’s basic human nature to become greedy when you see money. But in forex trading, this greed can make you make unwanted trading decisions that can lead to unnecessary losses. So, while building your strategy, keep telling yourself that it is not easy and losses may occur.
Greed can come in many forms and it always does some damage to a trader in the end. New traders who want to make quick profits are also being greedy. Because in reality, it will take time for a beginner to become profitable as it requires a lot of learning. You should be focusing on learning more and earning less in the initial period. Even experienced traders can make wrong decisions when they are blinded by greed. So, we must control our urges and stay away from overtrading at all times.
Jaculation
Member
Well written. Having a trading plan and rules which provide a structure for your trading is very important. Also, having a balanced, realistic view of profit potential and trading according to your rules and plan is crucial to keep greed away from your trading. Remember that emotions are harmful to no one but you. The more you get greedy, the more you’ll lose. Have a strong mindset and accept losses with ease.
Totally agree with all the points mentioned. Greed is the biggest enemy of a forex trader. It is good to be ambitious but greed should never be there. Being realistic and rational is the best approach to become a successful forex trader. You should not obsess over profits too much. Just focus on becoming skilled and profits will follow.
When you are not risking anything beyond your affordability, you automatically stop worrying about losing beyond your tolerance. If you can make up your mind that trading is not going to be easy and losses are real, you will never take a risk out of your greed. So, first get well-versed with the market however you want to.
Greed only arises when the trader isn’t able to distinguish between gambling and trading. Understanding mistakes and improving is a skill picked up by every trader out there. The goal is the same but it is the approach that changes everything. Hence, traders are supposed to set realistic expectations and pick and choose their options carefully.
Xerothermic
Member
Greed takes away everything that one has. Greed is never the solution; only the right approach without attaching too much to trading. Often traders forget that it’s a game of emotions, and they lose because they don’t control their emotions while trading.
