Setting goals will help you control greed
It spoils a well taught out plan and trading strategy in a trade.
Many traders really don't really understand the brutal effects of greed in their trades. Some would carelessly mistake greed for been positive, as they can not notice when their confidence is creeping over the boundaries, maturing into greed. A good trading system when executed with a dangerous emotional control is like washing your hands before you eat from a refuse bin. It is almost useless, as poorly managed feelings can reduce greatly the efficiency of your strategy.
Setting goals are very important to curtail greed, but I still see it as a limiting factor somehow; for instance, I set a goal to make 100 pips for the month of February into my Profiforex account, by the third week, I had achieved the goal, I had to extend the goal to continue trading into the 4th week; goals are good but should be flexible
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Surely it expected of every mature individual (with the forex trader in inclusion) to have a personal calendar for himself. What am I trying to say? I mean that the trader should have a well planned schedule of his activities in the forex, setting his goals and knowing what is expected of himself in standard conditions at specific intervals in the forex. I think you should have a very concrete set of reasonable ambitions in the forex- so as to know when to be on track in the forex. When you know how much exactly you had planned to make within a period of time, it would help you control your greed- if you have set goals of the measure of progress you should have made in the forex at a particular time, it would help you control the urge for hurry and unnecessary haste.Did this post educate you?