How to overcome greed in dealing to Forex? - page 3
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Everyone advices to avoid greed in forex. But it is really difficult to avoid it as a beginner. You can avoid greed when you will fall in a big loss. Otherwise you will make more and more greed. Remember after making profit in one order do not increase lot size in next order. Here is no finishing line to learn forex. So you will learn in every trade and recovering previous mistake you need to go ahead.
You are right Proterious,
as an unexperienced trader you begin dreaming of nice cars like a porsche etc. after you have your first winning streak. Then you take greater risks. This greed relativize after the first big loss / drawdown. It is a self-correcting process that nearly every trader has to overcome. Experience will teach a trader to be less greedy
A seasoned successfull trader has a healthy portion of greed to build his trading account further and simultaneously function correctly within his set of trading rules.
Greed is very bad thing and can kill your trade. You should stop the trade when you make enough and do not want to be rich in few days.
Yes, but what is enough?
See the rich ones : what can they have with $50 billion that they can not have wit $1 billion? Happiness?
It takes time and practice to overcome greed. And it's a matter of attitude control.
Greed is one of the emotional problem some traders have that hinders them to succeed in forex. Greed can make you over trade or make trade you should not have traded. It is not easy to overcome greed because it takes alot of effort and discipline to manage greed. That is why every trader need a trading plan to help in making successful trades.
There is an opposite problem too : when the targets are set too close. After some time the risk appetite will rise due to a false feeling of not being able to do wrong
At least try to forget about the money when you are doing the actual training. It's all about the pips at that point.
Why should anybody overcome greed in forex? Are we doing this for money or for being called nice names. Everybody knows the risk - as long as a trader knows the risk, where is the greed?
Greed is very dangerous to our trade it can make you to overtrade at the expense of your account.In overcoming greed you need to have a plan and learn how to follow it closely and for that it requires discipline.