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Control your greed.
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AliaDare

Member Since Jul 19, 2020  158 posts AliaDare Aug 03 at 15:10
Yes, there is a lot of money to be made from Forex which has the potential to change your lifestyle. But this is not to say that you will change your lifestyle overnight. If greed destroys people, then if you become more greedy, your destruction is inevitable. If you want to change your lifestyle, you have to give up greed. Remember it is a business, it has to be run as a business. As far as I know, Forex is a very profitable business. If greed can be controlled, our lifestyle will change.

NzeCapitalTrades

Member Since Jun 21, 2020  59 posts WINNINGS (NzeCapitalTrades) Aug 03 at 18:13
Greed is one of the killers of Traders, overcome it and you will be very succeful. I'm glad to be in the Leagues of trader that don't give eed a room.

NO EMOTION DURING TRADING.
LyudmilLukanov

Member Since Jul 23, 2020  125 posts LyudmilLukanov Aug 04 at 01:05
If you want to be a successful trader, greed is probably the biggest obstacle you have to overcome. If you try to get rich in every trade, you are more likely to blow up your account. Self-control and right mindset can help to overcome this negative emotion.

EllisParker

Member Since Jun 24, 2020  34 posts EllisParker Aug 04 at 07:08
LyudmilLukanov posted:
If you want to be a successful trader, greed is probably the biggest obstacle you have to overcome. If you try to get rich in every trade, you are more likely to blow up your account. Self-control and right mindset can help to overcome this negative emotion.


True. In the end it all comes down to self-control which is a very hard thing to find in the human nature. But if we really want to excel in trading we need to know how to keep ourselves calm and stay away from greed.

NzeCapitalTrades

Member Since Jun 21, 2020  59 posts WINNINGS (NzeCapitalTrades) Aug 04 at 08:03
EllisParker posted:
LyudmilLukanov posted:
If you want to be a successful trader, greed is probably the biggest obstacle you have to overcome. If you try to get rich in every trade, you are more likely to blow up your account. Self-control and right mindset can help to overcome this negative emotion.


True. In the end it all comes down to self-control which is a very hard thing to find in the human nature. But if we really want to excel in trading we need to know how to keep ourselves calm and stay away from greed.

There is nothing hard about self-control if you truly decide to follow it.

NO EMOTION DURING TRADING.
UweMoench

Member Since Jul 19, 2020  152 posts UweMoench Aug 04 at 11:20
Yes, greed is one of the bad qualities for trading. We should be realistic about our target. Most people think of unrealistic profit target. Now the question is what's the realistic target? It depends on your skills. Set your targets according to your skills.

NzeCapitalTrades

Member Since Jun 21, 2020  59 posts WINNINGS (NzeCapitalTrades) Aug 04 at 11:25
I don't have target for each day, I trade to make profits each day and takes home whatever profits I could make each day from the market condition.

NO EMOTION DURING TRADING.
Michihito

Member Since Jul 19, 2020  141 posts Michihito Aug 04 at 11:53
Greed is very dangerous for trading. It causes huge loss. People expect to make money over night. That too without enough knowledge and skills. Expectation should be proportionate to the skills. Otherwise it will lead to destruction.

Shelby10

Member Since Jul 15, 2020  95 posts Shelby10 Aug 04 at 20:33
If you want to become a profitable trader, you need to have proper knowledge and education. Besides, you have to control your greed to work according to the plan you made.

sareen

Member Since Oct 25, 2012  62 posts Curran (sareen) Aug 05 at 02:10
Michihito posted:
Greed is very dangerous for trading. It causes huge loss. People expect to make money over night. That too without enough knowledge and skills. Expectation should be proportionate to the skills. Otherwise it will lead to destruction.


Agreed
It's truly a long term gain that requires considerable hindsight and general risk management from both a mathematic and psychological viewpoint
Ensuring that trade plans are stuck to and that irrational behaviours are quickly eradicated is essential
Trading journals which are as qualitative as well as partly quantitative are particularly useful in identifying patterns/results

When you lose, don't lose the Lesson
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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.