Greed is really one of the greatest poisons ever known to man, especially when it comes to trading. It is valid everywhere and not just in the world of trading. They lose it all if they don’t know how to leave greediness.
I agree. Greed is no doubt a poison for the traders and it must be controlled. Greed is capable of ruining your entire trading career and you can go bankrupt in seconds if you don’t control yourself. You need to understand that forex is not easy money and keep unrealistic expectations. It may take years to trade and earn profits so don’t look for any shortcut and do the hard work yourself. The more you learn, the better trader you become.
Greed is bad, not only in daily life but in forex trading as well. When you get enough profit, you should exit the trade. Oftentimes, when you stick into the trade after having received good profits, with the greed to get more, the trader ends up losing. It is better to use stop loss and take profit always in order to avoid loss due to greed.
Greed is surely harmful for traders and works like a slow poison. We don’t notice anything wrong until our account blows up. We just think more risk will give us more profits but forget about the losses and drawdown. Emotional control is surely the only antidote for this poison.
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