Newcomers and their greediness

There should be an ability to manage not only risks and capital, but also your emotions.

I am sure we all have experienced beginner's luck but some newbies without proper knowledge and skills indulge in overtrading because of greed which leads to losses. So beware of that.

Actually, it's not a real discovery when you state that novices are greedy. Of course they are greedy because all of them have a prejudice that trading equals easy money. Moreover, it's very difficult to convince them think otherwise. In my opinion, all the learning materials should contain such an information where will be stated that never think that trading is the easiest way to earn money. It's not easy at all and in addition, it won't be easy even if you know a lot. Trading is combination of learning theory and practicing. You can't reach success without one of these 'ingredients' actually.

I think that every trader faces greediness. It doesn't depend on his/her experience, actually every trader passes this stage on his/her way to success. Moreover, I believe that every trade must have pass this stage, otherwise it will be very difficult to pass it when you will be on top. Of course, all traders have the particular percent of greediness when they are in trading activity. In my opinion, it's cool that sometimes you can be greedy and take plenty of risks on yourself. Nevertheless, traders must comply with measure in this thing, because if you won't comply with measure, if you will trade with high leverages, everything can easily lead you to unpleasant consequences.

Greed is the bigger drawback in trading. if you greed much that will go over your brain and you will not be able to take the right decision

JensonAckles posted:
Newcomers in forex trading, with excitement to make money take high risks and end with immense losses. As a newbie acquiring knowledge on the forex market, risk management, and money management are vital to avoid failures.

I agree with you, knowledge is the key to profits in forex which every newbie should note.

JensonAckles posted:
Newcomers in forex trading, with excitement to make money take high risks and end with immense losses. As a newbie acquiring knowledge on the forex market, risk management, and money management are vital to avoid failures.

New traders should be very careful about their actions.

When you join forex, number one rule should be to learn sincerely that greed can eat up all your profits which you have earned with hardwork.

I have noticed that many novice traders have greed. This is what prevents them from making money.
Because of greed, the trader opens more and more trades. As a rule he does it at the time when there is no need to do it... It's sad...
So it's very important to learn to control your emotions.
To practice emotions you probably need to start trading with real money as early as possible. It may be a minimum deposit. It would be better if it does not exceed $300.
In fact, the more experienced the trader becomes, the easier it is to control his emotions.
With time he loses his greed.

Seeing other people earning well in forex, beginners get influenced and jump into forex trading to get rich as early as possible without checking out the trade history of experienced traders. This greed instead of giving more money takes away the money which is already in their holdings.

I agree. Greed is likely to be the most difficult obstacle to overcome if you want to be a successful trader. In financial market, becoming greedy is fairly frequent, since all traders go through this stage. The more you prioritise money over protocols and consistency, the faster you will lose your trading account.

Over-trading will always lead to failure, therefore never trade in the market for the sake of generating money quickly. Be a beginner or an experienced trader, everyone should keep themselves away from greed while trading.