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.
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.
Aug 04 2020 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.
Aug 04 2020 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.
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.
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.
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.
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.
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.
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
