Greed, the destruction

In trading, uncertainty can only bring a loss. It actually works and is worth understanding if a trader wants to achieve success.

Trading is a mind game. You can't trade based on your emotions and other’s opinion.

Yes Greed is the root cause of destruction in trading. It leads traders to the path of over trading. From where it's difficult to come back. Very few people can come back.

Most losing traders’ weakness is lack of discipline and too much emotion.

SofieAndreasen posted:
Most losing traders’ weakness is lack of discipline and too much emotion.

Most traders lose their money because of their indiscipline and greedy nature

Even though making money is the primary reason why many join forex, this approach can lead to big losses if it is too impractical and overseen with greed. Trading requires a set of skills—the knowledge of technical & fundamental analysis, psychology, risk and money management, and statistical maths; it takes months to years to develop these skills. Trading gives results only when you are consistent.

LucianVince posted:
Even though making money is the primary reason why many join forex, this approach can lead to big losses if it is too impractical and overseen with greed. Trading requires a set of skills—the knowledge of technical & fundamental analysis, psychology, risk and money management, and statistical maths; it takes months to years to develop these skills. Trading gives results only when you are consistent.

I would go as far as a few years. It really is a marathon not a sprint. There is no rush it is about taking things slowly and build each skill with time. Its important to cover every aspect and not to jump the gun so to speak

Self-doubt can really kill all positive qualities in a trader. You need to be prepared for this.

Greed is the reason why many traders fail. Traders should understand their emotions, good or bad, so they can implement the right strategies to win trades. All traders should use proper money management strategies to minimise loss, such as use of stop loss and take profit order, which can help you take decisions prompted by emotions like greed or fear.

croisssan posted:
Self-doubt can really kill all positive qualities in a trader. You need to be prepared for this.

Completely agree its about having that self belief and persistance that is really the bedrock of trading. Its the only way to handle the inevitable losses

Unfortunately, fear for a trader is really the end of a career. This can only have negative results.

Greed is harmful not only in forex trading but in general too. Most people join forex with a greed to make money and some are very eager to do it as quickly as they can. But unfortunately these people lose their money in forex trading. The reason for loss is investing in forex without the required knowledge.

Greed is mainly activated due to the huge risk taken by using high leverage. So, it's very important to use it wisely.

Forex trading is dangerous if you are greedy. Forex trading is best when you can control your emotions. People who are unable to control their emotions will lose money.

Very true. I kind of had the opposite problem because I struggled with anxiety in the beginning, but I see a lot of beginners that are looking to rush into it wanting to take big risks and get big rewards. A lot of them quit when they realize how much goes into it out of laziness.

Greed will never let you stay in the game for a longer duration.

Greed, fear, and anxiety, they make traders weak. You can’t eradicate them completely from your life, but you can learn to control them.

I believe that when we trade with greed we will lose control of our trading, along with fear, of course. You will lose your account if you do both. It is extremely important to control your greed, that's why we can make more profit in forex ..Trading in forex, it is not good to be greedy.

Greed and other emotions can be taken completely out of trading if you follow your trading rules. When the market meets and completes a rule - enter the trade. That's it!