Greed is an enemy of people. Actually, in trading this thing reveals itself even more. Traders can't understand that greediness ruin their trading activity, they try to reach as much as they can, but they should understand that greediness NEVER led to something positive. I personally don't know any situation when greediness helped me a lot. It only brought bunch of harm to me and my friends. Hence I suppose that if traders would learn how to avoid greediness and when they start to understand where to STOP. They will be able to develop their skills and receive experience twice faster without any emotional roller coasters.
shortant posted: Traders should avoid trading with emotions, be it greed or poison, as it won’t bode well for them. Trading should be done with strategies because only then, they will be able to make profitable trades or manage losses.
Any emotion, especially greed, inhibits the decision making power of a trader which results in making wrong trading decisions.
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.
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.
If your strategies go well with market conditions then it is a great opportunity to earn well but in greed never indulge in overtrading and above your pockets affordability because risk is always there in forex trading.
When you let greed control your foreign exchange trading emotions, you end up losing all discipline and making poor decisions. It feels good to win! However, the high from a string of successes in forex trading can fuel an insatiable appetite for wealth, leading to reckless overspending. In reality, being careless is one of the side effects of being overly greedy, which gives you a false sense of control and it is harmful.
Certainly greed is bad for trading. I think it happens to all beginning traders. Unfortunately, it can lead to big losses. Something should be done about it. Trader's success depends on trader's ability to stop in time. I mean if a trader has earned any sum of money, he should stop, wait a certain period of time and then trade again. Of course it's better to do it the next day. But there are often cases when a trader has earned money and wants more. He opens a deal, loses money... then he wants to get even and it goes on until he takes more losses. Traders need to practice. To train their emotions. Greed kills the deposit!
Greed in forex trading can make you go broke because you will be overspending your capital or trade at the wrong time to make more profits. It is important to develop your mindset and have a trader’s psychology in order to not lose just because of the mere reason of overwhelming emotions.
Greed is a dangerous emotion that keeps pushing us to want more even when we don’t need it. Traders should be aware of how greed contributes to their losses while trading. Emotions like greed are the sole reason people get indulged in addiction, over-trading, etc which proves as poison for their trading career. Keep your thoughts from taking over. The more self-assured you are and the more methodical your approach is, the less room there is for greed.
Greed is a human emotion that can cause you to overtrade and make other mistakes in your trading. It is always advised for traders to control their emotions because even a single one can ruin everything and result in severe losses.
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