Don't ever get greedy in this business. You will lose the gains as quickly as you got them. Besides, there will be plenty of other opportunities to make money down the road. Forex is not going anywhere.
Integrity is the seed for achievement. It is the principle that never fails. - Earl Nightingale
grownlemur posted: Being greedy is the strongest emotion that needs to be controlled when you enter the forex market. Don’t set unrealistic goals. Otherwise, you will end up losing what you have in your pocket.
IMO greed is not always high expectations. Perhaps this is just folly, not greed. Greed is a violation of trading rules and a plan in pursuit of unjustified profits. In other words, it is an excess of possible risks to get more profit.
UweMoench posted: 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.
Psychology must be controlled first. There is no guarantee of profit if you trade out of greed. And the amount of loss increases. You have to trade with a combination of fundamental, technical and sentimental.
I think greedy is the most enemy for trader, although trade has long experience in trading always greedy, it will fail at a certain time because market very dynamic and no exact prediction will always accurate, greedy usually appear when trader over confident or he in bad emotion control.
I can’t agree more with OP. Greed is about having highly unrealistic expectations which blinds you to the negative outcomes of the trade. Greed forces you to over-trade and wait for your profits to run when it clearly shows that you should exit. You should only expect as much as you are capable of achieving. It keeps you grounded. I write down my goals in my trading plan which is like a benchmark for me and reminds me not to over expect.
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