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.
I agree. Greed is no doubt a poison for the traders and it must be controlled. Greed is capable of ruining your entire trading career and you can go bankrupt in seconds if you don’t control yourself. You need to understand that forex is not easy money and keep unrealistic expectations. It may take years to trade and earn profits so don’t look for any shortcut and do the hard work yourself. The more you learn, the better trader you become.
Greed is bad, not only in daily life but in forex trading as well. When you get enough profit, you should exit the trade. Oftentimes, when you stick into the trade after having received good profits, with the greed to get more, the trader ends up losing. It is better to use stop loss and take profit always in order to avoid loss due to greed.
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.
Greed can be a poison in forex trading if it leads to reckless decision-making. When traders are driven by greed, they can start to take unnecessary risks in an attempt to maximize their profits. This can lead to big losses, and can even wipe out an entire account.
Those who lack emotional control are surely at a risk of becoming greedy and impulsive traders later on. We just need to understand that emotional trading is not a way to succeed in forex. Try to make decisions based on logic and discard any thoughts that seem irrational while trading. Deviating from your plan for the sake of making quick profits will only lead to huge losses in the end.
hi all. i'm newbie and may have little experince in trading. but i don't agree with you. i think being greedy is good in moderation. since greed makes people get richer. but that doesn't mean that one has to become very greedy. no. everything needs its measure.
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!
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