How To Control Greed While Trading? You Should Know.

[GriderGlib]

Thanks for this informative post! I believe emotions will always be a part of trading, but you should learn to control them. You should have a set of rules for yourself that can prevent you from taking uncalculated risks provoked by fear or greed.

 

[Statoscope]

Traders aren't aware of the implications of their greed until they are faced with them. New traders are first focused on making large sums of money, believing that taking a large number of trades will help them make money. They become rash in their trading and continue to enter and exit positions without hesitation leading to blowing their accounts and eventually quitting.

 

[timothydanie]

Greed is something that makes many forex traders deviate from their trading plan and make impulsive trading decisions. We are all here for profits but it should not be the only thing. Having realistic and attainable goals can keep us away from dangers that come from greed. Having a healthy competition within you to keep getting better at trading is what a forex trader needs. Greed is like slow poison and it will eat away your brain leaving you unable to make any logical decisions. This post should be read by every forex trader as it is that one piece of advice that you should never refuse.

 

[Whimsical]

Controlling greed is really important when it comes to trading forex. But when you know that there are many money making opportunities, not all traders are able to control their greed and trade as per their analysis.

 

[Venencia]

Successful traders learn to control greed. This helps them focus on the long-term trading opportunities, which are bound to have a long lasting effect on their overall performance. It helps maintain a good trading strategy and a combination of this with a good risk management strategy helps experienced traders achieve consistent profits.

 

[quidsworth]

Your knowledge along with the market understanding can help you in not being greedy. When you know the market, you know what moves can lead to what results. You won’t even expect anything that is easy to achieve in the forex market.

 

[Absterge]

The key to controlling greed in trading is to cut losses and let your profits run. The best way to avoid letting greed get the best of you is to stick to your trading plan. You should have a set of rules you follow, and stick to them like glue. When you follow your rules, all you're left to do is wait for the market to give you an opportunity to make a profit.

 

[Zooscopy]

I know that greed can prove to be dangerous if not controlled well in time. But at the same time, I also feel that traders need time to understand this. If you keep telling them that they shouldn’t be greedy, they may not know what you are trying to tell them. But if you let them take a few risks as per their understanding, they will learn better.

 

[Capitation]

When you know that there is a lot of money in the forex market, many traders tend to become greedy and find ways to take all of it. But with such a mindset, they are not able to go far in the forex market. You need experience to control your greed and patience to become experienced. So, better not take any shortcuts.

 

[schmutz]

Don’t put a lot of pressure on your mind. Greed is common when you know that you can make money. You can control it with time when you have gained some experience and noticed what certain moves can bring as profits.

 

[Retropulssion]

Sometimes we don’t even realise we’re being greedy. Often we get emotional while trading and then face consequences later. Forex is a game of psychology and if you don’t control your greed, you’ll suffer losses. To control your greed you have to have a strong and disciplined mindset. Avoid over-trading and revenge trading. Greed is like a poison for your trading career so you must have control in it.

 

[Paramedian]

Due to modern-day distractions, FOMO, and instant gratification, greed has become a natural part of our lives, and it needs to be controlled otherwise, it will control our lives. Greed makes traders open large trades irrespective of having a calculated trading plan and results in losing,

 

[FXPIP.ONE]

Better use Grid + Overlap instead Greed )))
Here new idea coded into EA :

 

[Whiskerine]

When you have experience to back your trades, you hardly become greedy because you know that nothing other than your skills will get you money. So, better not stress on emotional control as a beginner because you will learn to control them with time.

 

[Symphony]

For greedy traders, every market situation seems like a money-making opportunity. But it should not happen because this may blow up their trading accounts. At the same time, I also believe that this should happen once or twice to them because some traders are so defiant that they won’t believe what other traders tell them.

 

[Arithmogram]

I think the biggest thing you need to do to overcome greed is focus on yourself. It's easy to get greedy when you focus on other people’s results and the money they are making. To overcome greed, being process oriented will definitely help. You need a set of rules in your trading plan that only allow you to take a specific amount of trades, that only allow you to lose a specific amount of money or % and you need a set of rules in your trading plan that help you close trades in profit. Form a trading strategy based on your requirements and market knowledge to keep emotions in check.

 

[Heirloom]

Obtain experience to control your greed! You are a greedy trader only until you have not seen the market closely. When you have faced the issues of trading and have gone through the results of wrong trading decisions, you don’t set unrealistic expectations and hence, don’t become greedy.

 

[Polakandil]

Control greed is important in trading, this is related to our psychology, this article helpful to learn about greed and how to control it, and just add something else, before deciding to become full-time relying on income from trading, better you have main source income, so when losing trades make your feeling more in tension and this not good to develop forex trading business.

 

[Implumou]

I think the biggest thing you need to do to overcome greed is focus on yourself. It's easy to get greedy when you focus on other people’s results and the money they are making. Each trader is unique. Form a trading strategy based on your requirements and market knowledge to keep emotions in check. Establish risk thresholds and benchmarks for when to enter and depart. Keep refining the plan to make sure you're on track.

 

[Curtate]

Greed is one of the strongest emotions that you go through when you are a forex trader. When you see so many market movements, you expect all of them to turn out into a profit for you. But this is near to impossible and only a right mindset can help you stay on track.