How To Control Greed While Trading? You Should Know.

[Tumultuous]

It’s true that a lot of traders lose money in the forex market because they can’t control their greed. When they can’t handle their greed, they often enter and exit trades without analysing the market that leads to unforeseen losses. Every move should be planned so that your losses remain in your affordability.

 

[Aficionado]

Your greed comes out of unreasonable expectations. When you have gained experience, you hardly feel greedy to make a profit that you know is not possible. So, explore the market and gain experience because it’s really important to keep you on track.

 

[Runcinate]

An important factor that contributes to a trader's failure is greed. Many thanks for sharing those helpful tips on how to control the greed of traders.

 

[Woolpack]

Being greedy is a result of your unrealistic aspirations. When you know the reality of the market, you will never expect any magic to fill your pockets. So, gain experience but not at the condition of making money. Instead of this, focus on long term trading skills that will help you stay on track.

 

[Scalium]

This was a great overview of some important points to keep in mind while trading. Greed can overtake rational thoughts and to avoid that at best, following a plan is important. Maintaining a journal can help look back at past mistakes and give space to rectify them.

 

[Dopper]

To avoid greed, I follow a trading plan and try to follow it. Yes, there are times when I cross them. But controlling bad emotions like greed takes time. Understand your emotions and find your own approach to control them.

 

[Arrogate]

Trading with eyes open (i.e., knowing the reality) about trading is crucial. Negative emotions like greed are detrimental to a trader’s career. As long as a trader is untouched by reality, greed will be there.

 

[Blockhead]

You will have to work quite a lot on yourself to control strong emotions like greed. It takes time to know the impact of wrong decision-making but once you know that you have been opening baseless trades, you better build a plan and follow it.

 

[Affusion]

It takes time and effort to control emotions like greed. Checking regularly on our negative emotions, like greed, can help us control them better.

 

[Herisson]

These are some great points needed to be read by many beginners. Understanding the power of greed that overtake normal decisions and make you suffer loss. Hence, follow a budgeted plan, stick to it and try to make it work out. Only through discipline and patience can profit be earned.

 

[Pinnace]

Greed results from impatience, which needs to be controlled, and the best way to do so is creating a strong trading plan that must include when you should enter and exit a trade. Creating a plan is half the job done, you need to strictly follow that plan and you’ll see that emotions such as greed or fear are nowhere near to bother you.

 

[HoboSociety]

Greed can cause you to take too much risk, make impulsive decisions, and hold on to losing trades for too long.

So how do you control greed while trading?

Here are three tips:

1. Set realistic profit targets.
2. Use stop-loss orders.
3. Take breaks from trading.

 

[Wavemeter]

To control greed, remove the mentality of making money quickly. Have a set of trading rules and stick to them no matter what. In addition to that, avoid overleveraging. Don’t let your losses dishearten you. Learn from them and have patience.

 

[Amphibology]

Most of us have a hard time when it comes to managing our emotions while trading. And we often fail to do so which results in overtrading which is an after effect of greed only. Controlling your greed is the first step towards becoming a disciplined and professional trader.

 

[Wrongous]

One negative feeling can wipe out your entire trading account. If you intend to take trading seriously, you should train yourself to keep your emotions in check and never let them influence your decisions.

 

[Christopher Hanson]

Thank you for your contribution. This post is extremely beneficial to new traders. You can't expect to make money in the market if you can't control your emotions. It is required, and this post explains why.

 

[SickRiddle]

Learn from your life and past experiences or trade to know the reality of greediness and how it destroys everything in seconds. The 'getting rich overnight' mentality makes everyone fall prey to greed. Sometimes, it is driven by desperation and obsession with money and quick earning, which is never possible. Without discipline, nothing will happen. If you are not able to control your emotions like fear or FOMO, they will convert themselves into greed in some or the other way, and that greed will ruin everything.

 

[YellowWitty]

Avoid things that provoke you to make more money. For instance, I don’t use high leverage as this could backfire. Instead inculcate strategies that could prevent losses. Use stop losses and get rid of the mentality of making money instantly.

 

[Flitsam]

The most difficult obstacle that every trader faces in the market is greed. If you trade in the market out of greed and want to make money quickly, you are on the verge of blowing your account. Be disciplined and don’t compare yourself to any other trader.

 

[Idealism]

Thank you!
Insightful post. Greed can be a blunder and can lead to reducing the quality of the trade while increasing the position size or number of trades.