How to control your GREED????
It is a very common problem to the most of the traders I think; to overcome the greed.
They must be mentally strong and they have to believe that greed will do nothing but harm to their account and they need to avoid that at any cost.
I think that the best way to control your greed is money management. If you follow money management you never lose your money so your greed is not harmful.
In Forex it is easier to trade profitably but it is most hard to retain your profits, especially if greed took over. you have to be aware of that
So kindly share what are the rules u r following to deal with your greed factor?
Greed can be a problem and I agree that most fall victim to it. I also think that most will never be able to handle it.
Following a set of trading plans is the solution.
Maybe laziness has something to do with it.
Take small amount of risk or calculated risk in each of every trade you open. And Keep it mind it is always hard to recover your lost money.
Consider "Risk Reward" as much as possible before opening a new trade.
IF you had no greed, you'd have never entered Forex in the first place. What are you really here for? What do you expect from Forex? There's nothing wrong with greed. Without a bit of greed it would'nt have entered Forex. GREED is what brought you here!!!!!!!
I agree with blueberry to some extent. But "greed" may not be an appropriate word for sensible trading. "Greed" means excessive desire of $$$ but if a trader is looking for realistic return then it is not greed but a realistic goal which can be achieved with the help of knowledge and hardwork.
i think if we practice on demo account again and again then we can control the greed during trading.
practice on demo account will not give any sort of control over greed because it will come to play only in real trading.
Well I tried to trade iwth greed many time and i always get bad reults its a man's instinct and its difficult to trade without greed but if we got some bad experience we can control greed as i do
Mic King
Originally posted by illiterateI agree with blueberry to some extent. But "greed" may not be an appropriate word for sensible trading. "Greed" means excessive desire of $$$ but if a trader is looking for realistic return then it is not greed but a realistic goal which can be achieved with the help of knowledge and hardwork.
I gree with you... it is not Greed it is just a Goal to acheive..!!!
You can't call it greed;;; Money is what keeps you going these days....
however, you must not let it take control of your life