The attributes of a greed Forex trader

[uptrendfinancialsignal]

Greed in forex trading is what should be eliminated as much as possible because it is one of the characters that will make traders loss huge amount of capital in forex business.

Greed set in when you make your first profit in a trade and you want to keep making more then you will not exit at the right time. The attitudes of great forex traders are
-using high leverage
-putting high capital on position of high probability of winning
-doubling up low profit transactions
-not setting limits
-trading too much.

What's your contribution?

 

[Dita Walczak]

We should train our mind the way the market wants us to do. Proper mindset of trading is needed because negative mindset always discourages traders about trading as a result traders can’t survive in trading for long. So, traders should build a positive mindset which inspires traders. A positive mindset is always free from greed.

 

[moonchild]

Most beginner traders are greedy, they come in to forex with the mindset of becoming millionaires in a very short period of time, it may sound elusive but many people had this mindset when they first started.

This attitude will then drive them to take unmitigated risk and end up blowing their account, this happens over and over again, most people quit after finding out their fairy tale fantasy is not a reality.

I think greed is part of Human nature, we can't actually do away with it completely, it will still creep in.

The best thing is to be realistic about the results that you want, has anyone achieved that before, if yes, then work towards it and make it happen.

Hard work cannot be escaped if you want results, you have to engage with the market and learn, then you'll have a chance to win, but just being greedy is not going to cut it.

 

[Finger Geek]

Greediness is one of the reasons why many people are lossing there money in forex trading. It is not that they don't have a working strategy but it is because they are greedy, that is why they are lossing there money. This has also happened to me many times. The last one that happened to me and I decided to not be greedy was when I have already made profits from $2 to $21 in 2 weeks. So the trade that took all my money was a trade that I saw and entered, I was supposed to close the position after 50 pips but I was greedy and aimed 100 pips. So when it reached 61 pips, it gradually fall back I was thinking it will go up back and make my profit but that did nit happen. I would have still retained my money but because I did not put stop loss as I was expecting that it will go up but I lost it and my funds reduced to $6

 

[FXOchartist]

There are various greed in forex trading, over trading also included type in greed, using big lot size for high risk trading also greedy, increasing target profit also called as greed.

How to control the greediness in trading we need strong psychology and proper plan trading, when still newbie they can practice and learn using demo account ECN FXOpen broker to test skills without any risk.

 

[Asahi]

Big investment involves big risks so broker choosing is highly important for safety purpose.Not all regulated brokers are highly secure and you have to be picky for selecting a secure trading broker. Eurotrader allows traders with a 111% deposit bonus that increases traders’ capital, ultimately affecting the earning.

 

[Zootoxin]

Greed causes you to make irrational decisions. For traders, this typically manifests as excessive borrowing, excessive trading, market chasing, or sticking onto positions that you know you ought to have closed down long ago. It takes a great deal of discipline and work to overcome greed. It isn't simple, but it is possible. It all comes down to controlling your ego.

 

[Jack Reacher]

Brokers sometimes help traders by providing their analysis done by their experts. If your broker does so, you should make the best use of this opportunity. You can follow the free educational program of Eurotrader broker to enhance your trading knowledge. The broker provides signals on and off to help traders earn profit.

 

[GorillaOcean]

When you focus on other people's results and the money they make, this will cause you to be greedy because you will want to generate the same returns. To keep emotions in check, develop a trading strategy based on your needs and market knowledge. Set risk thresholds and benchmarks for when to enter and exit the market. Continue to fine-tune the plan to ensure you're on track.

 

[Serment]

Beginner traders frequently struggle to control their emotions during trading. We are bound to feel anxious, nervous, and excited. It is completely normal to experience these emotions, but we must avoid allowing them to cloud our judgement and lead to emotional trading. We should go into the market with a well-defined strategy and stick to it throughout. Prioritising risk management in every trade will go a long way toward preventing us from becoming greedy and impatient while making a trade.

 

[Canzone]

I agree with these points. I’d also like to add that if they don’t stick to a particular plan, it will cause too many issues. Through hard work only good results are obtained. Hence, traders need to enter the market with a sound plan.

 

[Archetype]

Greed gets out of the way when you follow your rules strictly. It takes your personal energy to control your greed, but another way to do so is to have a well-structured trading system that incorporates strategy, risk management rules, and discipline.

 

[Misology]

Greed can become the downfall to trading success. So many traders are out there, confused and unaware. They repeat the same mistakes and lose all their capital and don’t seem to realise their errors. Rather, give yourself time to learn all you can and practise so you avoid such situations.

 

[Exoculate]

One can eliminate greed when one understands the importance of discipline, and discipline comes with time. As a trader remains consistent and knows what to do in an organised way, discipline will follow naturally.

 

[Electuary]

Greediness is a sign that a trader is not ready to trade with great zeal and confidence. It often stems from desperation and obsession with getting rich quickly. It can be controlled when a trader knows how to utilise the principles of trading psychology.

 

[ShyCube]

Greed can really have a hazardous impact on the trading. If greed is not properly managed during the trade, the results will be unfavourable and there is no point to trade because you are only going to incur losses.

 

[Gastrolatry]

Greediness can be controlled through observation and practice. Traders can start observing their greed-related attitudes in general life, which they can then change. They can then trade without greed in trading. But it all comes down to observation and practice, and it can be controlled.
By figuring out the triggers of greed, traders can come to know the reasons why they are greedy.

 

[Gaspard Edwards]

It is very important to exit from the market at the right and planned time, and greed won’t let you do that. So, you must have a strong trading plan and know when and how to stop.

 

[Olimpia Morgan]

It is crucial to follow the trading plan and not overdo anything and resist the temptation when such a situation arises. It will help you control your greed. Of course, journaling will always help.

 

[Fartsdump]

Greed might actually cause you to make more foolish decisions. When greed is your driving force, you might put too much at risk in the pursuit of financial gain. You run the risk of overtrading, losing patience with slow progress, becoming more negatively impacted by losses and losing streaks, and losing all of your money. When this occurs, getting back to your original position might be very difficult.