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    Thread: Overview: How to control greed in forex trading?

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      Post Overview: How to control greed in forex trading?

      Overview: How to control Greed in forex trading?
      One of the most difficult things to do in forex trading is to control Greed in forex trading. There are a lot of traders who will always make a good planning and strategy, but will not be able to follow it, they are unable to keep balance between capital and risk.
      For example, A trader has 100$ capital and he should only try to open a position of 0,50 lot maximum. Sometimes , if Market shows significant movements and his position goes into negative, then he will think that market might bounce back, so he will keep adding more positions, so as a result of that, he might loose his full capital.
      I'm order to control Greed, A trader should always try to trade according to a plan. Never add another position without closing old position first. Should always wait patiently for the market and take more risk than allowed by the capital. Always apply SL and should accept small losses and always aim at less profit.
      Last edited by MT5 bozZdeviL; 06-05-2018 at 11:18 AM. Reason: Merged and edited


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      When it comes to real account, our emotions will easily get affected. This is because we are using own our money. So we need to control emotions in trading. Emotions like greed are the common problem in this business. Yes, we need to control greed in trading. But in some cases, greed is good but you need to use it at the right time and place. If the market is nice then you can be greedy but if the market is not nice, then you shouldn't be greedy. In order to control greed, you can always use lower lot size and this way is better for you. You also can use low leverage so that you can't open big lot size.


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      i did all my best to success in the controlling on my greed but i failed in this for some years until i made a very big loss because the greed and because i wanted to compensate my loses As near as possible so this leaded me to trading with big lots and very high risk then i realized that this way lead only to the big loss .

      So i started to try every thing to control on my greed until i made defined daily target to me to trade for making 1% daily and at end of the month my total profits will be 20 % if i made only 1% daily and i tried to trade with discipline and money management to make only 1% daily then i succeed in the controlling on my emotions and on my greed .

      Because when we trade for making 1% daily if we made any loses it will be very small then we will be able to compensate it easily without any problem and at same time we need to use stop loss while our trading with for making loss or profit 1% only per trade .

      So i think that the trading with plan and stop loss is the best way to control on our emotions because making 20% monthly is not bad percent but it is very good percent if we convinced with it and it will be better than losing all our money in the trading .


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      This is a common question yet too difficult to give a perfect answer because it's a psychological thing that based on impulse. I think it will be very difficult to control greed in forex trading because we never know when it will strike. The best thing we can do is to minimize its effect to our trading activity by following a strict money management rules. Even though we cannot totally eliminate it at least we can avoid big disaster like margin call and blowing up our account in a matter of few oversize lot trades. We should also invest on other source of income so we are not pressure to make money in trading during uncertain times.


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      Indeed greed is the most difficult causes of loss in Forex, which is the key to success in Forex when you reach the stage you control in the greed completely and trading according to the plan and strategy without being affected by these feelings you will find that you are successful in trading and professional
      I can advise you to give yourself time to control greed because you will not control greed unless you lose more than once because of greed. You begin to understand the seriousness of these feelings and begin to commit to the trading plan.


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      We fail to control our greed because of temptation. Greed is a popular temptation that causes us to lose our discrimination. When the greed is uncontrolled it ca lead to emotions that will ultimately destroy us. We can even get in trouble with the law. We can make decisions that hurt us and everyone around us. Our emotions become so strong that we cannot reason anything out. In trading, the most experienced emotions are stress and greed. To keep our greed under control there are many steps that you can take. First, you can plan your success. Come up with a trading plan beforehand. You should ensure that you follow the trading plan throughout your trading time frame. Only take trades that fit the trading plan. Also, to control greed, you should never put more than 5% of your account at risk. You should also trade with a 1:2 risk/reward ratio. This will prevent over leveraging and will control your account. Lower leverage decreases the volatility of a trade. Third, you can use stop losses. This is especially true if you are a swing trader. Make sure your stop losses are reasonable to reach. Fifth, you can learn all you can about forex. You can utilize use a demo account and get books on foreign currency trading. The more information you have, the more confident you will be. Other techniques you can use to control your emotions is to relax. You can go for a walk, listen to soft music, or practice yoga . I prefer to meditate or take deep breaths in and out.
      Last edited by MT5 bozZdeviL; 05-30-2018 at 03:40 AM. Reason: Edit Fonts and Size


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      This is one of my destructive trading habits before, I was once a greedy trader and always tend to move my target profit away from my original plan thinking that I could gain more. I tend to add position with a double lot size as compare to my original position because I just see that the market goes on my favor. I even open two many position just by realizing that I am just trading correlated markets and it really looks that I am risking too much and ended up losing and blowing up my account.
      And one thing I realized is that "greed" is a result of failing to control our emotion due to the lack of "trading plan".
      Yes, you read it right, "trading plan" can cure all of destructive trading habits and those psychological trading problem not only greed. Because if you have a trade plan that you are following, you'll be able to apply a logical approach rather than approaching it emotionally. Trading plan will be our guide, reference that includes all the details on how you will approach the market.


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      Greed is a dangerous trait in the Forex business and we must try everything possible to control it. In order to properly understand this topic, We need to understand first that human beings are emotional and so their greed will come to play from time to time to hunt them. Greed is a very chronically strong emotion because it is guided by our love for Money. We cannot magically control greed immediately and it disappears, Rather we have to slowly start learning ways to control this greed, This is achieved by practice and guided by experience. As we keep getting burned out with margin calls and huge losses as a result of our Greed, We will keep getting better in performing it.


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      How to control greed in forex trading?
      Greed is a curse for a Forex trader. I got margin call so many times due to this bad habit. I have found some good way to control greed in Forex trading. Hope it will help everyone to control their greed and emotion in Forex trading.

      Using SL and TP:
      It is the key to control your emotion and greed. Basically whenever you could use stop loss and take profit in your every trade then you can easily ensure calculated loss and profit. Never close your trades manually. You should strictly follow stop loss and take profit point.

      Using small Lot size:
      Small lot is a challenging task for a greedy trader. Basically it's the mother of getting success in Forex market. You should try to capture profit gradually rather than trying to eat every thing at once. If you could use small lot size then mark my word that it's not a far distance between you and a professional trader.

      Using Demo account:
      If you can't control yourself from big lots then my advice is please open a demo account. When you open a real account trading, you need to open that same trade in demo account with big lot size but in the opposite direction for mental satisfaction. Because a greedy trader is never satisfied with his trade. He always trying to put another trade on opposite direction. Using demo account is the key to solve that bad habit.

      Preparing a weekly target:
      Set up a weekly target for trading. Whenever you could fulfill your target you need to close your every trade and take a deep breath. Don't do over trade. It's the another things you need to do for controlling your greed.


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      Greed is not recommended in forex because i think that greed maybe the fastest way to loss of the money, greed can let the trader to make some money at the beginning but with time the trader will lose his money easily and so the trader will leave the market anytime and will not reach the goal he wants, Greed will short the life time of the accounts of any trader.

      The trader that wants to survive in the market should not be greedy and so he should always control greed by following of a good money management and risk management and should do this in every trade by choosing of the proper lot size for each trade as this is very important for making of safe trading that will lead to making of money


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