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

    1. #61
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      Now a days every forex trader will know the definition of greed who will spend time in this market, when a trader will come new in this business they have a lots of dream and they will try to makes then true in couple of days which is not possible and they will start gambling and show greed with their invested capital and in a few days their capital will loss and account will be finished. Traders who will know well this business and try to manage it they will trade very carefully and try to stay long term in forex which will totaly need to removed greed from their forex business will have no ending so keep join daily live market and ry to earn some profit never think about big in small time it will kill you account and have no future with forex business.


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      I think there are many remedies & money management/risk management is major remedy among them to control greed. Use not only take profit but also the stop loss. Many traders use take profit only & ignore the stop loss which is very dangerous & irresponsible step for a trader. You should also promise yourself to earn a consistent fixed amount of profit & don't try to gain more from your prefixed. If you don't fix your daily pip earning, it will lead to desire more pips in a day at a time which raises greed.
      Always remember that greed is like a virus. Once installed, it will grow bigger & bigger no matter how small was it at the beginning & if you don't take proper remedy it will erase all balance from your account.


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      Greed is a human nature and it is also a part of us. How to cure greed is by controlling the greed itself. Greed can not be eliminated but if you can train your psychology then you will be easy to control greed.

      Remedy for greed in the trade then you need to make some targets for your profit. Indeed is difficult to get used to the target because human nature is greedy so you will feel dissatisfied with the results achieved. Need to think realistically to be able to remedy greed in the trade, as long as you can not think realistically then greed will only continue to control your desires. You should also understand the meaning of patience if you want to remedy greed in trading. The point to remedy greed is within us so we also need to understand our own weaknesses.
      don't use Luck in the trade but it would be better to use Greed
      hoping for something without hard work will not give anything

      dedy hari kurniawan's trading journal


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    7. #64
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      The remedy of controlling greed depends upon you only because as we are Human being ,greed always will give its presense in our life and Forex business we know that deals with the real money, for that its very much natural that traders always wants more money earning in a short span and for that they are dominated with the greed factor but until and unless we can have proper control ,we can't make any mark on this business.

      To dominate over greed ,traders have to target a realistic pips profit,they have to develop a proper positive trading plan and good strategy ,they should learn the discipline so that they can avoid the overtrading ,patience should be grown inside their trading .Its hard to get those thing in a day but we have to trade with experience and should wait for the right time to be with the trend always .


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      Default "Greed Is Better Than Luck" Do You Agree With This Statement?

      Many traders in this world tend to be greedy in the market including me. However, I would say that greed is better than luck. Will you agree with this?. If you answer yes or no, please state your reasons. Thanks in advance.
      Last edited by Aviz; 08-14-2018 at 12:35 PM.


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    10. #66
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      The Trading based on the Luck : is the baddest Thing in Forex Because our Trading based on the luck always make us trade In Forex as Gambling without any analysis or experience and even if we made loses at the beginning by Luck of course we will be unable to maintain These Profits For Long Time Because The trading based on The luck Doesn't Depend on Any strategy or Money management and it always ends with very big loss to our accounts .

      But The Trading with Greed : is Very Risky But if we divided our balance for example to 10 portions as dividing as making 10 trades and every trade stop loss 100 dollar if we have 1000 dollar in our account this will be very risky but it is trade with greed but if we followed it with technical and fundamental analysis to make our entry points from strong places we may success in making very big profits exceed 100 % so if the greed included Strong money management and Good technical and Fundamental analysis for choosing the good entry point it may success .

      So i agree with you that the trading with greed based on good experience and knowledge better than the trading based on the luck which always make us trade based on no thing and we can tell on it trading based on the ignorance which always ends with big loss and no surviving on the market so if the greed include Trading with good experience and knowledge of course it will be better than The trading based on the Luck .


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    12. #67
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      Post First Make Sure Which Type of Greed!

      The word greed generally makes a negative impression. But it is not always truth. Greed for success is the thing that tempts a man to achieve utmost success. On the other hand, luck is a relative term where human being have no authority. So greed (particular) is better than luck. You will get what is allotted for you in your luck. Your greed for success will bring success for you but beware of foolish greed. Have greed for success not for money.


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    14. #68
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      I agree because in general we can think that greed is bad and it can be dangerous if we are gripped with this and like that we can lose our all equity in a very short span of time but as per my view sometime greed can be better if that is within a limit as it always keeps the urge of getting any thing at any cost and keeps our trading momentum running .But yes we should always be aware that it should not dominate us because if that happens ,we can lose our trading control and thus can blow our trading account by taking some unwanted risk .

      Many people just depend upon luck and they think what will come by that they will accept but they should know that with luck everyone can't make a fortune,for that we should work hard so that we can achieve the target and can be successful .For that the dedication ,passion and the positive attitude is more important here .


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    16. #69
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      Greed Vs Luck In forex trading

      In my opinion being greedy to some extent is not really a bad thing and in a market like forex you have to be greedy to make money but this greed should be in check and if you don't do it you will lose money. On the other hand if you just trade randomly and depend on your luck then it won't be viable for you to make profit and although you might get lucky some time but most of the time you will not get your desired profit and will make loss in a continuous manner.

      Trading with the intention of making more money is sort of greed but this greed is not a negative thing and as a human being we all are greedy more or less. If we can manage our greed and transform it with a rational trading by following a proper money management and also a good strategy combined with discipline and abiding fundamental trading rules then we won't have to wait for our luck rather we will be making profit without needing luck to favor us. That's the proper way of trading in forex market and the moment you will depend on your luck your trading will deteriorate significantly.
      Yesterday's wins and losses are yesterday's wins and losses -- and the yesterdays are gone


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    18. #70
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      well, there is no point comparing greed with luck. luck is left to chance, and as such would be completely useless when trading the currencies market. yes, greed could be used to advantage. the area where a forex trader could have problem is if he uses greed carelessly. a greedy trader who would succeed would therefore need to:
      1. be patient: a greedy trader who will succeed does not just trade. he trades only if the trade is ripe. it might take several hours to see such opportunity, but he waits for it.
      2. sharpens his skill: he hets his skills sharpened regularly. he learns and gets well-informed about happenings in the market. he is always current.
      3. good equipment: since greedy trading is actually trading using high lots, the trader must have good and fast trading equipment so as to be able to do whatever he needs to do on time.
      ''Too many times we settle into a set way of thinking and accept limitations that need not be placed on us'' -John C. Maxwell

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