How to control our greedy while on good market condition??

Emotional and greedy is part of our problems while trade in forex. Most of traders couldn't control it and they face loses in trade. Sometimes, we can handle this greedy but it can persuade our self being greedy. So, how the best way to control our greedy while on good market condition??

It's funny how new traders believe greed is a bad thing. If you are trading and in a winning trend that continues in your favor, you are using greed to stay in that trade ..which is a GOOD THING. You can't say to yourself that since you feel greedy, you need to exit that good trade. Let's lose that misconception people... greed is a good thing too in a good trade going in your direction.

The reason most are greedy is because they have'nt planned out their trade BEFORE they actually enter, so they have NO clue where the price is heading.

There are ways of knowing before hand where price may take a short break etc.

"Remember, 15-20 pips a day can make you very wealthy in this game."

No need to sit at your machine all day trying to squeeze out pips when the market just dont want to give up anymore, especially when the ADR on most pairs (as I type this) are at their all time low.

Edited August 31, 2014 by traderx4
Spelling Mistake

"Remember, 15-20 pips a day can make you very wealthy in this game."

.

 

I'm posting this in bold lettering because this is the key to trading. You don't need 100-1,000 pips to become wealthy, with the right trade that you feel confident in making, trade larger lot sizes and you will become very successful as a trader.

I'm posting this in bold lettering because this is the key to trading. You don't need 100-1,000 pips to become wealthy, with the right trade that you feel confident in making, trade larger lot sizes and you will become very successful as a trader.

 

The traders need to confident in their transactions making. But, the traders should avoid the greedy. I think for beginners need to learn in long time about trading psychology. :-bd

The best way to control greed in forex trading is to know when its time to exit the market. Before you start trading each day, set a goal for yourself.

For instance, I may set a goal to leave the market once I make a 5 pips profit. This way I know that immediately I achieve that

I have no business staying over in the market unless am prepared to take a bigger risk.

If the market conditions are good , then you have to cash in , there is a difference between being greedy and earning in a favourable condition.

Emotional and greedy is part of our problems while trade in forex. Most of traders couldn't control it and they face loses in trade. Sometimes, we can handle this greedy but it can persuade our self being greedy. So, how the best way to control our greedy while on good market condition??

 

first of all.. how you define 'good market condition' ??

if i have an exact method to define this one, i would gladly to greedy all the time, besides the market condition are too good to slipped. and i always made more gain, of well define good market condition.

There is always this temptation for most traders to stay in the market if the market condition is god in order to grab all the much profits he or she can. The only way to control this is to have the discipline to follow your trading plan through and leave the market once you have reached your targeted number of pips.

being greedy is not bad, but taking that greed to a level where you cannot decide or make decisions properly, has to be avoided.

Keep in your mind that Forex trading are all the matter of taking risk. The only thing that you have control on is the amount of the money you put in every trade and also the amount of the money that you let be lost. there's many way to encounter such obstacle. many traders would suggest to refine our psychological trading state before start analyze the market. but these may too hard to implement for any new traders. I took suggestion from some expert trader, and use risk management to minimize emotional aspect during trading. Still use 2% risk per-trade based on my Tickmill account margin. good execution condition (ECN) with low spread and also high leverage offered (1:500) makes any trade only need small amount margin required.

I think that the best way to keep your greed under control, even in good situations, is having a trading plan that marks clearly your goals and stick to it although market exceeds your expectations. Once you have reached your aim for a trade given, just exit.

Its all going to relies on your technique. If you are dealing in currency dealing you are already presumed that you can manage any emotional element. If not then its best you come back to trial consideration and just be material in trial consideration. Because in actual consideration you are managing actual cash and if you have some emotional issue then your getting your cash into danger.a trade management is the key to success, for 1:500 leverage ratio upon my Tickmill ECN account, I use 2% risk for each trade,which appear a stress free trading setup for daily uses.

Its a natural tendency that we fall in for greed , but it should be taken care for and one should not become too much obsessive for earning more and more money.

We must often remind ourselfes that greed can lead to losses. I know that some even imagine such reminders write and hang up on the monitor. They say that helps

The best way to control your greed is to try to get out of the position faster and lock the profit.

I go with the 50/50 route. I liquidate half, and let other half run.

Avoid Get Rich Quick Mentality, you are hearing people becoming rich overnight may be true but then you have to consider after how many years of experience and hard work did he manage to find way to investing that works for his way of investing in the stock at the right price and at the right time to build wealth for himself.

You could also try my personal favorite. I take frequent breaks when I earn a lot or lose a lot. It helps to create emotional balance.