Greed is one of the reasons why the forex market is crowded by failures. You are still young, and seeing that you have the right mind to get into trading, you definitely have a bright future here. Just ensure you dont get too greedy coz you might lose more money than you make.
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search for someone on this forum that you can trust to guide forex trading.
Treat greed as fear - fear you will not be a winner, fear you will miss out, fear you will fail.
Practice, practice, practice to overcome your fear. Practice until opening a trade or setting entry orders is routine, like crossing the road.
To effectively manage emotions, a forex trader will necessitate sufficient trading comprehension. Demo account is the weapon which can help any trader to take get familiarity and control emotions. Decisions making should always be practical otherwise you can face difficulties in carrying out the whole journey.
When you enter a trade, you should have already decided how you will react to every possible outcome.
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Good advice
No need to worry , probably you are somewhat new to trading and lack the patience required to trade in forex.
The forex market is highly volatile market and anyone can get nervous in the beginning. You must therefore never over trade. Once you have fetched your estimated profit you must close the trading platform to avoid further trading . Managing greed is not something you”ll learn in a few days, it requires a lot of practice and patience. Make a trading plan always works. Do not repeatedly look at your profit or loss time and again . Do not get too affected by profits or losses
You can prepare all you want for these scenarios but in the end, experience is the best teacher. Perhaps when you blow your account (hopefully demo), the lesson will stick.
Don’t feel pressurized,it is important to understand risk management or you can do Demo trading. Don’t let this fear of losing affect you rather when you are watching your trades unfold,ask yourself ‘Am I Scared?’
And if the answer is Yes. Exit immediately. Review your trading strategies and reduce your trading size and repeat.
I find that such behaviour is quite common with new traders. I think that it is some sort of learning path, and something that will teach them to control their emotions on this market. As Darious said, it is better to learn it on demo than on real account
Could you tell more what do you want to acomplish when you have urge to trade again?
Is it because you:
- want more money or
- just want to have a feeling you have a trade open and to see how it goes
- want to be on the market with open trade so you do not miss something
When you give me reply I can tell you what could be source of the problem and how to solve it.
See, to be successful in forex, you have to be consistent in trading. What I would suggest is till the time your job is on, just practice trading on demo and go live when you are free from here. That would help!
One can’t stop emotions, but you can learn to deal with them and you can learn to deal with greed. I think one of the most important steps is to create a trading plan and have realistic expectations of your trading.
Exactly. One should avoid over trading or revenge trading. Demo account is really helpful.
discipline is most important to control any bad trading habits , besides this we the traders have to ensure regular practice in demo or micro.
Correct. When i was a beginner, i also faced a similar kind of situation but then i took the losses in my stride, accepted it then started afresh by practising on a demo account.
Yep. Because of discipline i am able to develop good trading habits.
That’s alright! It happens with everyone. Emotions do get in the way of trading. But gradually
you’ll learn how to avoid them. Just remember emotions are your biggest enemy in trading.
its a good technique to use SP and TP. but as a beginner its difficult to use in practical because of poor knowledge and experience.
Trading isn’t inherently an emotional act, it is our relationship with money which is the source of emotional pressure.
Never think of trades in terms of money. Think about opportunity and risk in terms of percent of your account capital. Just focus on growing your account.
If you are so short of money that you need to withdraw cash from your account to pay your bills, you do not have enough money to trade with and you should stop trading - you are under-capitalised and you will not escape the spiral of emotional pressure that trading subjects you to. Under-capitalised is not measured in dollars.