I don’t know if there is another way to control greed except with preparing proper trading plan and then stick on the rule. We must realize that market’s movement won’t be always same as your expectation so you must make preparation when there is something out of your prediction. And also, you won’t stick on the rule when you’re not confident with the trading plan.
Indeed i feel that it is very much important for all the traders that they control their bad emotions which may ruin their trading account and result in losses. Thus, traders should always have a trading plan which tracks their performance.
It is possible to do it, but emotion control is close relationship with capability to be discipline to the trading plan I think. So, traders who want to be able control emotion well then they should prepare good trading plan and confident to move as the planning with discipline. It’s impossible to stop emotion in trading but it is easier to control when there is proper trading plan to follow.
It’s a common human thing. Cuz I had a same experience as yours. Sometimes I fight my greediness by taking a break for few hours or even a day, switch my focus to some classic musics to cool my sanity down. It kinda works for me to prevent any reckless move I’m about to make…
As I know that most of the newbie here are losing money because of emotion and greed. My advice for them is to learn forex well and its all features with technical analysis. Make a plan for your business with good strategy. Business with your leverage after that you might be a successful trader.
It’s no need to worry about it because trying to control greed and emotion is part of learning in forex trading and all traders will experience it, especially if you’re still newbie. So, the most important is knowing the risk and the importance of good money management and risk management after you experienced losses because of greed and emotion. If you knew its risk then you can prepare something to limit it, not removing emotion in trading because it’s impossible to do.
The real emotion and greed control is in live account. You might get yourself more greedy when you’re really make your demo account profitable, but please be careful with your steps while hanging around in live account.
True, proving ourselves in the live account is more critical for each and every trader such that they can make some good money out of their trading.
If a trader thinks that he would be able to get easy income in his trades then it really does not happen as we know that trading is never easy.
And when we have the right kind of trades with us then the best approach is to close them with whatever profits we are having in our hands.
Trading is more of management may it be emotional management or account management with regard to risk and money management. And only those who are good at managing can make money and excel in the trading business.
True. Trading is never easy. And it’s not about how much you got in a single profit, but it’s about how often profits you got.
This, exactly.
It’s not about what you won or lost in your last trade.
It’s about knowing that your methods have been reliably proven to have a [B]collective[/B] edge (positive net expectation) over a statistically significant number of trades identical in circumstance to the trades you’re taking.
Individual outcomes don’t matter, when you know that.
One way to feel confident about that (which helps many people to deal with the negative emotions associated with “immediately recent losses”) is to develop a good understanding of the underlying statistics and probabilities with which all traders need familiarity.
I think books like Michael Harris’s [I]Profitability and Systematic Trading[/I] (Wiley, 2007) are a great confidence-booster (for people who take it to heart and incorporate its teaching in their trading) and a help with negative emotions.
I think there is no instant way to make you capable control your emotion well in trading because emotion control will need time and process. Traders can control emotion better when they have enough experience to consider and they have known the risk in each condition of market. It is impossible for traders to be able control emotion well in a night but it will need process. More time to spend in training, it is possible for traders to control emotion better although it doesn’t guarantee you to be able control emotion well with doing a lot of practices.
Indeed…
It’s a matter of time and experience that you would learn how to handle your emotion (including those mistakes making a revenge order from your rage) and your greed.
This is the major emotion which ruined my trading account. Last week i could withdraw $100 and now i have lost my entire account in the verge of doubling 
all because of my greediness.
That’s the trading journey, just consider it as a part of your struggle.
And so, greed comes when we got ourselves hyped too much on our first victory (just like this case) and it’s much harder to control it.
That’s right, sir. Greed will affect our trading. I suggest to take a break for a while than to trade recklessly with greed…