Yeah, it happened to my first couple live account. Got myself controlled by greed and anger, done mistakes in no time…
Ideally once the mistake has been made and huge money is lost to the market trader should realize the importance of being rationale and should set targets for themselves such that they do not get carried away.
Thank you for this thread and this Forum, it feels like one can talk about it here. Yes I lost everything, and I have ganed alot also, for the wrong reasons. But I will leanr, and I will hangorround here with you intelligent traders that do never give up.
One should always know their path right when they are trading in the forex market such that they can be making good gains by all their eyes open. All the best for you to learn from the profitable traders to succeed in this highly potential field.
You can never completely block your emotions when you’re trading because we’re all only human and emotions are a nartural part of who we are. You can learn, however, to deal with your emotional response through more practice. It’s just something that happens gradually. Also, you can try trading with a smaller lot size and also gradually increase it as you gain more confidence.
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Personally, and I might seem like the wild man of the pipsphere for this, but candidly: I try to seek the company of patient friends. … So, I don’t hang out with a lot of people, these days, LoL.
I’m fortunate enough to be living in a place where there are a lot of trees, such that apparently attract a lot of small birds - and not so many people trying at their own kinds of target practice, “Way out West”
I once deposited some money on a account years ago and traded with that. After a while I took my deposit out as I made profit, and kept trading the left over money. That was a huge thing to do, why? It is no longer my money! It is free money, so I don’t care a lot when I lose some of it or even a lot. And that freed myself from being too emotionally attached to losses.
I still am impatient, but I don’t care about a loss. Important to me is that I follow my system and found a way to distance myself from the money.
Another trick: I like to start a new account with a small amount and I trade aggresivelly (don’t do it yourselves, I know what I am doing). When a trade is volatile and I feel a bit jibberish (sometimes that happens, even with free money. There is pride involved!) I remind myself that I once started that account with 50 EUR and 0,02 lots so I am only losing 20 cents per pips allthough my broker and screen says differently.
When we plan things on long run then certainly the momentary greediness can be avoided. Think of scaling the capital and making huge gains with it.
- Stop caring about other people’s profits.
- Start caring about your own big win vs small loss record
- Accept that consistency is more important than quick money ALWAYS
- Accept that simple is always better
- Accept nothing but ideas that make sense
I always tell these to myself and it works for me. Hope it works for you too.
This site called The Forex Guy taught me those five statements. Worth the read. Just discard it if the articles don’t make sense to you.
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I don’t think I’ve ever cared much about other people’s profits, but there was a time when I was too easily influenced by their opinions about when one should open or close a trade. Sometimes they were right, sometimes they weren’t, but one should first and foremost have confidence in their own opinion.
If you’re afraid, then this may not be the right time for you to trade or invest.
Trading and investing can be really mentally and emotionally taxing.
Unless we are able to know the correct timings for doing our trades the trading will not be easy and the chances of getting losses will remain high…
Traders should be aware of their trading currencies such that they can plan their trade along the right market sessions to reap the most of the market moves.
I agree, having a trading plan before you open any positions is the best way to approach trading. It mitigates the risk you are taking and it gives you a ready set of options in case your trade doesn’t go the way you think it would have.
With the use of a good and stable Trading plan we are moving closer towards doing such type of trading that can give us a good income and also help us in earning high profits…
One easy way to decrease the emotional effect of your trades is to lower your leverage, your trade size. Remember, increasing the trade size, will often increase stress levels as traders are allowing each individual trade to carry too great of an impact on their trading account. Another thing I’ll recommend is having a trading plan. An old adage says ‘Failing to plan is planning to fail, This can really be true when it comes to Forex trade. There are many trading strategies that can help traders accomplish their goals. Have one, and you’ll succeed.
Hi George
It’s been 4 years now, how are you faring with greed and some of the other emotional challenges you faced? Have your strategies worked?
I’m interested, let me know…
Do you have a trading plan? If not, start by making one, as it helps you stay organized and focused, which also helps with anxiety.
I think this is self-deception. Successful trades you attribute your calculation, and unsuccessful trades - the lack of control in themselves. It seems to you that you can somehow influence your luck by strengthening your discipline. But it is not. Deep down you realize that you are lucky, but if you continue to trade you may not be lucky. And then failure will destroy all earned profit.
Greed is a sure license to non-debateable failure in forex trading. The moment your ego becomes too big and your emotions overcome your trading principles, it can never go well for you. There are psychology topics in pipsiology classes, make use of them
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