I don’t think you can remove your emotions completely, they will always be there. What you can do is learn to keep them under control and not let those emotions take over your trading. Simple when said but might not be so easy to do honestly…
Also… a trading plan, have you thought about making one?
Ever done anything scarey? How scarey was it the 100th time? No doubt a lot less frightening.
How scarey was it the 1,000th time?. No doubt it wasn’t frightening at all, plus you already knew in advance everything that could happen from the best outcome to the worst.
Proper risk management is the key to overcoming your greed. You have to be real to yourself and choose between winning small but steady, and losing big. Emotions and trade don’t mix, so you just have to train yourself to control your emotions. No one can make you learn better than yourself
First of all, it is quiet impressive that you are trying to do two challenging tasks at a time and that on its own should be a source of encouragement, support, and motivation for you to keep your head up and keep moving forward in your direction.
The psychology of trading is tricky and I personally believe that most traders failed due to their lack of psychology management just like some of the other users here have mentioned already.
There isn’t a permanent and a defined single solution in my opinion, because your emotions will continue to change based on various scenarios involving your trading choices and also your personal life events. So think about it as an endless scope of emotions that you will be experiencing, because you will continue to face news events personally and professionally.
How can you manage something that is endless and so unpredictable? What helped me is an exact process that is fixed and used regardless of the scenario.
Design a process that consists of steps and follow these steps every single time regardless of the scenario you are facing. In parallel to setting up a process and exact steps, you can set specific consequences to yourself if you fail to follow or decide to skip one of your pre-defined process and steps. For example, let us assume you come out from Military on a Tuesday which means you get to trade on Wednesday. You are excited, you haven’t been trading for a week, you are filled with enthusiasm and energy to make some money. That rush however must be controlled. So you start the day by following the steps you have designed for yourself. In any given situation, if you skip or fail to follow one of your steps you simply assign a consequence to do that. That consequence could be that you will not be allowed to trade next week and therefore you have nothing else to look forward to “professionally” besides military. You will be more careful next time, because you don’t wanna forbid yourself from trading and so on …
This is just a suggestion from my side which has been working for me very well over the last couple of years. Managing to control and manipulate my own psychological and exact state of mind at any given situation has been the main reason behind my success in trading. Of course I didn’t realize all of this overnight. Just like you I have failed many times, before finally putting together a process that has been proven to be working efficiently and effectively.
It’s not every other day that a trader confesses to being greedy. In that case, you’ve done well to accept your situation. You can never solve a problem before accepting that it exists in the first place. Take trading psychology lessons, thay can really be of help to you
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.
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.
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
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.