How to control greed?

[Fried_Rice]

One of the most detrimental human emotions to society.

 

[e_abrams]

When I am feeling greedy as a trader I think about how much I would lose if I make a mistake, especially out of greed. That tends to curb that feeling.

 

[sharabela]

Being disciplined with money management and sticking with the trading strategy may help us control our greed. We must stick to our setting take profit and stop loss level according to the trading strategy that we use. We must not set those levels and let the market do the rest. This is a rule called "set and forget".

 

[Resolve]

Being disciplined with money management and sticking with the trading strategy may help us control our greed. We must stick to our setting take profit and stop loss level according to the trading strategy that we use. We must not set those levels and let the market do the rest. This is a rule called "set and forget".

If we are looking to bring down the Risks that are actually present in doing our trades we will need to use the Money Management Skills.

 

[Henry520]

despite of having good knowledge and experience we the traders sometime fail to control our greed as well emotions , this is very natural and of course it will happens again and again.

 

[e_abrams]

I think more experience traders have fewer issues with that, but it does still happen to them. It takes a lot of patience and practice to overcome this problem.

 

[Resolve]

I think more experience traders have fewer issues with that, but it does still happen to them. It takes a lot of patience and practice to overcome this problem.

If we are doing our trades according to the trading plan and also able to control our Greed then we can get the required amounts of profits.

 

[Trends555]

Greed gets easier to control after your first few blown accounts.....

 

[e_abrams]

I can confirm that from very unpleasant personal experience, unfortunately.

 

[e_abrams]

It's good to have someone to support you when you are trading. Doing it on one's own can be very emotionally taxing.

 

[Resolve]

It's good to have someone to support you when you are trading. Doing it on one's own can be very emotionally taxing.

If we are able to control the Greed in our trades then the income we will get can be increased by us.

 

[reecerispoli1]

greed is one of the hardest things to get over in my opinion so many people want to make a lot of money. thats where you will fail. look at percetnage goals each week and not money and you will grow

 

[e_abrams]

That is pretty good advice. If you look at the moment, you'll always think you should have profited more. Percentages give a more neutral feedback.

 

[Resolve]

Well, this is a very common and also important question for every novice and experienced traders. But here I will try to break how you do control on your greed. So, let's get started:

Don’t forget to manage risk

Many traders try to take very high leverage and put a large amount in the hope of getting more money in return. If you want to make a huge amount of money with a less size of trading account then it will be very dangerous for you. Before you put any trade don’t forget to set a very strong risk management plan in your trade. If you can keep setting the trade without proper risk management, you will soon find yourself out of the market with zero money. By maintaining proper risk management you will be able to lower your greed.

Never do over-trading

It is one of the biggest mistakes the traders do out of greed, mainly the new traders want to make money fast and start over-trading, and after a few of their over-trades, they find themselves with zero money in their account. The more you will give importance to the money rather than the processes and consistency the fast you will lose your trading account. Over-trading will always lead you towards failure, so never trade in the market in the greed of making money fast.

Don’t forget to have a trading plan

The only way you can check on yourself whether you are trading out of greed or not is by maintaining a trading plan for every day. To make a proper trading plan you need to write out your plan first and execute those in your trades to make money profitably. Pro traders control their greediness by maintaining a well executive trading plan which helps them to find out what they are doing in the market, even if they make any mistake they rectify the mistake and set a new trading plan to improve their trading skills by not making the same mistake in their trade. If you show consistency in your trading plan soon you will get rid of your greediness.

When we are making use of a Trading Plan the Income we can get will get increased.

 

[Dora_WalletInvestor]

When we are making use of a Trading Plan the Income we can get will get increased.

Sticking to a well-thought-out trading plan is definitely a really useful and necessary tool for making your trading consistently profitable - as long as you really stick to it, no matter what.

 

[JoshEvansFX]

It is a very common problem to the most of the traders i think. To overcome the greed in our trading we must be mentally strong. We must believe that greed will do nothing but harm to our account and we have to avoid that at any cost. Moreover we can take lesson from our bad trading because of having greed in our trading.

I think control greed better way follow money management. If you follow money management then you never lost your money so your greed is not harmful. When you see loss and loss then automatically control your greed and you will be wait for suitable place which you can't face loss. In Forex it is easier to trade profitably but it is most hard to retain your profits, because greed will take over.

So kindly share what are the rules u following to deal with greed factor?

Best way is to stick to a plan, don't get induced into taking trades.

Try and stay off charts as much as possible, set alerts and monitor when price is within your zones.

 

[Dora_WalletInvestor]

Best way is to stick to a plan, don't get induced into taking trades.

Try and stay off charts as much as possible, set alerts and monitor when price is within your zones.

You can also set stop loss and take profit orders if you don't want to monitor your trades constantly.

 

[e_abrams]

It is my firm belief that the best way to control one's greed when trading is to think about all the money you'll lose if you make a mistake out of greed.

 

[HeavenLeighGill]

I always struggled more with trading anxiety, but see how green can become a huge problem.

 

[Dora_WalletInvestor]

It is my firm belief that the best way to control one's greed when trading is to think about all the money you'll lose if you make a mistake out of greed.

I'm not so sure about this since you can easily fall towards the other extreme where you will have too much fear, which isn't ideal either. My favourite mindset is trying to forget about the money and focusing on other aspects, such as aiming to stick to your plan and improve your trading skills, and treat money kind of as a "side effect" of carrying out your trades adequately. I hope this makes sense.