Greed in trading, What is greed in trading and how does it impact trader success?
Dec 04GMT Are you a greedy trader?
How to contral a greed in trading If you want to be a successful trader, greed is probably the biggest obstacle you will have to overcome. If you try to get rich on every trade, you will more than likely end up blowing your account — slow and steady wins the race.
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New traders and their accounts have suffered because of greed. Therefore, greed is often considered the most dangerous emotion for traders; even worse than FEAR.
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Fear can paralyze you and keep you from trading, but your capital is preserved for as long as you keep your hands in your pockets. Greed can prompt you to act irrationally.
For traders, this usually comes in the form of over-leveraging, over trading, chasing the markets, or holding on to trades you know you should have exited long ago. When you think about it, greed is not that different from alcohol; it can make you act foolishly when you have too much of it in your system.
When it comes to a point that greed clouds your trading judgement, you are particularly drunk with it. Like many other worth efforts, overcoming greed requires a lot of effort and discipline.
Managing and dealing with greed is not something that will be resolved over the next couple of trades over the next couple of days, it required practice and a lot of practice indeed. The following practice can help you in some level.
How can you control your greed at trading
Have a trading plan: To keep this detrimental emotion in check, having a definite trading plan in mind ideally written out will help. Keep the plan nearby where you can reference it prior to placing any trade. By having a clear trading plan that is written out, we know exactly what we are looking for in terms greed in trading an entry.
Wait for the precise entry as laid out in the plan itself.
How to control greed when trading
Let the market come to you rather than you chase the market in greed of missing a trade. Use the risk management strategy in every trade: This is the area where greed can really kick in, traders are always very tempted to take high leverage and put larger amounts in hope to get high returns, they want huge profit with less size of their trading accounts which is very dangerous. Greed is one of the biggest enemy of trading and practise with proper discipline and right mind set with self-control will help you to overcome this greed in trading emotion.
Always remember longevity in trading can only be achieved through discipline and patience. Wish Internet is the most profitable income good luck in your trading and investing!
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