The most important part to success in trading is controlling greed

[Catenaccio]

Undeniably, greed is what makes us fail in our trades, so if we do our best to work on it, then it will also pave way for our own success in trading. The most successful traders have chose not to be greedy, although they make use of some leverage, but they make it a point that they can manage well whatever the outcome is.

However, we can't tell to get rid of greed completely because obviously, that's impossible. Greed motivates us to do our best in trading, but we should also set limits to it and control our greed especially if its not leading us anymore in a positive way.

It's challenging for people on how to control common human instincts including greediness because in a volatile, unpredictable market with availability of leverages to be used for trading, it's very dangerous if they use leverages uncontrollably. It will put their trading positions at risk of loss, trading collaterals at risk of liquidations, and their general finance as well as life quality at verge of falling down to terrible conditions.

Liquidations are never easy to accept, feel well and go through well without considerable consequences in finance. So traders must learn about it, understand about it so that they can avoid using leverages or using leverages with less risk.

[alastantiger]

Greed is not only in trading but in all aspects of life if it is not eliminated, it is not possible to achieve success. Many people may make some initial profit while trading, but that greedy trader thinks that there may be more profit, so he does not sell in trading but holds on and later faces losses due to this holding. Just like gambling where if you win the initial few bets in gambling, greed awakens in him and continues to bet more consistently and later faces huge losses.

The reason why this happens is because both trading and gambling involves money, money is the reason why people become greedy and most people that get affected by this are those that money controls them. The people that lack money in their life thinks that chasing money is the best way to get money but what they do not realize is that, you should be attracting money instead of chasing it and a good way to attract money when trading is to have a good and strong strategy that you can use to trade at any time and make profit.

If you think chasing after profits in the market is going to make you become a good trader then you are going to regret making such decision as the only results you will get from that is being a greedy trader that is not even in profit but just barely surviving. Greed is an emotion and you can control it by being in charge of your emotion. You can also decide to control greed by being disciplined and having a code of conduct that guides you so you do not go out of control and make decisions out of emotion. Greediness is in everyone from birth as it is a surviving mechanism but as you grow older you should learn to control it or it will make you miserable.

[I_Anime]

You can literally reduce your losses big time all you have to do first is understand how trading works and also try to acquire the skill too . Once you have mastered the market , focus on risk management big time have a principle that will work for you like trading only two times a week , having a fixed strategy to work with than changing your different strategy.

There where time I focus mainly on my skill and risk management and I could stay for weeks with our experience losses , though it reduces my wins also due to not trading too frequently by focusing only on A+ set up .

[Flashift]

You can be a day trader or scalper or both but let us assume both, using $500 to trade and earning $10 to $25 daily, the confidence will later deceive you to increase your leverage and become greedy, which is the start of the beginning failure. Stop loss started failing, trading account funds shrink and at last after several losses because of the trading mindset that changed from good to poor, the trading account funds all got liquidation.

hi, what're the best practices to control our greed in your opinion?

[PERtua]

You are exactly explaining the situation of a careless trader, and in my understanding, every trader must go through this phase. I have seen this in many cases, and everyone goes through this stage at least once, where they were earning a stable amount. However, one false sense of confidence leads them to trade more with high leverage. While the risk may seem to provide an opportunity to change the whole situation and environment, they forget that this requires high knowledge, understanding, and experience to determine whether the risk and confidence are genuine or fake. If it is fake, then you can only watch your empty account at the end.

Yes, I think that a lot of the time, it's because of their sense of superiority. Some trade successes may cause a person to think he has got the trade market mastered, but he may only have had good conditions. Hence, the control of greed is of paramount importance. The key to traders' long term success is to adhere to a trading plan, employ sound position sizing. And steer clear of excessive leverage. The object is to not double an account in a short span, but do it in an orderly and consistent way by protection of capital.

[jcojci]

It is difficult to making profits from trading without a single loss although that is possible. Those who can do that must have very high skills so they will determine when the entry and exit time comes. People wants this but they don't realize that making profits from trading requires skills which needs to be learned.

I have the experienced many times, not just in the past but in the few days ago. But if we can learn more and practice, I am sure we can recover our losses in trading and return to make profits but controlling greed is the important so we can take profits and leaves the market in the right time.

[Makus]

You are right, most mistakes people make when it comes to trading and it's their greed that costs them a lot. A lot of traders especially those that are still at an intermediate level to trading become Careless when they start making profits, they forget about their strategies and discipline and then they start taking greedy steps like increasing their lot size and using a high capital but in the long run this only makes them lose more. The mindset of greedy traders is that they try to make a lot of money in a short period of time but it doesn't work that way.

[cyberninja2]

---

Yes, I think that a lot of the time, it's because of their sense of superiority. Some trade successes may cause a person to think he has got the trade market mastered, but he may only have had good conditions. Hence, the control of greed is of paramount importance. The key to traders' long term success is to adhere to a trading plan, employ sound position sizing. And steer clear of excessive leverage. The object is to not double an account in a short span, but do it in an orderly and consistent way by protection of capital.

It seems that there is no need to think about it because success or not I think it is just a matter of luck for us in doing it so that in the future we must be more effective in maintaining or protecting what we are doing with the aim that every time we do there will be results that are always beneficial for us so there is nothing that is right, it's just that the luck that we feel is just that luck that we should take care of well, especially if we prioritize it with the reason that we can always achieve it even though with the word luck that we achieve with what we do with full consistency and high focus because we also realize that we can get something like that because the city is fighting with those two words, namely consistency and focus in carrying out everything we do.

[Out of mind]

Many people think that to be successful in trading, you need to know the perfect strategy and know the right time to enter, but in reality, to reach the level of success in trading, you must invite your greed. When a trader starts trading, if he makes a small profit, he plans to wait more. Maybe if he waits for some time, he will make more profit, but this greed gradually leads him to losses. Again, there are many people who, if they lose a small amount of money, later spend more money to make up for that profit, as a result, their greed is seen to lose more money. Therefore, we should not be greedy in trading, but we should have a good idea about our own control and risk management with experience and skills. Moreover, successful traders determine their entry, stop loss and take profit in advance and follow that plan, as a result of which they can be successful, They do not have greed.