How to overcome greed in dealing to Forex?
It is common for the trader to become greedy in dealing to Forex. How to overcome it? Do i need to stop trading when i hit my target in dealing to forex?
Well you wrote your answer in your question you must stop trading whenever you hit your target in dealing to forex?
think how you need in a month. Trade sufficiently, don't over it. If it is more, safe it for future. Feel sufficient every time you trade.
Trade only as much as you have, not as much as you wish you had.
It is very important to trade without emotions such as fear and greed , although they are still there but best trader is the one who controls these emotions and then trade.So it is very important to put Stop Loss to your trade and also at times Take Profit and one must plan a trading strategy aiming at how many pips one want to make in a day and should trade accordingly.
You can overcome this problem of greed by trading differently. Try to trade by using a forex game or in a sort of contest. There you will bet your money by defeating other traders and you will do the maximum to win.Suppose if you lose the game, you will lost only the money bet in the game, not all. There is a nice platform which offers such forex game-trade1on1 and where you could challenge other trader in the world.
Coming back to the most basic thing: STRICTLY follow your trading plan
You can overcome your greed by being emotionless when trading. It's hard to do it but we have to try our best to do it. We need to have a trading plan, we just keep following our rules such as how many % we would willing to risk and take whatever opportunity shows up to you. Stop trading after hitting your target seems not to be a realistic way to control greed, that's not control in my view, that's running away from it. Try to control them by being emotionless when trading and follow your plan strictly with discipline.
There're going to have bad days, so make money when you can. If the setup does not meet your rules, don't take it because you feel you are in a winning strike.
1) You may stop trading when you hit your targets.
or
2) Make sure that you lock you profits and lets the profits run.
1) You may stop trading when you hit your targets.
or
2) Make sure that you lock you profits and lets the profits run.Good points that you had mentioned especially after locking up and closing some or large part of lot we can keep our remaining position open so that we won't face the effect of greed.
There is no straight answer. Only you can do this. Greed is a personal thing & you cannot overcome by listening to others.
It is common for the trader to become greedy in dealing to Forex. How to overcome it? Do i need to stop trading when i hit my target in dealing to forex?
The best way to overcome it you have to practice more and i know its not easy to control our emotions in forex thus its important in forex to control them as much you can so that we can trade in forex and earn profit.
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It is common for the trader to become greedy in dealing to Forex. How to overcome it? Do i need to stop trading when i hit my target in dealing to forex?