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There is one thing with being greedy in Forex. It has a way of working on your emotions and increasing your expectations. That is why some people tend to liken it to gambling because when you trade in other to gain very high profit which might not be commensurable with that which you invested, then the tendency that you will lose is there.Well,this forex is so complicated,is there any bad habit in forex,is greed considered as bad habit in forex? Well,greed at times might favour a trader,so I don't think there is a need to control that. It is just like saying a gambler should control the way he gambles. Its an individual thing,if the bad habits in trading is favouring a trader,then the trader should go ahead with it.
I do not agree with you,in business there must always be a greed and that is how it is in forex,hyip and other online investment programs. The more money you invest the higher the profits you target. At the long run,you might be lucky and the trade was successful,you would make good gains.
It is not that easy to stick with plans, many people said it is easy way but when it comes to practice, what i see is different thing, many traders complain about how they cannot control their own emotion and cannot stick to the plan, that is a good way but not a shortcut.
I agree a lot in the fact that if you must excel, then you really have to plan yourself, not verbally or in writing but practicing, hence, the need to always stick to plans.Human being are emotional driven and we are born with that so it at times takes long time to master our emotions but there is a shortcut which has been working for me. Which is following your trading plan which was made intially before trading. Sticking to those trading plan makes one stay off being emotional because in the trading plan we have our entry and exist point and what to do as soon as we've reached our target.
It is not that easy to stick with plans, many people said it is easy way but when it comes to practice, what i see is different thing, many traders complain about how they cannot control their own emotion and cannot stick to the plan, that is a good way but not a shortcut.
Of course you must have the skills and strategies before you can start trading forex,your skills and strategies might not be working but you know you have it,but yet,you are still not making profits,you make profits when you are just lucky. It is different saying a pure luck is involved all through, a rational newbie would not invest big in forex and depend on luck to make huge profits.Now, let's digress a little; if you wish to generalize it (business), what you mean is that a businessman should be a competitor and not a greedy one because greed is a bad omen in business. Back to the topic, it is a wrong impression to associate Forex with luck (though it happens sometimes) but even if you have the capital (more money as you said) to invest without the skills and rely on your luck you are bound to lose. Now from the thread starter's question, one of the ways is to be disciplined and play by the ethics of the business (Forex).
Practicing in demo account is the best way to develop discipline. I do hope that in the long run I can end up making one good profit one after another also. I really don't know if I know how to handle my account. But I'm sure I can handle my account once I started to trade and make profit.
Practicing in demo account is the best way to develop discipline. I do hope that in the long run I can end up making one good profit one after another also. I really don't know if I know how to handle my account. But I'm sure I can handle my account once I started to trade and make profit.
I have heard people argue about this and wasn't so convinced because they were saying different things and just using practicing and earning to interwove it. Now let's look at it from this angle, everyone knows a Demo account is basically for learning and we are talking about controlling the bad habits in trading. One of the bad habits we lay emphasis on is basically emotions but in my own opinion, if you can trade in Demo like a pro, you will, to some extent control that emotion when it comes to real/live trade. They are just the same platform though we tend to attach sentiments because our investment is at stake.In a way I do disagree with the demo account being a good place to develop a good discipline based on emothions because the demo accout has just the virtual currencies so trading there will be learning skills and not having emotional discipline.
I have heard people argue about this and wasn't so convinced because they were saying different things and just using practicing and earning to interwove it. Now let's look at it from this angle, everyone knows a Demo account is basically for learning and we are talking about controlling the bad habits in trading. One of the bad habits we lay emphasis on is basically emotions but in my own opinion, if you can trade in Demo like a pro, you will, to some extent control that emotion when it comes to real/live trade. They are just the same platform though we tend to attach sentiments because our investment is at stake.