Topic: Greed when trading - page 9. (Read 1889 times)

You do not need to have a mentor before you should learn how to overcome greed. Your mentor can not always be with you.
The rules like if you have your profit already, close the trade. There are many times now that I do not close the trade after reaching my profit, but many of it end up in regret.

Good day everyone hope we are all doing fine
Well I'm new to this forum so my rank is still newbie but I've been trading for sometime while I can't say I'm a master at trading I have atleast gotten some level of experience and knowledge since I started
Well that aside I want to to ask you a question what is the effect of greed when trading
Yes I know if a trader is being too greedy during trading he runs at a risk of loosing it all and as a trader I myself have been greedy sometimes unknowingly to me at the time that I was being greedy

Greed in my opinion is like a pitfall for traders and this will make them do somethings that defy the laws in which they made for themselves to keep them from unnecessary loses
Some of these decisions are

1 they begin to make irrational decisions and not thinking things through before trading
2 they begin to trade too much(over trading) and this exposes them to unnecessary risks
3 they site unrealistic goals for themselves which just makes them prone to lose
They may be others tha i dont know about and i would love you guys to tell me about them we are all learning after all

Being too greedy can never be good for a trader as it will lead you to debts,it can cause health and mental issues, it can destroy your reputation
In some cases It may actually not be greed but over confidence that you will surely double or triple your money

What are the best ways in which one can overcome greed

1 have a mentor that will always set you back on the right track when you are going off the road
2 don't start big and don't always go big trading is not a long term process
3 set rules for yourself and develop the discipline you need to abide to those rules

Well this is my my opinion atleast and I am a newbie here so I'm open for correction



Please feel free to drop a merit