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ARE YOU A GREEDY FOREX TRADER

Several traders and their accounts have suffered because of greed. In fact, this is how the saying “Bulls and Bears” make money; “Hogs.....

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ARE YOU A GREEDY FOREX TRADER

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  1. ARE YOU A GREEDY FOREX TRADER Reference: https://www.platinumtradingacademy.com/

  2. Index 1. Are You A Greedy Forex Trader

  3. Are You A Greedy Forex Trader? • Several traders and their accounts have suffered because of greed. In fact, this is how the saying “Bulls and Bears” make money; “Hogs get slaughtered” came about. • No other animal embodies greed better than a hog and in the trading business; the markets show no mercy to hogs. • The Webster dictionary definition of Greed is “a selfish and excessive desire for more of something (such as money) than is needed.” Sound familiar?

  4. Let’s face it, it is our desire as traders to acquire handsome returns that drives us to trade, but this desire becomes unhealthy – even dangerous – when it is EXCESSIVE! • This is why Greed is often considered the most dangerous emotion for traders; even worse than fear.

  5. 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. • On the other hand, greed PUSHES you to act, in ways and at times when you shouldn't; that’s why it is dangerous.

  6. In particular, greed can prompt you to act irrationally. • For traders, this usually comes in the form of overleveraging, overtrading, chasing the markets, or holding on to trades you know you should have exited long ago.

  7. 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 judgment, you are particularly drunk with it.

  8. Like many other worthy endeavors, overcoming greed requires a lot of effort and discipline. • It isn’t easy but it can be done. It’s all a matter of taming your ego. • You will have to admit and accept that you won’t make the right call every time.

  9. There will be instances when you won’t catch the market’s full move, or times when you miss a nice setup altogether, but that’s just how trading goes. • When you accept that the market is bigger than you, and that you are bound to make mistakes, then you will be more focused on following your trading plans instead of succumbing to greed.

  10. Thank You

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