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Greed is a typical human feature showing someone’s excessive desire to possess more than you need. Having a healthy amount of greed can be stimulating and may motivate us to do more and achieve more. But in day trading it is a dangerous emotion as it may make you make extra trades trying to squeeze some extra pips and it can be crushing in case the price reverses unexpectedly. If you are observing the market is moving upwards, the greed may tempt you to make a trade even if the trading system dictates not to trade.
You should remember that you are either a bull or a bear and not a greedy pig ))). So it is very important to take control over your greed not to have devastating losses. How to control it?
You should remember that you are either a bull or a bear and not a greedy pig ))). So it is very important to take control over your greed not to have devastating losses. How to control it?
- Have a certain trading plan in mind and better in a written form and keep it nearby so that you can refer to it prior to making any trade.
- Take the trades that exactly fit your trading plan and not the random ones that just seem to be ok but are not-based on your plan.
- Don’t put too much of your account at risk (no more than 5% of your account) and trade with at least 1:2 (risk/reward) ratio.
- Once you enter a trade based on your trading plan and the analysis a number of factors, leave it alone and don’t let your greed (that can rise due to some reasons) change fact-oriented decisions.