QuoteDislikedTrading psychology - GREED - A trader's malady
Greed is malady of humans. We always want more, we almost never happy with what we have and want more, more and more... Faster... Higher... Stronger...
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QuoteDislikedTrading psychology - GREED - A trader's malady
DislikedThere is no such thing as trading psychology.
Either you're a professional or not. The same rules apply to any discipline.
If you're responsible for the roll out of any major venture there is always risk involved in laying out expenses for a potential return in the market.
If you are greedy, afraid, lazy, stupid, arrogant, immature, distracted or unfocused, if you don't have a firm technical understanding of what you're doing and are uniformed about the marketplace, what are your chances for success running any business?
The...Ignored
QuoteDislikedIf you are actually risking your money in the markets, you most
likely are doing so with a strategy that has a positive expectation.
In that case, you should apply money management from the beginning
based on your expected performance. The only reason a trader
should not apply proper money management principles from the beginning
is if that trader actually expects to lose. And, if that is the
case, why trade?
DislikedWhen I first started trading on a live account, the old greed demon took hold rapido, I'd be 20+ pips up and be thinking 'come on, just a bit more', to see it drop down to less than 5 pips in profit then into the negative. Making many losses when I could of and should of closed the trade in profit.
Lessons learned quickly I might add.....Ignored
DislikedThis happens to me a lot, and my mind can vividly recount every time this occurred.
But what my mind chooses to forget are all those times when the market trended far beyond my expectations, and I made far more money by being right and sitting tight then I would have if I had exited at a target.
It's not about greed, it's about surrendering to the market. It's about stripping away my arbitrary expectations of the market and responding to the realities of it. That's why this quote is viewed every day and will be mounted in the wall of my new...Ignored
QuoteDislikedIt's not about greed, it's about surrendering to the market. It's about stripping away my arbitrary expectations of the market and responding to the realities of it