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Attachments: Forex, Greed, and Risk
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Forex, Greed, and Risk

Quoting MinorChant
Gwen, actually, I was thinking about. After a little time I realized, that I have to choose one thing (for now) and study it well.
At the beginning of this thread Stace posted a link there http://www.masterforex-v.su/002_000_01.htm
I have read a few chapters, and I really liked it, because I don't have to read a lot of classical forex books - there are plenty of examples and patterns from these books. I think, that I started to understand some things, but I know that there are still so many things I have to know... I will take some time to read the whole book, and maybe after that I will understand more. Anyway I want to say thanks to all people, that helped me there.
I appreciate all your help!!! Thank you very much! Esp. TrevA! Your posts were a great help to me!
Anyway I will post there later, to share my opinion with all of you!

Best Regards!
Minorchant.
Hello everybody!
I spent a looot of time reading Masterforex-V book and right now I can give you my opinion.

There are 3 books on the site - the 1st and the 2nd are free.
In the 1st you can read all basics about the forex: different systems, famous books by the forex classics, common mistakes of the newbies... And so on, a lot of useful things.

Really, you guys told me a lot of interesting facts, and I was reading this book with some base knowledge in my head, and I have found there some points, that I didn't understand here. It is no good to bother you with every simple question I had to find some things out before, and now I did it.
I don't say that I know everything right now, but some base knowledge and DEFINITE system - yes. I spent 1 and a half year in vain, and it was like a lightning strike upon my head to read this book.

In the 2nd book I have found all main technical indicators and what is more important - definite description how to use it.
I built up my system on the basis of this book. Right now I try to use and test it everyday on the demo account. Some trades I do on the real one. I don't want to force you and your decision, but I can say that it works for me. At least everyone can give it a try and read only that chapters, that he interested in.

Also I want to mention, that I have started my own trading blog at http://fxanthony.blogspot.com/

I have already invited on my blog Clockwork personally (I really liked his site, and thought that he might be interested in mine).
I want all you to visit it, esp. TrevA - you have given me a LOT of useful advices here. I hope that you and the others will find my blog interesting too.

With Best Regards,
Minor.
You have to discover a procedure on the web or make your own (this is greatly improved). It may be a smart thought to begin with something exceptionally straightforward like a moving normal hybrid, with stops beneath help/protection indicates and a trailing stop secure benefits. By doing this it will show you how to be trained and how to deal with your record with great cash administration. When you turn out to be more experienced, you will likely alter the methodology a ton to one that suits you best. Simply my two pips.
Extremely, an exceptionally normal story, I think. Most traders lose their first deposit. As I would see it, the fact of the matter is that you exchange with no framework. A trading framework is required for fledglings, at any rate the easiest framework like "to purchase at the lower limit of the level and to offer at the upper one". Also, obviously one ought to never risk the whole deposit. I figure the best technique to discover supports and resistances is to take a gander at my positions each of them is an effective support or resistance it's extremely troublesome at the cost to break it gave me a benefit.
Every faction in this volatile trading place contains huge risk and no one can avoid it in spite having good trading knowledge and experience. But if you have proper trading discipline of course it is possible to reduce risk and greed.
First day you made 600$ with a capital of 2000$. It says that how aggressive trading you did. It's not about indicators or stop loss. It's about how you use them. Not all strategies work for everyone. You have to find out what works for you. Money management and risk management is the biggest part of trading. You need to follow them effectively.
Quoting MarkFxAnde
Every faction in this volatile trading place contains huge risk and no one can avoid it in spite having good trading knowledge and experience. But if you have proper trading discipline of course it is possible to reduce risk and greed.
Maintaining the trading discipline is a big deal to ensure successful trading life, but how much you can maintain discipline when trading it completely depends on your knowledge and experience. so increase your trading experience and make most mature trading discipline that can make you a profitable trader.
Forex always contains huge risk and for that reason we have to ensure the capability how to manage risk when trading practically but most of the time we fail to maintain our risk due to lack of experience, and for being experience about this , first of all you have to pass a long time with great patience. otherwise any good result will not come at all.
Managing risk when trading is a great skill but we don’t know how to manage risk particularly when news, for that reason we become loser mostly in that time, generally forex contains huge risk for all time but during news it moves at random. So be careful when trading in news and don’t trade in news without accurate RM.
If you are trading forex then you'll be bound to encounter greed, fear, overconfidence and other negative emotions. Forex trading is as much a play of your emotions as it is of market forces . So learn to manage your emotional swings. Greed will sooner or later ruin you. So learn to be patient ad rational. Risk forms an inherent part of forex and you cannot escape it . That is why risk management exists. Use it well.
Quoting NathanAstel
Forex always contains huge risk and for that reason we have to ensure the capability how to manage risk when trading practically but most of the time we fail to maintain our risk due to lack of experience, and for being experience about this , first of all you have to pass a long time with great patience. otherwise any good result will not come at all.
Agree with you risk management is the most important thing which is required to learn in trading but it comes with experience and experience will come with time . so you have to be patient enough in Forex if you want good results.
some common human nature that we cant control at all in spite of having good knowledge, but if we have a regular practice , there is a chance to avoid greed and emotions when trading practically.
Forex trading contains huge risk than any other profession, that’s why 90% traders become loser form this market place, and greed is a common human nature that we can control by real trading discipline, otherwise trading can be useless in spite of good trading knowledge.
Risk is inseparable component of forex and greed is common human nature both can not be eliminated completely from it but surely can be controlled.
Quoting dylanrtd
Risk is inseparable component of forex and greed is common human nature both can not be eliminated completely from it but surely can be controlled.
Do you have any advice how to do that?
It is not uncommon to encounter risk and greed while trading. In fact of all us are to some extent greedy. But it is important to
curb your greed. I think one way to do it, at least the one way it has worked for me, is that I started maintaining a trading journal. So I document all my trades, goals, strategies, techniques and plans into it. It is important to set limits for yourself. You have to make a sincere effort on your part. With experience you'll be able to control it more skillfully.
Quoting kryptoniteFX
It is not uncommon to encounter risk and greed while trading. In fact of all us are to some extent greedy. But it is important to curb your greed. I think one way to do it, at least the one way it has worked for me, is that I started maintaining a trading journal. So I document all my trades, goals, strategies, techniques and plans into it. It is important to set limits for yourself. You have to make a sincere effort on your part. With experience you'll be able to control it more skillfully.
Totally agree with this, keep practice and patient to the best level. Sometimes Forex also requires good logic, nevertheless make sure you're not distracted in any ways.
Quoting ProPactor
{quote} Totally agree with this, keep practice and patient to the best level. Sometimes Forex also requires good logic, nevertheless make sure you're not distracted in any ways.
Right. Forex almost always requires traders to be logical and analytical. You can't rely on your emotions to decide how you are going to trade
Quoting ProPactor
{quote} Totally agree with this, keep practice and patient to the best level. Sometimes Forex also requires good logic, nevertheless make sure you're not distracted in any ways.
Exactly, in spite of having good knowledge and experience better result will not come in practical until ensuring a regular practice.
Very true @Riccoricci and @AdamCrist hope you're well in trading.

After reading book called Killing Kryptonite. I got something to share here because there's a guy named @kryptoniteFX here. lol

Kryptonite weaken Superman. In our forex life, our emotion is a kryptonite which weaken our trading. What do you say?
emotion is a common human nature that we cant avoid in spite of good trading experience. but by means of regular practice it can be controlled.
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