How do you control your greed - practically | Forex Factory

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How do you control your greed - practically

  • #1
  • First Post: Feb 6, 2024 4:32am Feb 6, 2024 4:32am
Any advice anyone? I mean practically, down to earth strategies that worked for you - I do not need no paragraphs or CHATGPT generated responses, thanks in advance.
  • #2
  • Feb 6, 2024 6:05am Feb 6, 2024 6:05am
When you're upset or frustrated, try to express it by starting sentences with "I feel..." instead of pointing fingers. It feels less accusatory and promotes open conversation.
  • #3
  • Feb 6, 2024 10:22am Feb 6, 2024 10:22am
LTA strategy. This strategy is very simple. The point is that there is a formation of only bullish or bearish candles in the market. This zone of candles, which is for example bullish, is called a low traffic area (LTA). E.g. when the candlestick formation was only bearish in the past, it can be expected to go up as well. But beware, if this candlestick formation is formed during the news, we cannot consider it valid. I hope this was helpful.
  • #4
  • Feb 7, 2024 7:30am Feb 7, 2024 7:30am
Quoting Mathous9
LTA strategy. This strategy is very simple. The point is that there is a formation of only bullish or bearish candles in the market. This zone of candles, which is for example bullish, is called a low traffic area (LTA). E.g. when the candlestick formation was only bearish in the past, it can be expected to go up as well. But beware, if this candlestick formation is formed during the news, we cannot consider it valid. I hope this was helpful.
I can't thank you enough brother, have blessed day.
  • #5
  • Feb 7, 2024 10:24pm Feb 7, 2024 10:24pm
I had similar problems, in the end I decided to switch to trading with an advisor, the advisor always follows clear rules and saves my time very much, I don't know how much this option suits you, but it helped me personally a lot. I use Promex Expert Advisor, so far I have not tested any others
  • #6
  • Feb 7, 2024 10:59pm Feb 7, 2024 10:59pm
1. Schedule my trades based on fundamentals.

knowing good trades happen when there is good news, I follow those news.
Trading is gambling. So gamble responsibly.
  • #7
  • Feb 8, 2024 5:09am Feb 8, 2024 5:09am
I also tend to participate into trading right after important news releases as shift in expectations occur which drive supply and demand imbalances which you can take advantage of.
  • #8
  • Feb 22, 2024 2:22am Feb 22, 2024 2:22am
Controlling greed is one of the most challenging aspects of trading. Here are some tips on how to curb greed as a trader:

1. Set clear goals and limits: Before opening a position, define what a successful trade looks like. Set realistic take profit and stop loss orders to avoid emotional trading.

2. Use a trading plan: A comprehensive trading plan outlines when to enter and exit trades, how much of your capital to use, and when to cut losses if the market goes sideways. Sticking to this plan can help mitigate the temptation to overtrade or chase losses.

3. Continuous education: The more you learn about the markets and yourself as a trader, the better equipped you'll be to recognise and control greed. Doing extensive research can help boost your confidence in your trading decisions, reducing the likelihood of greed-induced orders.
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  • #9
  • Feb 23, 2024 2:10am Feb 23, 2024 2:10am
A strategic plan is the key.
Uncertainty of the market must be embraced and accepted.
  • #10
  • Feb 25, 2024 1:25am Feb 25, 2024 1:25am
In trading, the most important thing is not how much you earn, but how much you keep from losses
  • #11
  • Feb 25, 2024 1:31am Feb 25, 2024 1:31am
Quoting pizd0s
I also tend to participate into trading right after important news releases as shift in expectations occur which drive supply and demand imbalances which you can take advantage of.
Good approach, it's all about timing
  • #12
  • Feb 27, 2024 11:30pm Feb 27, 2024 11:30pm
First explore why is the greed in place? Come this from using strategies with a high amount of predictions? If you can really deep accept that markets are moving and if you can accept following the price and not want prision it in your wishes, you can reduce greed by a good amount.
Search for a simple method that suit this and prepare the suitable money management for it. Thats it!
Perfection is the enemy of good enough!
  • #13
  • Jul 9, 2024 7:36am Jul 9, 2024 7:36am
Quoting MichaelSch
First explore why is the greed in place? Come this from using strategies with a high amount of predictions? If you can really deep accept that markets are moving and if you can accept following the price and not want prision it in your wishes, you can reduce greed by a good amount. Search for a simple method that suit this and prepare the suitable money management for it. Thats it!
Your response made me wonder how one can be so wise and chill, keep up
  • #14
  • Jul 9, 2024 7:56am Jul 9, 2024 7:56am
Why would you want to "control" the ONLY thing that fuel this activity in the first place?

You should have ALL THE GREED in this world !!! you want to make money out of this or not??

Where you need to have control is when YOU hit the buy/sell button, and having a battle plan already in place before going in (Targets, how much money on the line, etc etc) and be consistent with it, no matter what happens with the trade

Control what YOU DO and you will control the outcome long term.. Never control your greed for profits and making $$.. period
  • #15
  • Aug 4, 2024 4:02pm Aug 4, 2024 4:02pm
Bulls make money, bears make money, pigs get slaughtered
  • #16
  • Aug 4, 2024 4:03pm Aug 4, 2024 4:03pm
Quoting MichaelSch
First explore why is the greed in place? Come this from using strategies with a high amount of predictions? If you can really deep accept that markets are moving and if you can accept following the price and not want prision it in your wishes, you can reduce greed by a good amount. Search for a simple method that suit this and prepare the suitable money management for it. Thats it!
Agreed, keep everything as simple as possible
  • #17
  • Aug 5, 2024 6:03am Aug 5, 2024 6:03am
Quoting TNTvak
Any advice anyone? I mean practically, down to earth strategies that worked for you - I do not need no paragraphs or CHATGPT generated responses, thanks in advance.
The beginning and end of trading is discipline. I think the best way to begin to control the natural instinct to get as much as you can is to have a set of rules that you have thoroughly tested, and that you can put your confidence in, and then follow those rules - rigidly.
  • #18
  • Aug 14, 2024 7:11am Aug 14, 2024 7:11am
To control greed in trading, establish and stick to a well-defined trading plan with clear entry and exit rules, and set profit targets to avoid overextending. Implement strict risk management practices, such as setting stop-loss orders and limiting the amount of capital risked per trade. Additionally, maintaining a trading journal to review decisions and outcomes can help you stay disciplined and avoid emotional trading decisions driven by greed.
  • #19
  • Sep 24, 2024 12:50am Sep 24, 2024 12:50am
Keep it simple, stick to your trading plan that's all,

  1. Either you have a fixed R:R
  2. Or trailing stop
  3. Or swing high / swing low

And make sure only take the entry that you are confident on it.
Never risk yourself into an unknown fight

  • #20
  • Dec 10, 2024 12:19am Dec 10, 2024 12:19am
I manage greed by sticking to my trading plan, and risking only 1-2% per trade. Taking breaks after wins and tracking my emotions in a journal helps me stay disciplined and avoid overtrading.
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