Who wants to make quick money in Forex? We know every trader will answer the same and this is how this industry has been taking the money away from the traders one by one. They all want to make a quick profit and this is how they lose their money. This is called greed and greed is one of the enemies in Forex. This article will tell you why you should never greed in your career. Though it is very hard to control your greed as the market nature is designed in such a way that even an honest trader will become greedy, this is the inner war that you have to win at any cost to win the trades. As you read through this article, you will find that this innocent desire can do so much harm that is unrealistic. You may and think it is only a desire and it has no impact on your performance but it will take all the capital from you in return.
Those who want to earn huge money in a single trade should never become a full-time trader. Trading is not all gambling. You need to be calculative risk takers or else you will lose money just like the 90% of the losers. Most traders fail to control their emotions after losing a few trades. They try to recover the loss with a big lot size and loses a significant portion of their investment.
Consider trading as your alternative source of income
Those who consider trading as their alternative source of income do better in the long term. In fact, all the successful traders in Australia always suggest the new traders consider trading as their part-time profession. If you rely on the CFD trading industry from the very beginning you will be under extreme mental pressure. This will eventually force you to overtrade the market. And there is nothing you can do to prevent this since you will have to support your family. Unless you have extensive experience, never take trading as your full-time profession.
It makes you go blind and biased
The first thing that it does is transform you. You change form disciplined and honest trader to random and corrupted trader. You always try to find the loophole to make money and this is how you slowly get derailed from your track. It is not easy to build a successful career. It takes years of time and dedication before you can say you have mastered the art of consistent profit making. When you try to go for the huge amount of money, it makes you blind. You subconsciously look out for the favorable trends and ignore any god trends. You do not see the risks that are ahead of you and you want to make money at any cost. You even place a trade with a big position size because you need a huge amount of profit. Your goal and plan become only profit and that is also in a short time. You also become biased at the same time. Long-term good trends are ignored and all your concentration goes on the chart to find the best volatile trends. All these can slowly make a successful trader losing away his investment.
You start losing money
As you are greedy, you ignore the chart and only want to make money in any trends. You do not check if the trends are good or bad if the information is going to have an impact on the change of trends and the other important indicators are overlooked. It makes you lose your money but you do not realize it until you have lost a big chunk of your capital. One day you realize what you have lost but there is no way to turn back. It will take strong practice and willpower to regain what you have lost for greed in Forex.