A lot of traders including their accounts have succumbed into depression due to greed. Because of this the trading saying “Bulls and bears make money; hogs get slaughtered” was born. The Hog is without doubt one of the greediest animal in the world and a greedy trader can be compared to a hog. It is a fact that the trading world does not pity hogs.
According to the Merriam Webster Dictionary greed is something that is desired excessively and selfishly. Yes this sounds quite familiar especially if you are a trader. Reality is that it is our dream to have lots of returns and this is the key factor that lures us towards trading for more. However, this desire is not healthy and it is dangerous especially when done in excess. For this reason, you can consider greed as a hazardous emotion. This is even scarier than fear itself. Fear can stop you and get rid of your drive to trade. Nonetheless, fear is the major factor that allows you to stick your hands in safer areas. On the contrary, greed lets you act in a way that produces negative effects. This is the reason why it is really dangerous.
Moreover, greed can let you think irrationally. As for trades like you, greed typically comes through overtrading, chasing markets, over leveraging, and keeping trades that are not worth it. come to think of it, greed is similar to drugs or alcohol. It can also cause addiction and let you act in a very foolish manner. You can be high with greed or be drunk with it. just like other activities, getting rid of greed needs a huge amount of discipline. It is quite hard to get rid of it but there is always a solution to do so. It is all in the mind.
You need to come clean and put in mind that you do not always make the right moves or the right calls. There will be times when you cannot get the full move of the market. There will even be moments when you will not catch a great set up.
As a matter fact, this is trading and it has a lot of elements to deal with. When you learn how to accept that the trading market is a huge arena and that you will surely make mistakes, it is by then that you can focus better on the plans that you have designed. By doing so, you can help get rid of greed.
Many traders who are successful admitted that they would rely on luck rather than doing good. For most traders, success can be better attributed to luck rather than on their personal trading skills. This is not actually advisable for your ego but it surely is useful for your trading needs. This is practically a wise trading secret.